Northern Trust Corp Has $11.23 Million Holdings in QXO, Inc. $QXO

Key Points

• Northern Trust Corp increased its stake in QXO, Inc. by 13.4% during the first quarter, acquiring 97,886 additional shares and owning approximately 0.19% of the company valued at $11.2 million.
• Wall Street analysts are optimistic about QXO, with a consensus rating of "Buy" and an average price target of $34.30, highlighted by coverage from firms including Royal Bank of Canada and Morgan Stanley.
• As of the latest data, QXO stock is trading at $20.69, with a market capitalization of $13.93 billion and shares experiencing a one-year range between $11.85 and $24.69.

Northern Trust Corp lifted its stake in shares of QXO, Inc. (NASDAQ:QXO - Free Report) by 13.4% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 829,496 shares of the company's stock after purchasing an additional 97,886 shares during the quarter. Northern Trust Corp owned about 0.19% of QXO worth $11,231,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also modified their holdings of the stock. Larson Financial Group LLC bought a new stake in QXO in the first quarter worth about $26,000. Ridgewood Investments LLC purchased a new position in QXO during the 1st quarter valued at about $27,000. CWM LLC purchased a new position in QXO during the 1st quarter valued at about $27,000. First Horizon Advisors Inc. grew its stake in QXO by 57.4% during the 1st quarter. First Horizon Advisors Inc. now owns 2,790 shares of the company's stock valued at $38,000 after acquiring an additional 1,017 shares in the last quarter. Finally, Signaturefd LLC grew its stake in QXO by 533.6% during the 1st quarter. Signaturefd LLC now owns 3,168 shares of the company's stock valued at $43,000 after acquiring an additional 2,668 shares in the last quarter. 58.68% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several research firms have weighed in on QXO. William Blair began coverage on QXO in a research note on Wednesday, June 18th. They set an "outperform" rating on the stock. Citigroup assumed coverage on QXO in a research note on Wednesday, July 16th. They issued a "buy" rating and a $33.00 price target for the company. Zacks Research raised QXO from a "hold" rating to a "strong-buy" rating in a research note on Thursday, August 14th. Royal Bank Of Canada assumed coverage on QXO in a research note on Monday, July 21st. They issued an "outperform" rating and a $33.00 price target for the company. Finally, Wells Fargo & Company assumed coverage on QXO in a research note on Tuesday, August 5th. They issued an "overweight" rating and a $30.00 price target for the company. Three research analysts have rated the stock with a Strong Buy rating and eleven have given a Buy rating to the company. Based on data from MarketBeat.com, QXO presently has a consensus rating of "Buy" and a consensus target price of $33.73.

QXO Price Performance

QXO traded down $0.02 on Wednesday, hitting $21.47. The company had a trading volume of 7,271,750 shares, compared to its average volume of 6,027,505. The company's fifty day moving average price is $20.87 and its 200 day moving average price is $17.39. QXO, Inc. has a 1-year low of $11.85 and a 1-year high of $24.69. The stock has a market cap of $14.46 billion, a price-to-earnings ratio of -2.35, a price-to-earnings-growth ratio of 4.09 and a beta of 2.35.

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.