QXO, Inc. $QXO Shares Acquired by Advisors Capital Management LLC

Key Points

• Advisors Capital Management LLC increased its stake in QXO, Inc. by 18.9% during the first quarter, now holding 646,595 shares, valued at approximately $8.75 million.
• Several research analysts initiated coverage on QXO with positive outlooks, giving price targets ranging from $28.00 to $35.00 and a consensus rating of "Buy."
• As of the latest report, 58.68% of QXO’s stock is owned by institutional investors, indicating strong institutional interest in the company.

Advisors Capital Management LLC increased its position in shares of QXO, Inc. (NASDAQ:QXO - Free Report) by 18.9% in the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 646,595 shares of the company's stock after acquiring an additional 102,862 shares during the quarter. Advisors Capital Management LLC owned about 0.12% of QXO worth $8,755,000 as of its most recent SEC filing.

Several other hedge funds also recently added to or reduced their stakes in QXO. Northern Trust Corp increased its position in QXO by 46.9% during the 4th quarter. Northern Trust Corp now owns 731,610 shares of the company's stock valued at $11,633,000 after buying an additional 233,538 shares in the last quarter. Bank of America Corp DE increased its stake in QXO by 1,162.9% during the 4th quarter. Bank of America Corp DE now owns 285,585 shares of the company's stock valued at $4,541,000 after purchasing an additional 262,972 shares in the last quarter. Cetera Investment Advisers increased its holdings in shares of QXO by 219.1% in the fourth quarter. Cetera Investment Advisers now owns 37,602 shares of the company's stock valued at $598,000 after purchasing an additional 25,818 shares during the period. Deutsche Bank AG acquired a new position in shares of QXO in the fourth quarter valued at about $255,000. Finally, Ensign Peak Advisors Inc acquired a new position in shares of QXO in the fourth quarter valued at about $1,049,000. 58.68% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on QXO. Wolfe Research began coverage on shares of QXO in a research note on Friday, June 6th. They issued an "outperform" rating and a $44.00 price objective on the stock. Zacks Research lowered QXO from a "strong-buy" rating to a "hold" rating in a report on Friday, September 12th. Benchmark raised QXO to a "strong-buy" rating in a report on Monday, August 25th. Morgan Stanley began coverage on shares of QXO in a research report on Tuesday, September 2nd. They set an "overweight" rating and a $35.00 price target on the stock. Finally, Stephens assumed coverage on shares of QXO in a research report on Wednesday, August 13th. They set an "overweight" rating and a $29.00 price target on the stock. Two analysts have rated the stock with a Strong Buy rating, eleven have given a Buy rating and one has given a Hold rating to the company. Based on data from MarketBeat, QXO currently has a consensus rating of "Buy" and a consensus price target of $33.73.

QXO Price Performance

QXO traded up $0.21 on Wednesday, reaching $21.16. 1,920,922 shares of the company's stock were exchanged, compared to its average volume of 6,026,433. The stock has a market cap of $14.25 billion, a PE ratio of -2.32, a P/E/G ratio of 4.09 and a beta of 2.35. QXO, Inc. has a twelve month low of $11.85 and a twelve month high of $24.69. The stock's fifty day moving average price is $20.81 and its 200-day moving average price is $17.67.

About QXO

QXO, Inc operates as a business application, technology, and consulting company in North America. The company provides solutions for accounting and business management, financial reporting, enterprise resource planning, human capital management, warehouse management systems, customer relationship management, and business intelligence.