Salem Investment Counselors Inc. Acquires 213,150 Shares of QXO, Inc. $QXO

Key Points

• Salem Investment Counselors increased its QXO stake by 177.9% in the third quarter, acquiring 213,150 shares and bringing its total holdings to 332,955 shares valued at approximately $3.9 million.
• Institutional investors own 58.68% of QXO, with several funds—including Gainplan, Hudson Value Partners and Carnegie Investment Counsel—also increasing their positions.
• Analysts maintain a generally positive outlook, with a consensus “Moderate Buy” rating and an average price target of $25.21, compared with QXO’s opening price of $11.04; the company recently reported quarterly revenue of $3.25 billion and EPS of $0.08.

Salem Investment Counselors Inc. boosted its holdings in shares of QXO, Inc. (NYSE:QXO - Free Report) by 177.9% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 332,955 shares of the company's stock after buying an additional 213,150 shares during the quarter. Salem Investment Counselors Inc.'s holdings in QXO were worth $3,892,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in QXO. Carnegie Investment Counsel lifted its holdings in QXO by 38.6% during the 1st quarter. Carnegie Investment Counsel now owns 309,644 shares of the company's stock worth $6,013,000 after buying an additional 86,265 shares during the last quarter. CI Investments Inc. boosted its position in shares of QXO by 4.1% during the 1st quarter. CI Investments Inc. now owns 2,598,840 shares of the company's stock worth $50,469,000 after acquiring an additional 102,838 shares in the last quarter. Gainplan LLC boosted its position in shares of QXO by 390.2% during the 3rd quarter. Gainplan LLC now owns 502,025 shares of the company's stock worth $5,869,000 after acquiring an additional 399,605 shares in the last quarter. Hudson Value Partners LLC boosted its position in shares of QXO by 87.6% during the 2nd quarter. Hudson Value Partners LLC now owns 215,998 shares of the company's stock worth $3,732,000 after acquiring an additional 100,856 shares in the last quarter. Finally, Griffin Asset Management Inc. purchased a new position in shares of QXO in the 1st quarter valued at about $2,057,000. Hedge funds and other institutional investors own 58.68% of the company's stock.

Wall Street Analysts Forecast Growth

QXO has been the topic of several research analyst reports. Melius Research started coverage on QXO in a research report on Tuesday, October 6th. They set a "buy" rating and a $17.00 target price on the stock. Benchmark reaffirmed a "buy" rating on shares of QXO in a report on Friday, August 14th. Truist Financial lowered their price target on QXO from $26.00 to $15.00 and set a "buy" rating for the company in a report on Thursday, October 8th. Citigroup dropped their price target 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, DA Davidson set a $20.00 price objective on shares of QXO in a report on Friday. One investment analyst has rated the stock with a Strong Buy rating, fifteen have given a Buy rating, one has given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $25.21.

QXO Price Performance

Shares of NYSE:QXO opened at $11.04 on Wednesday. QXO, Inc. has a 12 month low of $10.39 and a 12 month high of $27.61. The firm has a market capitalization of $11.45 billion, a P/E ratio of 88.67, a P/E/G ratio of 2.16 and a beta of 2.30. 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 company's fifty day moving average price is $12.97 and its 200 day moving average price is $15.90.

QXO (NYSE:QXO - Get Free Report) last released its quarterly earnings data on Thursday, August 13th. The company reported $0.08 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.08. The company had revenue of $3.25 billion during the quarter, compared to the consensus estimate of $3.18 billion. QXO had a negative net margin of 5.17% and a positive return on equity of 2.41%. As a group, sell-side analysts predict that QXO, Inc. will post 0.25 earnings per share for the current fiscal year.

QXO 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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