Bank of New York Mellon Corp Reduces Stock Position in QXO, Inc. $QXO

Key Points

• Bank of New York Mellon reduced its QXO stake by 16.7%, selling 346,434 shares in the first quarter and retaining 1.73 million shares valued at approximately $33.7 million. Institutional investors collectively own 58.68% of QXO.
• QXO reported a quarterly loss of $0.12 per share, missing estimates by $0.03, while revenue reached $1.73 billion and rose sharply year over year. Shares opened at $13.71, near their 52-week low of $13.32.
• Analyst sentiment remains broadly positive, with 15 Buy ratings and two Sell ratings producing a “Moderate Buy” consensus and an average price target of $30.57, despite one firm downgrading the stock to “Strong Sell.”

Bank of New York Mellon Corp cut its holdings in QXO, Inc. (NYSE:QXO - Free Report) by 16.7% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 1,734,236 shares of the company's stock after selling 346,434 shares during the period. Bank of New York Mellon Corp owned 0.24% of QXO worth $33,679,000 as of its most recent SEC filing.

Other hedge funds have also bought and sold shares of the company. Carnegie Investment Counsel lifted its holdings in shares of QXO by 38.6% in the first quarter. Carnegie Investment Counsel now owns 309,644 shares of the company's stock worth $6,013,000 after buying an additional 86,265 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank grew its stake in QXO by 748.7% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 877,538 shares of the company's stock valued at $16,928,000 after acquiring an additional 774,138 shares in the last quarter. Baillie Gifford & Co. grew its stake in QXO by 16,117.6% during the fourth 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 in the last quarter. JNBA Financial Advisors bought a new stake in QXO during the 4th quarter worth approximately $992,000. Finally, Griffin Asset Management Inc. bought a new stake in QXO during the 1st quarter worth approximately $2,057,000. 58.68% of the stock is currently owned by hedge funds and other institutional investors.

QXO Trading Up 0.3%

Shares of QXO stock opened at $13.71 on Monday. The company has a debt-to-equity ratio of 0.35, a current ratio of 3.33 and a quick ratio of 2.47. QXO, Inc. has a 1 year low of $13.32 and a 1 year high of $27.61. The firm has a market cap of $9.94 billion, a PE ratio of -15.06, a PEG ratio of 3.51 and a beta of 2.23. The company has a 50 day simple moving average of $16.09 and a two-hundred day simple moving average of $19.99.

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

Analyst Ratings Changes

Several research firms have issued reports on QXO. Oppenheimer increased their target price on shares of QXO from $30.00 to $32.00 and gave the stock an "outperform" rating in a research note on Monday, April 27th. KeyCorp decreased 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. Royal Bank Of Canada reiterated an "outperform" rating and issued a $27.00 price objective on shares of QXO in a research report on Friday, July 10th. Robert W. Baird lowered their price objective on QXO from $35.00 to $30.00 and set an "outperform" rating on the stock in a research report on Wednesday, May 13th. Finally, Zacks Research lowered QXO from a "hold" rating to a "strong sell" rating in a research note on Thursday, July 9th. Fifteen equities research analysts have rated the stock with a Buy rating and two have issued a Sell rating to the stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $30.57.

QXO Profile

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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