Public Employees Retirement System of Ohio Purchases New Stake in QXO, Inc. $QXO

Key Points

• Public Employees Retirement System of Ohio purchased 273,709 QXO shares in the second quarter, valued at approximately $4.73 million. Institutional investors collectively own 58.68% of the company.
• QXO shares opened at $13.21, near their one-year low of $12.80 and below their 50-day and 200-day moving averages. The company reported quarterly revenue of $3.25 billion and earnings of $0.08 per share, matching analyst expectations.
• Analysts maintain a generally positive outlook, with a consensus rating of “Moderate Buy” and an average price target of $28.00, despite some recent target cuts and a sell rating from Weiss Ratings.

Public Employees Retirement System of Ohio purchased a new position in QXO, Inc. (NYSE:QXO - Free Report) during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm purchased 273,709 shares of the company's stock, valued at approximately $4,730,000.

A number of other hedge funds have also recently modified their holdings of the company. Sunbelt Securities Inc. boosted its holdings in shares of QXO by 6.8% during the fourth quarter. Sunbelt Securities Inc. now owns 6,300 shares of the company's stock worth $122,000 after purchasing an additional 400 shares during the period. NewEdge Advisors LLC increased its holdings in QXO by 42.4% during the 4th quarter. NewEdge Advisors LLC now owns 1,680 shares of the company's stock valued at $32,000 after purchasing an additional 500 shares during the period. Maple Capital Management Inc. increased its holdings in QXO by 4.7% during the 4th quarter. Maple Capital Management Inc. now owns 11,988 shares of the company's stock valued at $231,000 after purchasing an additional 543 shares during the period. Allworth Financial LP raised its position in QXO by 27.2% during the 4th quarter. Allworth Financial LP now owns 2,580 shares of the company's stock valued at $50,000 after purchasing an additional 552 shares during the last quarter. Finally, Red Door Wealth Management LLC raised its position in QXO by 3.9% during the 1st quarter. Red Door Wealth Management LLC now owns 15,982 shares of the company's stock valued at $310,000 after purchasing an additional 600 shares during the last quarter. Hedge funds and other institutional investors own 58.68% of the company's stock.

QXO Stock Performance

Shares of QXO opened at $13.21 on Thursday. The company has a 50-day simple moving average of $14.70 and a two-hundred day simple moving average of $18.09. The company has a debt-to-equity ratio of 0.66, a current ratio of 4.11 and a quick ratio of 3.29. The firm has a market capitalization of $13.70 billion, a PE ratio of -14.67, a price-to-earnings-growth ratio of 2.33 and a beta of 2.32. QXO, Inc. has a one year low of $12.80 and a one year high of $27.61.

QXO (NYSE:QXO - Get Free Report) last posted its earnings results on Thursday, August 13th. The company reported $0.08 earnings per share for the quarter, hitting analysts' consensus estimates of $0.08. QXO had a positive return on equity of 2.41% and a negative net margin of 5.17%.The firm had revenue of $3.25 billion for the quarter, compared to the consensus estimate of $3.18 billion. On average, analysts anticipate that QXO, Inc. will post 0.28 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on QXO shares. Benchmark reiterated a "buy" rating on shares of QXO in a research report on Friday, August 14th. DA Davidson initiated coverage on QXO in a report on Monday, August 24th. They set a "buy" rating and a $26.00 target price for the company. Robert W. Baird dropped their price target on QXO from $35.00 to $30.00 and set an "outperform" rating for the company in a research note on Wednesday, May 13th. Weiss Ratings reaffirmed a "sell (d)" rating on shares of QXO in a research note on Wednesday, August 26th. Finally, Wall Street Zen upgraded shares of QXO from a "strong sell" rating to a "sell" rating in a report on Saturday, July 25th. Two equities research analysts have rated the stock with a Strong Buy rating, fourteen have issued a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average target price of $28.00.

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.

Want to see what other hedge funds are holding QXO? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for QXO, Inc. (NYSE:QXO - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source