California State Teachers Retirement System Increases Stock Holdings in QXO, Inc. $QXO

Key Points

• California State Teachers Retirement System increased its QXO stake by 22.4% in the first quarter, adding 129,164 shares to own 704,530 shares worth approximately $13.7 million. Institutional investors collectively own 58.68% of QXO.
• QXO reported quarterly revenue of $1.73 billion, up 12,716.3% year over year, but missed earnings expectations with a loss of $0.12 per share versus the $0.09 consensus estimate.
• QXO shares opened at $13.34, near their 52-week low of $13.18. Despite the decline, analysts maintain a consensus “Moderate Buy” rating with an average price target of $29.71.

California State Teachers Retirement System grew its stake in shares of QXO, Inc. (NYSE:QXO - Free Report) by 22.4% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 704,530 shares of the company's stock after purchasing an additional 129,164 shares during the quarter. California State Teachers Retirement System owned approximately 0.10% of QXO worth $13,682,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also modified their holdings of the company. Arax Advisory Partners acquired a new stake in QXO during the 4th quarter worth $25,000. LRI Investments LLC lifted its position in QXO by 129.1% in the fourth quarter. LRI Investments LLC now owns 1,482 shares of the company's stock valued at $29,000 after acquiring an additional 835 shares during the last quarter. Root Financial Partners LLC boosted its stake in QXO by 73,350.0% in the first quarter. Root Financial Partners LLC now owns 1,469 shares of the company's stock valued at $29,000 after acquiring an additional 1,467 shares in the last quarter. Newbridge Financial Services Group Inc. boosted its stake in QXO by 57.5% in the fourth quarter. Newbridge Financial Services Group Inc. now owns 1,575 shares of the company's stock valued at $30,000 after acquiring an additional 575 shares in the last quarter. Finally, Russell Investments Group Ltd. acquired a new position in QXO in the second quarter valued at $30,000. Hedge funds and other institutional investors own 58.68% of the company's stock.

QXO Trading Up 0.3%

NYSE QXO opened at $13.34 on Monday. The company has a debt-to-equity ratio of 0.35, a quick ratio of 2.47 and a current ratio of 3.33. The firm has a market cap of $13.84 billion, a PE ratio of -14.66, a P/E/G ratio of 2.38 and a beta of 2.28. QXO, Inc. has a one year low of $13.18 and a one year high of $27.61. The firm's fifty day moving average is $15.79 and its two-hundred day moving average is $19.61.

QXO (NYSE:QXO - Get Free Report) last announced its 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 negative net margin of 6.02% and a positive return on equity of 1.91%. The business had revenue of $1.73 billion during the quarter, compared to analysts' expectations of $1.73 billion. The firm's revenue for the quarter was up 12716.3% compared to the same quarter last year. Analysts expect that QXO, Inc. will post 0.28 earnings per share for the current year.

Wall Street Analysts Forecast Growth

QXO has been the topic of a number of research analyst reports. Citigroup cut their target price on QXO from $28.00 to $25.00 and set a "buy" rating on the stock in a research report on Monday, July 13th. Weiss Ratings reissued a "sell (d)" rating on shares of QXO in a research report on Friday, May 29th. Oppenheimer upped their target price on QXO from $30.00 to $32.00 and gave the company an "outperform" rating in a research report on Monday, April 27th. Zacks Research upgraded QXO from a "strong sell" rating to a "hold" rating in a research note on Monday, July 27th. Finally, Wells Fargo & Company set a $18.00 price target on QXO in a research report on Tuesday, July 28th. One equities research analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating, one has given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $29.71.

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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