Skylands Capital LLC Buys New Holdings in QXO, Inc. $QXO

Key Points

• Skylands Capital initiated a QXO position of 114,875 shares worth approximately $1.34 million in the third quarter. Institutional investors collectively own 58.68% of QXO.
• Analyst sentiment remains generally positive, with a “Moderate Buy” consensus and an average price target of $24.77, although Wells Fargo and KeyCorp recently lowered their targets.
• QXO shares opened at $10.30, near their one-year low of $10.03 and well below the one-year high of $27.61. The company met quarterly earnings expectations at $0.08 per share and reported $3.25 billion in revenue.

Skylands Capital LLC bought a new stake in QXO, Inc. (NYSE:QXO - Free Report) in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund bought 114,875 shares of the company's stock, valued at approximately $1,343,000.

A number of other institutional investors and hedge funds also recently made changes to their positions in QXO. Finepoint Capital LP increased 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 last quarter. Fort Washington Investment Advisors Inc. OH raised its position in QXO by 25.9% during the third quarter. Fort Washington Investment Advisors Inc. OH now owns 5,703,964 shares of the company's stock valued at $66,679,000 after purchasing an additional 1,173,274 shares in the last quarter. Spyglass Capital Management LLC bought a new stake in QXO during the second quarter worth $62,961,000. CI Investments Inc. lifted its stake in QXO by 4.1% during the first 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 last quarter. Finally, Bank of New York Mellon Corp bought a new stake in QXO during the second quarter worth $44,919,000. Institutional investors own 58.68% of the company's stock.

Analysts Set New Price Targets

Several brokerages have recently issued reports on QXO. Wells Fargo & Company decreased their price target on QXO from $16.00 to $15.00 and set an "overweight" rating on the stock in a research note on Friday, October 16th. KeyCorp dropped their price objective on QXO from $32.00 to $28.00 and set an "overweight" rating for the company in a research report on Wednesday, July 1st. Wall Street Zen upgraded QXO from a "strong sell" rating to a "sell" rating in a research report on Saturday, July 25th. Weiss Ratings reaffirmed a "sell (d)" rating on shares of QXO in a research note on Wednesday, August 26th. Finally, Benchmark reiterated a "buy" rating on shares of QXO in a research report on Friday, August 14th. One research analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $24.77.

QXO Price Performance

Shares of NYSE:QXO opened at $10.30 on Thursday. The company has a market cap of $10.68 billion, a price-to-earnings ratio of -11.44, a PEG ratio of 2.20 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 firm has a 50 day simple moving average of $12.37 and a 200 day simple moving average of $15.54. QXO, Inc. has a one year low of $10.03 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. The firm had revenue of $3.25 billion for the quarter, compared to analysts' expectations of $3.18 billion. QXO had a negative net margin of 5.17% and a positive return on equity of 2.41%. Research analysts predict that QXO, Inc. will post 0.24 earnings per share for the current fiscal year.

About QXO

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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