E. Ohman J or Asset Management AB Acquires 1,201,869 Shares of QXO, Inc. $QXO

Key Points

• E. Ohman J or Asset Management AB acquired 1,201,869 QXO shares worth approximately $14.05 million, representing a 0.12% stake. Institutional investors collectively own 58.68% of the company.
• Analyst sentiment remains generally positive, with QXO holding a consensus “Moderate Buy” rating and an average price target of $24.77, despite several recent target-price cuts.
• QXO shares opened at $11.04, near the lower end of their 52-week range of $10.03 to $27.61. The company recently reported quarterly revenue of $3.25 billion and EPS of $0.08, matching analyst expectations.

E. Ohman J or Asset Management AB bought a new stake in QXO, Inc. (NYSE:QXO - Free Report) during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm bought 1,201,869 shares of the company's stock, valued at approximately $14,050,000. E. Ohman J or Asset Management AB owned 0.12% of QXO at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. SBI Securities Co. Ltd. lifted its stake in QXO by 241.3% in the third quarter. SBI Securities Co. Ltd. now owns 6,849 shares of the company's stock valued at $80,000 after buying an additional 4,842 shares during the last quarter. Hartford Financial Management Inc. increased its holdings in shares of QXO by 59.1% in the third quarter. Hartford Financial Management Inc. now owns 3,500 shares of the company's stock worth $41,000 after acquiring an additional 1,300 shares in the last quarter. Skylands Capital LLC acquired a new position in QXO during the third quarter worth $1,343,000. Hosking Partners LLP bought a new position in QXO in the 3rd quarter valued at approximately $3,880,000. Finally, Sowell Financial Services LLC bought a new position in QXO during the 3rd quarter worth approximately $165,000. 58.68% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on QXO shares. Royal Bank Of Canada decreased their target price on shares of QXO from $27.00 to $18.00 and set an "outperform" rating for the company in a research report on Wednesday, October 7th. DA Davidson set a $20.00 target price on QXO in a research report on Friday, October 9th. Wall Street Zen raised shares of QXO from a "strong sell" rating to a "sell" rating in a report on Saturday, July 25th. Wells Fargo & Company lowered their price objective on shares of QXO from $16.00 to $15.00 and set an "overweight" rating on the stock in a research report on Friday, October 16th. Finally, Zacks Research raised shares of QXO from a "strong sell" rating to a "hold" rating in a report on Monday, July 27th. One analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $24.77.

QXO Stock Performance

NYSE QXO opened at $11.04 on Friday. The company's 50 day simple moving average is $12.30 and its two-hundred day simple moving average is $15.48. The company has a debt-to-equity ratio of 0.66, a current ratio of 4.11 and a quick ratio of 3.29. QXO, Inc. has a 1 year low of $10.03 and a 1 year high of $27.61. The stock has a market capitalization of $11.46 billion, a PE ratio of 85.92, a P/E/G ratio of 2.17 and a beta of 2.30.

QXO (NYSE:QXO - Get Free Report) last posted its quarterly earnings data on Thursday, August 13th. The company reported $0.08 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.08. QXO had a positive return on equity of 2.41% and a negative net margin of 5.17%. The company had revenue of $3.25 billion during the quarter, compared to analyst estimates of $3.18 billion. Analysts predict that QXO, Inc. will post 0.24 earnings per share for the current fiscal year.

QXO Profile

QXO, Inc is a building products distribution company serving professional contractors and other customers in the construction industry. Its product offerings include roofing materials, siding, windows, doors, insulation and related exterior building products.

The company operates through a network of distribution locations in the United States and Canada, providing materials, delivery services and product support to contractors and other building-industry customers. QXO's strategy is focused on expanding its presence in the building products distribution market through organic growth and acquisitions.

QXO was formerly known as SilverSun Technologies, Inc and adopted the QXO name as part of a strategic transformation led by investor Brad Jacobs.

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