Griffin Asset Management Inc. Acquires Shares of 105,935 QXO, Inc. $QXO

Key Points

• Griffin Asset Management opened a new position in QXO during the first quarter, buying 105,935 shares valued at about $2.06 million.
• Several other institutional investors also increased their QXO holdings, and institutional ownership stands at 58.68% of the stock.
• Analysts remain mixed but broadly constructive: QXO has a Moderate Buy consensus rating with a $30.86 average price target, though recent target cuts and one Sell rating show some caution.

Griffin Asset Management Inc. bought a new position in shares of QXO, Inc. (NYSE:QXO - Free Report) during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor bought 105,935 shares of the company's stock, valued at approximately $2,057,000.

Other hedge funds also recently made changes to their positions in the company. Fred Alger Management LLC boosted its stake in shares of QXO by 75.4% in the fourth quarter. Fred Alger Management LLC now owns 15,923,937 shares of the company's stock valued at $307,173,000 after buying an additional 6,844,574 shares during the period. Baillie Gifford & Co. increased its stake in QXO by 16,117.6% during the 4th quarter. Baillie Gifford & Co. now owns 14,735,164 shares of the company's stock worth $284,241,000 after acquiring an additional 14,644,305 shares during the period. Schf GPE LLC increased its stake in QXO by 204.3% during the 2nd quarter. Schf GPE LLC now owns 13,319,457 shares of the company's stock worth $286,901,000 after acquiring an additional 8,943,089 shares during the period. MTCO Ltd. acquired a new position in QXO in the 3rd quarter valued at $208,534,000. Finally, Cercano Management LLC raised its holdings in QXO by 2.4% in the 4th quarter. Cercano Management LLC now owns 10,815,832 shares of the company's stock valued at $208,637,000 after acquiring an additional 255,366 shares in the last quarter. 58.68% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of research firms have recently weighed in on QXO. Royal Bank Of Canada cut their target price on QXO from $30.00 to $28.00 and set an "outperform" rating for the company in a research report on Monday, April 6th. Weiss Ratings restated a "sell (d)" rating on shares of QXO in a research report on Friday, May 29th. Wall Street Zen raised QXO from a "strong sell" rating to a "sell" rating in a research note on Sunday, May 17th. KeyCorp decreased their price objective 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. Finally, Robert W. Baird lowered their price objective on shares of QXO from $35.00 to $30.00 and set an "outperform" rating for the company in a research report on Wednesday, May 13th. Fifteen analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, QXO has an average rating of "Moderate Buy" and a consensus target price of $30.86.

QXO Stock Down 0.3%

QXO stock opened at $14.62 on Friday. The firm has a 50-day moving average price of $17.00 and a 200-day moving average price of $20.51. QXO, Inc. has a 12 month low of $13.82 and a 12 month high of $27.61. The company has a current ratio of 3.33, a quick ratio of 2.47 and a debt-to-equity ratio of 0.35. The stock has a market capitalization of $10.60 billion, a P/E ratio of -16.07, a price-to-earnings-growth ratio of 3.76 and a beta of 2.23.

QXO (NYSE:QXO - Get Free Report) last announced 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 for 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 firm's revenue was up 12716.3% on a year-over-year basis. As a group, equities research analysts anticipate that QXO, Inc. will post 0.2 EPS for the current fiscal year.

About QXO

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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