QXO, Inc. $QXO Shares Acquired by Fort Washington Investment Advisors Inc. OH

Key Points

• Fort Washington Investment Advisors increased its QXO stake by 25.9% in the third quarter, acquiring 1.17 million additional shares and bringing its holdings to 5.7 million shares valued at approximately $66.7 million.
• Institutional investors own 58.68% of QXO, with several other firms—including Finepoint Capital, Fred Alger Management and Consulta—also increasing their positions.
• QXO shares opened at $10.32, near their 52-week low of $10.17, despite the company meeting quarterly EPS expectations and exceeding revenue estimates. Analysts maintain a consensus “Moderate Buy” rating with an average price target of $25.21.

Fort Washington Investment Advisors Inc. OH increased its position in shares of QXO, Inc. (NYSE:QXO - Free Report) by 25.9% during the third quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 5,703,964 shares of the company's stock after buying an additional 1,173,274 shares during the quarter. Fort Washington Investment Advisors Inc. OH owned about 0.55% of QXO worth $66,679,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Finepoint Capital LP grew its stake in QXO by 30.7% in the second quarter. Finepoint Capital LP now owns 18,113,850 shares of the company's stock valued at $313,007,000 after acquiring an additional 4,255,435 shares during the period. Fred Alger Management LLC raised its position in shares of QXO by 75.4% during the fourth quarter. Fred Alger Management LLC now owns 15,923,937 shares of the company's stock worth $307,173,000 after purchasing an additional 6,844,574 shares during the period. Consulta Ltd raised its position in shares of QXO by 33.3% during the fourth quarter. Consulta Ltd now owns 10,000,000 shares of the company's stock worth $192,900,000 after purchasing an additional 2,500,000 shares during the period. Spyglass Capital Management LLC bought a new position in shares of QXO in the 2nd quarter worth $62,961,000. Finally, Bank of New York Mellon Corp bought a new position in shares of QXO in the 2nd quarter worth $44,919,000. Institutional investors own 58.68% of the company's stock.

QXO Stock Performance

Shares of QXO stock opened at $10.32 on Thursday. QXO, Inc. has a 52 week low of $10.17 and a 52 week 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 business has a 50 day moving average price of $12.86 and a 200-day moving average price of $15.84. The company has a market cap of $10.71 billion, a PE ratio of -11.47, a price-to-earnings-growth ratio of 2.24 and a beta of 2.30.

QXO (NYSE:QXO - Get Free Report) last announced its earnings results on Thursday, August 13th. The company reported $0.08 earnings per share (EPS) for the quarter, meeting 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 for the quarter, compared to analysts' expectations of $3.18 billion. Equities analysts anticipate that QXO, Inc. will post 0.25 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several analysts recently issued reports on the stock. Benchmark reissued a "buy" rating on shares of QXO in a research report on Friday, August 14th. KeyCorp lowered their price objective on shares of QXO from $32.00 to $28.00 and set an "overweight" rating on the stock in a report on Wednesday, July 1st. Wall Street Zen upgraded shares of QXO from a "strong sell" rating to a "sell" rating in a report on Saturday, July 25th. Citigroup dropped their price objective on shares of QXO from $28.00 to $25.00 and set a "buy" rating on the stock in a research note on Monday, July 13th. Finally, Truist Financial reduced their price objective on shares of QXO from $26.00 to $15.00 and set a "buy" rating for the company in a report on Thursday, October 8th. One investment analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $25.21.

QXO Company Profile

QXO, Inc is a building products distribution company focused on supplying contractors and other construction professionals. Its product portfolio includes roofing materials, siding, windows, waterproofing products and related exterior building supplies. The company serves residential and commercial construction and repair markets through branch locations, distribution centers and digital ordering channels.

QXO operates through Beacon, a major distributor of roofing and complementary building products in the United States and Canada.

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