QXO, Inc. $QXO Shares Sold by California Public Employees Retirement System

Key Points

• CalPERS reduced its QXO stake by 22.4% in the first quarter, selling 229,719 shares and leaving it with 796,397 shares worth about $15.5 million.
• Institutional ownership remains high, with hedge funds and other investors holding 58.68% of QXO shares; several firms recently added large positions in the stock.
• QXO reported a narrower-than-expected loss of $0.12 per share in its latest earnings, while revenue matched estimates at $1.73 billion, and analysts currently have a consensus Moderate Buy rating with a $30.57 target price.

California Public Employees Retirement System trimmed its position in QXO, Inc. (NYSE:QXO - Free Report) by 22.4% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 796,397 shares of the company's stock after selling 229,719 shares during the quarter. California Public Employees Retirement System owned about 0.11% of QXO worth $15,466,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently modified their holdings of QXO. Baillie Gifford & Co. boosted its position in QXO by 16,117.6% in the fourth quarter. Baillie Gifford & Co. now owns 14,735,164 shares of the company's stock valued at $284,241,000 after buying an additional 14,644,305 shares during the last quarter. Schf GPE LLC raised its position in QXO by 204.3% during the 2nd quarter. Schf GPE LLC now owns 13,319,457 shares of the company's stock worth $286,901,000 after buying an additional 8,943,089 shares during the last quarter. Norges Bank purchased a new position in QXO during the 4th quarter worth approximately $140,421,000. Fred Alger Management LLC lifted its stake in QXO by 75.4% during the 4th quarter. Fred Alger Management LLC now owns 15,923,937 shares of the company's stock valued at $307,173,000 after acquiring an additional 6,844,574 shares during the period. Finally, Sound Shore Management Inc. CT purchased a new stake in shares of QXO in the 4th quarter valued at $77,199,000. Institutional investors and hedge funds own 58.68% of the company's stock.

QXO Trading Down 0.1%

QXO stock opened at $13.84 on Friday. The firm has a market cap of $10.03 billion, a PE ratio of -15.20, a P/E/G ratio of 3.55 and a beta of 2.23. QXO, Inc. has a 12 month low of $13.37 and a 12 month high of $27.61. The stock's 50 day simple moving average is $16.14 and its two-hundred day simple moving average is $20.06. The company has a current ratio of 3.33, a quick ratio of 2.47 and a debt-to-equity ratio of 0.35.

QXO (NYSE:QXO - Get Free Report) last posted its earnings results on Tuesday, May 12th. The company reported ($0.12) earnings per share for the quarter, missing the consensus estimate of ($0.09) by ($0.03). QXO had a negative net margin of 6.02% and a positive return on equity of 1.91%. The firm had revenue of $1.73 billion for the quarter, compared to analysts' expectations of $1.73 billion. The firm's revenue for the quarter was up 12716.3% on a year-over-year basis. Analysts anticipate that QXO, Inc. will post 0.2 earnings per share for the current year.

Wall Street Analyst Weigh In

QXO has been the topic of a number of research reports. Citigroup cut 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. Stephens decreased their target price on shares of QXO from $29.00 to $26.00 and set an "overweight" rating for the company in a research report on Thursday, May 14th. Robert W. Baird lowered their price target on shares of QXO from $35.00 to $30.00 and set an "outperform" rating on the stock in a report on Wednesday, May 13th. Zacks Research downgraded QXO from a "hold" rating to a "strong sell" rating in a research report on Thursday, July 9th. Finally, Weiss Ratings reiterated a "sell (d)" rating on shares of QXO in a research note on Friday, May 29th. Fifteen analysts have rated the stock with a Buy rating and two have assigned a Sell rating to the stock. According to MarketBeat.com, QXO presently has an average rating of "Moderate Buy" and a consensus target price of $30.57.

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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