Hosking Partners LLP Buys New Shares in QXO, Inc. $QXO

Key Points

• Hosking Partners LLP initiated a new QXO stake of 331,910 shares worth approximately $3.88 million in the third quarter. Institutional investors collectively own 58.68% of QXO.
• Analyst sentiment remains broadly positive, with a consensus rating of “Moderate Buy” and an average price target of $24.77, although Truist and Wells Fargo recently lowered their targets to $15.
• QXO shares opened at $10.30, near their 52-week low of $10.03 and down substantially from the $27.61 high. The company’s latest quarterly revenue exceeded estimates at $3.25 billion, while earnings matched expectations at $0.08 per share.

Hosking Partners LLP purchased a new stake in shares of QXO, Inc. (NYSE:QXO - Free Report) in the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm purchased 331,910 shares of the company's stock, valued at approximately $3,880,000.

A number of other institutional investors and hedge funds also recently modified their holdings of the business. Finepoint Capital LP boosted its position in QXO by 30.7% in the second quarter. Finepoint Capital LP now owns 18,113,850 shares of the company's stock worth $313,007,000 after purchasing an additional 4,255,435 shares during the last quarter. Fort Washington Investment Advisors Inc. OH increased its position in shares of QXO by 25.9% during the 3rd quarter. Fort Washington Investment Advisors Inc. OH now owns 5,703,964 shares of the company's stock valued at $66,679,000 after purchasing an additional 1,173,274 shares during the last quarter. Spyglass Capital Management LLC bought a new stake in shares of QXO during the 2nd quarter worth $62,961,000. CI Investments Inc. raised its stake in shares of QXO by 4.1% during the 1st quarter. CI Investments Inc. now owns 2,598,840 shares of the company's stock worth $50,469,000 after purchasing an additional 102,838 shares during the period. Finally, Bank of New York Mellon Corp bought a new stake in shares of QXO during the 2nd quarter worth $44,919,000. 58.68% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

QXO has been the topic of a number of research analyst reports. Truist Financial cut their price target on shares of QXO from $26.00 to $15.00 and set a "buy" rating on the stock in a report on Thursday, October 8th. Melius Research began coverage on shares of QXO in a report on Tuesday, October 6th. They set a "buy" rating and a $17.00 price objective for the company. Weiss Ratings reaffirmed a "sell (d)" rating on shares of QXO in a research report on Wednesday, August 26th. 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, DA Davidson set a $20.00 target price on shares of QXO in a research note on Friday, October 9th. One 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 given a Sell rating to the company's stock. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $24.77.

QXO Stock Down 1.6%

QXO stock opened at $10.30 on Thursday. The company has a debt-to-equity ratio of 0.66, a quick ratio of 3.29 and a current ratio of 4.11. The company has a market capitalization of $10.68 billion, a price-to-earnings ratio of -11.44, a PEG ratio of 2.20 and a beta of 2.30. QXO, Inc. has a fifty-two week low of $10.03 and a fifty-two week high of $27.61. The stock has a fifty day moving average of $12.37 and a 200-day moving average of $15.54.

QXO (NYSE:QXO - Get Free Report) last announced its quarterly earnings data on Thursday, August 13th. The company reported $0.08 earnings per share for the quarter, hitting 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. As a group, equities research analysts predict that QXO, Inc. will post 0.24 earnings per share for the current year.

QXO Company 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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