Finepoint Capital LP Has $313.01 Million Holdings in QXO, Inc. $QXO

Key Points

• Finepoint Capital increased its QXO stake by 30.7% in the second quarter, owning 18.1 million shares valued at approximately $313 million, or 1.75% of QXO.
• Institutional ownership remains significant, with hedge funds and other institutional investors holding 58.68% of QXO; several firms increased positions or initiated new stakes.
• Analysts hold a generally positive view, with QXO receiving a consensus “Moderate Buy” rating and an average price target of $28, despite shares recently trading near $12.72.

Finepoint Capital LP raised its holdings in shares of QXO, Inc. (NYSE:QXO - Free Report) by 30.7% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 18,113,850 shares of the company's stock after acquiring an additional 4,255,435 shares during the quarter. QXO makes up about 11.2% of Finepoint Capital LP's investment portfolio, making the stock its 2nd biggest position. Finepoint Capital LP owned about 1.75% of QXO worth $313,007,000 at the end of the most recent quarter.

Several other large investors have also made changes to their positions in the business. Carnegie Investment Counsel grew its holdings in QXO by 38.6% during the 1st quarter. Carnegie Investment Counsel now owns 309,644 shares of the company's stock valued at $6,013,000 after buying an additional 86,265 shares in the last quarter. CI Investments Inc. lifted its holdings in shares of QXO by 4.1% in the first quarter. CI Investments Inc. now owns 2,598,840 shares of the company's stock worth $50,469,000 after buying an additional 102,838 shares in the last quarter. Hudson Value Partners LLC boosted its position in shares of QXO by 87.6% during the second quarter. Hudson Value Partners LLC now owns 215,998 shares of the company's stock worth $3,732,000 after acquiring an additional 100,856 shares during the last quarter. Griffin Asset Management Inc. bought a new position in shares of QXO during the first quarter worth $2,057,000. Finally, Sequoia Financial Advisors LLC purchased a new position in QXO during the first quarter valued at $1,610,000. 58.68% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several analysts have commented on QXO shares. 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 research note on Wednesday, July 1st. DA Davidson initiated coverage on QXO in a report on Monday, August 24th. They issued a "buy" rating and a $26.00 target price on the stock. Morgan Stanley started coverage on QXO in a research report on Tuesday, August 4th. They issued an "overweight" rating and a $35.00 target price on the stock. Wells Fargo & Company set a $18.00 price target on QXO in a research note on Tuesday, July 28th. Finally, Benchmark restated a "buy" rating on shares of QXO in a report on Friday, August 14th. Two research analysts have rated the stock with a Strong Buy rating, thirteen 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 an average rating of "Moderate Buy" and a consensus price target of $28.00.

QXO Stock Performance

Shares of NYSE:QXO opened at $12.72 on Thursday. QXO, Inc. has a 52 week low of $12.67 and a 52 week high of $27.61. The stock has a market capitalization of $13.20 billion, a P/E ratio of -14.14, a PEG ratio of 2.28 and a beta of 2.32. The firm has a fifty day simple moving average of $14.28 and a two-hundred day simple moving average of $17.61. The company has a quick ratio of 3.29, a current ratio of 4.11 and a debt-to-equity ratio of 0.66.

QXO (NYSE:QXO - Get Free Report) last announced its earnings results 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 negative net margin of 5.17% and a positive return on equity of 2.41%. The firm had revenue of $3.25 billion for the quarter, compared to analysts' expectations of $3.18 billion. On average, analysts expect that QXO, Inc. will post 0.29 earnings per share for the current fiscal 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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