First Trust Advisors LP Has $6.37 Million Stock Position in QXO, Inc. $QXO

Key Points

• First Trust Advisors LP increased its QXO stake by 608.6% in the first quarter, adding 281,816 shares for a total position valued at approximately $6.37 million. Institutional investors and hedge funds collectively own 58.68% of QXO.
• QXO shares opened at $13.34, near the company’s 12-month low of $13.18 and well below its 200-day moving average of $19.61. The company reported quarterly revenue of $1.73 billion but missed earnings expectations, posting an adjusted loss of $0.12 per share versus the expected loss of $0.09.
• Analysts maintain a generally positive outlook, with QXO carrying a “Moderate Buy” consensus rating and an average price target of $29.71, despite recent target reductions from some firms and a “sell” rating from Weiss Ratings.

First Trust Advisors LP increased its holdings in shares of QXO, Inc. (NYSE:QXO - Free Report) by 608.6% in the first quarter, according to its most recent disclosure with the SEC. The firm owned 328,123 shares of the company's stock after purchasing an additional 281,816 shares during the period. First Trust Advisors LP's holdings in QXO were worth $6,372,000 as of its most recent filing with the SEC.

A number of other institutional investors have also recently bought and sold shares of QXO. Carnegie Investment Counsel boosted its position in QXO by 38.6% during the first quarter. Carnegie Investment Counsel now owns 309,644 shares of the company's stock worth $6,013,000 after purchasing an additional 86,265 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank increased its holdings in shares of QXO by 748.7% in the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 877,538 shares of the company's stock valued at $16,928,000 after purchasing an additional 774,138 shares during the last quarter. Baillie Gifford & Co. raised its position in shares of QXO by 16,117.6% in the fourth quarter. Baillie Gifford & Co. now owns 14,735,164 shares of the company's stock valued at $284,241,000 after purchasing an additional 14,644,305 shares during the period. JNBA Financial Advisors bought a new position in shares of QXO in the fourth quarter valued at about $992,000. Finally, Griffin Asset Management Inc. acquired a new stake in shares of QXO during the 1st quarter worth about $2,057,000. Institutional investors and hedge funds own 58.68% of the company's stock.

QXO Stock Up 0.3%

Shares of QXO opened at $13.34 on Monday. The company has a current ratio of 3.33, a quick ratio of 2.47 and a debt-to-equity ratio of 0.35. QXO, Inc. has a 12 month low of $13.18 and a 12 month high of $27.61. The firm's 50 day moving average is $15.79 and its 200-day moving average is $19.61. The stock has a market capitalization 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 (NYSE:QXO - Get Free Report) last issued its quarterly earnings results on Tuesday, May 12th. The company reported ($0.12) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.09) by ($0.03). The company had revenue of $1.73 billion during the quarter, compared to the consensus estimate of $1.73 billion. QXO had a negative net margin of 6.02% and a positive return on equity of 1.91%. The company's quarterly revenue was up 12716.3% compared to the same quarter last year. Equities research analysts forecast that QXO, Inc. will post 0.28 EPS for the current year.

Analyst Upgrades and Downgrades

Several analysts recently commented on QXO shares. Zacks Research raised shares of QXO from a "strong sell" rating to a "hold" rating in a report on Monday, July 27th. Wells Fargo & Company set a $18.00 price target on shares of QXO in a report on Tuesday, July 28th. Oppenheimer raised their price objective on shares of QXO from $30.00 to $32.00 and gave the stock an "outperform" rating in a research report on Monday, April 27th. Citigroup reduced their price objective on QXO from $28.00 to $25.00 and set a "buy" rating for the company in a report on Monday, July 13th. Finally, Weiss Ratings reaffirmed a "sell (d)" rating on shares of QXO in a research report on Friday, May 29th. 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 issued a Sell rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target 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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