Allspring Global Investments Holdings LLC Sells 530,331 Shares of QXO, Inc. $QXO

Key Points

• Allspring Global Investments reduced its QXO stake by 20.7% in the first quarter, selling 530,331 shares and leaving it with 2,029,838 shares valued at about $39.2 million.
• Institutional ownership remains high, with hedge funds and other large investors holding 58.68% of QXO’s stock. Several firms increased their positions, including Baillie Gifford, which made a very large addition.
• Analysts are mixed but mostly constructive on QXO: the consensus rating is “Moderate Buy” with an average price target of $30.57, even though several firms cut targets and some maintained sell ratings.

Allspring Global Investments Holdings LLC cut its holdings in shares of QXO, Inc. (NYSE:QXO - Free Report) by 20.7% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 2,029,838 shares of the company's stock after selling 530,331 shares during the period. Allspring Global Investments Holdings LLC owned about 0.28% of QXO worth $39,176,000 at the end of the most recent quarter.

Other large investors have also bought and sold shares of the company. Carnegie Investment Counsel boosted its position in QXO by 38.6% in the first quarter. Carnegie Investment Counsel now owns 309,644 shares of the company's stock valued at $6,013,000 after buying an additional 86,265 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank increased its holdings in shares of QXO by 748.7% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 877,538 shares of the company's stock worth $16,928,000 after buying an additional 774,138 shares in the last quarter. Baillie Gifford & Co. lifted its stake in shares of QXO by 16,117.6% in the 4th quarter. Baillie Gifford & Co. now owns 14,735,164 shares of the company's stock valued at $284,241,000 after acquiring an additional 14,644,305 shares during the last quarter. JNBA Financial Advisors bought a new stake in shares of QXO during the fourth quarter worth about $992,000. Finally, Griffin Asset Management Inc. acquired a new position in shares of QXO in the first quarter valued at approximately $2,057,000. 58.68% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

QXO has been the topic of a number of recent research reports. KeyCorp cut their price target on shares of QXO from $32.00 to $28.00 and set an "overweight" rating on the stock in a report on Wednesday, July 1st. Stephens cut their price objective on QXO from $29.00 to $26.00 and set an "overweight" rating on the stock in a research note on Thursday, May 14th. Robert W. Baird decreased their target price on QXO from $35.00 to $30.00 and set an "outperform" rating for the company in a research note on Wednesday, May 13th. Wall Street Zen upgraded QXO from a "strong sell" rating to a "sell" rating in a report on Sunday, May 17th. Finally, Weiss Ratings restated a "sell (d)" rating on shares of QXO in a report on Friday, May 29th. Fifteen analysts have rated the stock with a Buy rating and two have assigned a Sell rating to the company's stock. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $30.57.

QXO Stock Up 0.2%

QXO stock opened at $14.43 on Monday. The stock has a market cap of $10.46 billion, a P/E ratio of -15.85, a P/E/G ratio of 3.69 and a beta of 2.23. The company has a current ratio of 3.33, a quick ratio of 2.47 and a debt-to-equity ratio of 0.35. The stock's fifty day simple moving average is $16.45 and its two-hundred day simple moving average is $20.23. QXO, Inc. has a 1-year low of $13.82 and a 1-year high of $27.61.

QXO (NYSE:QXO - Get Free Report) last announced its earnings results on Tuesday, May 12th. The company reported ($0.12) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.09) by ($0.03). The business had revenue of $1.73 billion for the quarter, compared to analysts' expectations of $1.73 billion. QXO had a negative net margin of 6.02% and a positive return on equity of 1.91%. The firm's revenue was up 12716.3% on a year-over-year basis. Analysts expect that QXO, Inc. will post 0.2 EPS for the current year.

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. It also offers value-added services that focuses on consulting and professional, specialized programming, training, and technical support services. In addition, the company provides information technology managed services, such as cybersecurity, application hosting, disaster recovery, business continuity, cloud, and other services; and data back-up, network maintenance, and upgrade services.

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