Carnegie Investment Counsel Acquires Shares of 223,379 QXO, Inc. $QXO

Key Points

• Carnegie Investment Counsel acquired 223,379 shares of QXO (≈$4.31M) in Q4; institutional investors now own about 58.68% of the company, with other firms (notably Fred Alger’s ~$173M stake) also adding large positions.
• Analysts’ consensus is a Moderate Buy with an average price target of $32.13, though Citigroup and Truist trimmed targets and Wall Street Zen recently downgraded QXO to a sell.
• QXO reported Q4 EPS of $0.02 (missing the $0.03 estimate), has a market cap of $15.61B and a negative P/E (-37.27), while revenue surged roughly 14,725% year‑over‑year.

Carnegie Investment Counsel acquired a new stake in QXO, Inc. (NYSE:QXO - Free Report) in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm acquired 223,379 shares of the company's stock, valued at approximately $4,309,000.

Other hedge funds have also recently added to or reduced their stakes in the company. Intact Investment Management Inc. bought a new position in shares of QXO in the third quarter valued at approximately $982,000. Campbell & CO Investment Adviser LLC bought a new position in shares of QXO in the third quarter valued at approximately $1,006,000. Fishman Jay A Ltd. MI bought a new position in shares of QXO in the third quarter valued at approximately $10,444,000. Fred Alger Management LLC bought a new position in shares of QXO in the third quarter valued at approximately $173,053,000. Finally, Tritonpoint Wealth LLC bought a new position in shares of QXO in the third quarter valued at approximately $5,449,000. Institutional investors and hedge funds own 58.68% of the company's stock.

Analyst Upgrades and Downgrades

A number of research analysts have recently weighed in on the company. Citigroup dropped their target price on QXO from $33.00 to $31.00 and set a "buy" rating on the stock in a report on Thursday, January 8th. William Blair restated an "outperform" rating on shares of QXO in a report on Wednesday, December 31st. Benchmark restated a "buy" rating on shares of QXO in a report on Friday, February 20th. Truist Financial dropped their target price on QXO from $28.00 to $26.00 and set a "buy" rating on the stock in a report on Friday, December 19th. Finally, Wall Street Zen lowered QXO from a "hold" rating to a "sell" rating in a report on Saturday, February 28th. One equities research analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, QXO presently has an average rating of "Moderate Buy" and an average price target of $32.13.

QXO Stock Performance

Shares of QXO stock opened at $21.99 on Friday. The business's fifty day simple moving average is $22.13 and its 200 day simple moving average is $20.88. The firm has a market capitalization of $15.61 billion, a P/E ratio of -37.27, a price-to-earnings-growth ratio of 3.54 and a beta of 2.50. QXO, Inc. has a 12 month low of $11.97 and a 12 month high of $27.61. The company has a current ratio of 3.58, a quick ratio of 2.61 and a debt-to-equity ratio of 0.37.

QXO (NYSE:QXO - Get Free Report) last issued its quarterly earnings results on Wednesday, February 25th. The company reported $0.02 EPS for the quarter, missing analysts' consensus estimates of $0.03 by ($0.01). QXO had a positive return on equity of 3.45% and a negative net margin of 4.08%.QXO's revenue for the quarter was up 14725.0% on a year-over-year basis. As a group, analysts anticipate that QXO, Inc. will post -0.13 EPS for the current year.

QXO Company 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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