Swedbank AB Invests $9.66 Million in QXO, Inc. $QXO

Key Points

• Swedbank AB disclosed a new fourth-quarter position in QXO, buying 501,000 shares valued at about $9.66 million, which represents roughly 0.07% of the company.
• Institutional interest in QXO remains strong, with hedge funds and asset managers making additional purchases; overall, institutions own 58.68% of the stock.
• QXO shares were down slightly to $18.66, and the company recently posted EPS of $0.02, missing estimates, while analysts currently hold a Moderate Buy consensus with an average price target of $32.47.

Swedbank AB purchased a new position in QXO, Inc. (NYSE:QXO - Free Report) in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 501,000 shares of the company's stock, valued at approximately $9,664,000. Swedbank AB owned approximately 0.07% of QXO as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds also recently modified their holdings of the company. Intact Investment Management Inc. bought a new position in shares of QXO in the third quarter worth $982,000. Campbell & CO Investment Adviser LLC bought a new position in shares of QXO in the third quarter worth $1,006,000. Fishman Jay A Ltd. MI bought a new position in shares of QXO in the third quarter worth $10,444,000. Fred Alger Management LLC bought a new position in shares of QXO in the third quarter worth $173,053,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank grew its stake in shares of QXO by 748.7% in the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 877,538 shares of the company's stock worth $16,928,000 after purchasing an additional 774,138 shares in the last quarter. Institutional investors own 58.68% of the company's stock.

QXO Trading Down 0.6%

Shares of QXO stock opened at $18.66 on Friday. The stock has a 50-day simple moving average of $21.03 and a 200 day simple moving average of $21.17. QXO, Inc. has a fifty-two week low of $13.72 and a fifty-two week high of $27.61. The stock has a market capitalization of $13.53 billion, a P/E ratio of -31.62, a P/E/G ratio of 2.64 and a beta of 2.40. The company has a quick ratio of 2.61, a current ratio of 3.58 and a debt-to-equity ratio of 0.37.

QXO (NYSE:QXO - Get Free Report) last announced its earnings results on Friday, February 27th. The company reported $0.02 earnings per share for the quarter, missing the consensus estimate of $0.03 by ($0.01). QXO had a negative net margin of 4.08% and a positive return on equity of 3.45%. The firm's revenue for the quarter was up 14725.0% compared to the same quarter last year. On average, sell-side analysts expect that QXO, Inc. will post 0.36 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several research analysts have recently issued reports on QXO shares. BNP Paribas Exane initiated coverage on QXO in a research note on Monday, March 16th. They issued an "outperform" rating and a $30.00 price target for the company. Wall Street Zen cut QXO from a "sell" rating to a "strong sell" rating in a research note on Saturday. Benchmark reaffirmed a "buy" rating on shares of QXO in a research note on Friday, February 20th. Oppenheimer raised their target price on QXO from $30.00 to $32.00 and gave the company an "outperform" rating in a research note on Monday, April 27th. Finally, KeyCorp raised their target price on QXO from $30.00 to $32.00 and gave the company an "overweight" rating in a research note on Monday, April 20th. One research 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 assigned a Sell rating to the stock. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average price target of $32.47.

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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