Bank of New York Mellon Corp Makes New $44.92 Million Investment in QXO, Inc. $QXO

Key Points

• Bank of New York Mellon acquired 2.6 million QXO shares worth approximately $44.9 million in the second quarter, representing about 0.25% of the company. Institutional investors and hedge funds collectively own 58.68% of QXO.
• Analysts maintain a generally positive outlook, with QXO carrying a consensus rating of “Moderate Buy” and an average price target of $28.00, despite several recent target-price reductions.
• QXO reported quarterly EPS of $0.08, in line with estimates, while revenue of $3.25 billion exceeded expectations of $3.18 billion. Shares opened at $13.88, near the company’s 52-week low of $13.15.

Bank of New York Mellon Corp bought a new position in shares of QXO, Inc. (NYSE:QXO - Free Report) in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm bought 2,599,473 shares of the company's stock, valued at approximately $44,919,000. Bank of New York Mellon Corp owned approximately 0.25% of QXO as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also modified their holdings of the company. Royal Bank of Canada raised its stake in QXO by 67.5% in the 1st quarter. Royal Bank of Canada now owns 119,688 shares of the company's stock worth $1,620,000 after purchasing an additional 48,248 shares in the last quarter. AQR Capital Management LLC bought a new position in shares of QXO during the first quarter worth approximately $615,000. Millennium Management LLC raised its position in shares of QXO by 6.6% in the first quarter. Millennium Management LLC now owns 322,115 shares of the company's stock valued at $4,361,000 after buying an additional 20,067 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its position in shares of QXO by 13.3% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 697,889 shares of the company's stock valued at $9,449,000 after buying an additional 81,758 shares in the last quarter. Finally, American Century Companies Inc. bought a new stake in shares of QXO in the second quarter valued at approximately $837,000. 58.68% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

QXO has been the topic of a number of recent research reports. Wells Fargo & Company set a $18.00 price objective on QXO in a research note on Tuesday, July 28th. Royal Bank Of Canada reiterated an "outperform" rating and set a $27.00 target price on shares of QXO in a research report on Friday, July 10th. Wall Street Zen raised QXO from a "strong sell" rating to a "sell" rating in a report on Saturday, July 25th. Citigroup decreased their price target on QXO from $28.00 to $25.00 and set a "buy" rating on the stock in a research report on Monday, July 13th. Finally, Robert W. Baird decreased their price target on QXO from $35.00 to $30.00 and set an "outperform" rating on the stock in a research report on Wednesday, May 13th. Two analysts have rated the stock with a Strong Buy rating, fourteen have given a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $28.00.

QXO Stock Performance

NYSE QXO opened at $13.88 on Friday. The firm's fifty day moving average price is $15.00 and its two-hundred day moving average price is $18.42. The stock has a market cap of $14.40 billion, a PE ratio of -15.42, a PEG ratio of 2.42 and a beta of 2.28. QXO, Inc. has a fifty-two week low of $13.15 and a fifty-two week high of $27.61. The company has a debt-to-equity ratio of 0.66, a quick ratio of 3.29 and a current ratio of 4.11.

QXO (NYSE:QXO - Get Free Report) last announced its quarterly earnings results on Thursday, August 13th. The company reported $0.08 EPS for the quarter, meeting analysts' consensus estimates of $0.08. The company had revenue of $3.25 billion during the quarter, compared to analysts' expectations of $3.18 billion. QXO had a positive return on equity of 2.41% and a negative net margin of 5.17%. On average, equities analysts expect that QXO, Inc. will post 0.29 EPS for the current fiscal 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source