Principal Financial Group Inc. Acquires 130,424 Shares of QXO, Inc. $QXO

Key Points

• Principal Financial Group increased its QXO stake by 779.2% in the first quarter, acquiring 130,424 additional shares for a total of 147,163 shares valued at approximately $2.86 million. Institutional investors collectively own 58.68% of QXO.
• Analyst sentiment remains broadly positive, with 15 Buy ratings, one Hold and one Sell. QXO has an average “Moderate Buy” rating and an average price target of $29.71, though several analysts recently lowered their targets.
• QXO shares opened at $13.39 after declining 6%, near their 52-week low of $13.20. The company reported quarterly revenue of $1.73 billion but missed earnings expectations, posting a loss of $0.12 per share versus the anticipated loss of $0.09.

Principal Financial Group Inc. lifted its holdings in shares of QXO, Inc. (NYSE:QXO - Free Report) by 779.2% in the first quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 147,163 shares of the company's stock after buying an additional 130,424 shares during the period. Principal Financial Group Inc.'s holdings in QXO were worth $2,858,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also modified their holdings of the company. Royal Bank of Canada grew its position in QXO by 67.5% in the first quarter. Royal Bank of Canada now owns 119,688 shares of the company's stock valued at $1,620,000 after acquiring an additional 48,248 shares during the last quarter. AQR Capital Management LLC bought a new position in shares of QXO in the first quarter worth about $615,000. Millennium Management LLC boosted its stake in shares of QXO by 6.6% in the 1st quarter. Millennium Management LLC now owns 322,115 shares of the company's stock valued at $4,361,000 after purchasing an additional 20,067 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its stake in shares of QXO by 13.3% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 697,889 shares of the company's stock valued at $9,449,000 after purchasing an additional 81,758 shares in the last quarter. Finally, American Century Companies Inc. bought a new stake in shares of QXO during the 2nd quarter valued at approximately $837,000. 58.68% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

QXO has been the subject of a number of research analyst reports. Wells Fargo & Company set a $18.00 price objective on shares of QXO in a research report on Tuesday. Stephens decreased their target price on shares of QXO from $29.00 to $26.00 and set an "overweight" rating on the stock in a research note on Thursday, May 14th. KeyCorp lowered their price target on shares of QXO from $32.00 to $28.00 and set an "overweight" rating for the company in a report on Wednesday, July 1st. Weiss Ratings reiterated a "sell (d)" rating on shares of QXO in a research note on Friday, May 29th. Finally, Robert W. Baird cut their price objective on QXO from $35.00 to $30.00 and set an "outperform" rating on the stock in a report on Wednesday, May 13th. Fifteen analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $29.71.

QXO Trading Down 6.0%

Shares of NYSE QXO opened at $13.39 on Thursday. The company has a debt-to-equity ratio of 0.35, a quick ratio of 2.47 and a current ratio of 3.33. QXO, Inc. has a 52-week low of $13.20 and a 52-week high of $27.61. The firm has a 50 day moving average price of $15.93 and a two-hundred day moving average price of $19.78. The stock has a market cap of $9.71 billion, a P/E ratio of -14.72, a price-to-earnings-growth ratio of 2.54 and a beta of 2.23.

QXO (NYSE:QXO - Get Free Report) last issued its quarterly earnings results on Tuesday, May 12th. The company reported ($0.12) EPS for the quarter, missing analysts' consensus estimates of ($0.09) by ($0.03). QXO had a positive return on equity of 1.91% and a negative net margin of 6.02%.The business had revenue of $1.73 billion for the quarter, compared to analyst estimates of $1.73 billion. The company's revenue was up 12716.3% compared to the same quarter last year. As a group, equities analysts forecast that QXO, Inc. will post 0.28 EPS for the current 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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