Canton Hathaway LLC lessened its stake in shares of QXO, Inc. (NYSE:QXO - Free Report) by 32.0% during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 272,900 shares of the company's stock after selling 128,637 shares during the quarter. QXO comprises about 0.6% of Canton Hathaway LLC's investment portfolio, making the stock its 26th biggest holding. Canton Hathaway LLC's holdings in QXO were worth $3,190,000 as of its most recent filing with the Securities & Exchange Commission.
A number of other large investors have also recently made changes to their positions in QXO. Finepoint Capital LP raised its holdings in shares of QXO by 30.7% during the second quarter. Finepoint Capital LP now owns 18,113,850 shares of the company's stock valued at $313,007,000 after purchasing an additional 4,255,435 shares during the last quarter. Fort Washington Investment Advisors Inc. OH boosted its holdings in QXO by 25.9% in the third quarter. Fort Washington Investment Advisors Inc. OH now owns 5,703,964 shares of the company's stock worth $66,679,000 after purchasing an additional 1,173,274 shares during the last quarter. Spyglass Capital Management LLC purchased a new stake in QXO in the second quarter worth approximately $62,961,000. Bank of New York Mellon Corp purchased a new stake in QXO in the second quarter worth approximately $44,919,000. Finally, CI Investments Inc. grew its position in QXO by 4.1% in 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. 58.68% of the stock is currently owned by institutional investors.
Analyst Ratings Changes
A number of equities research analysts have weighed in on QXO shares. Zacks Research upgraded shares of QXO from a "strong sell" rating to a "hold" rating in a research note on Monday, July 27th. Morgan Stanley initiated coverage on QXO in a research note on Tuesday, August 4th. They issued an "overweight" rating and a $35.00 price target on the stock. Citigroup dropped their price target on QXO from $28.00 to $25.00 and set a "buy" rating on the stock in a research note on Monday, July 13th. KeyCorp cut their price objective on QXO from $32.00 to $28.00 and set an "overweight" rating for the company in a report on Wednesday, July 1st. Finally, Melius Research initiated coverage on QXO in a research report on Tuesday, October 6th. They set a "buy" rating and a $17.00 price objective for the company. One analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating, one has given a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $24.77.
Check Out Our Latest Stock Report on QXO
QXO Price Performance
Shares of NYSE:QXO opened at $10.50 on Friday. The firm's 50 day moving average price is $12.22 and its 200-day moving average price is $15.45. QXO, Inc. has a twelve month low of $10.03 and a twelve month high of $27.61. The company has a quick ratio of 3.29, a current ratio of 4.11 and a debt-to-equity ratio of 0.66. The stock has a market capitalization of $10.89 billion, a PE ratio of -11.67, a price-to-earnings-growth ratio of 2.21 and a beta of 2.30.
QXO (NYSE:QXO - Get Free Report) last posted its quarterly earnings data on Thursday, August 13th. The company reported $0.08 earnings per share (EPS) for the quarter, hitting analysts' consensus estimates of $0.08. QXO had a negative net margin of 5.17% and a positive return on equity of 2.41%. The company had revenue of $3.25 billion for the quarter, compared to the consensus estimate of $3.18 billion. Equities research analysts expect that QXO, Inc. will post 0.24 EPS for the current year.
About QXO
(
Free Report)
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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