Vontobel Holding Ltd. Acquires New Holdings in QXO, Inc. $QXO

Key Points

• Vontobel Holding acquired 2.2 million QXO shares in the third quarter, worth approximately $25.7 million and representing a 0.21% stake. Other institutional investors also increased their positions, with institutions collectively owning 58.68% of QXO.
• QXO shares fell 2.9% to $10.86 and remain well below their 52-week high of $27.61. The company reported quarterly revenue of $3.25 billion and adjusted earnings of $0.08 per share, matching analyst expectations.
• Analysts maintain a generally positive outlook, with a consensus rating of “Moderate Buy” and an average price target of $25.14, despite recent target-price cuts from Wells Fargo and KeyCorp.

Vontobel Holding Ltd. acquired a new stake in shares of QXO, Inc. (NYSE:QXO - Free Report) during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 2,200,153 shares of the company's stock, valued at approximately $25,720,000. Vontobel Holding Ltd. owned 0.21% of QXO at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in QXO. TD Waterhouse Canada Inc. raised its holdings in QXO by 40.2% during the 3rd quarter. TD Waterhouse Canada Inc. now owns 131,796 shares of the company's stock valued at $1,589,000 after buying an additional 37,791 shares during the period. Chemistry Wealth Management LLC purchased a new position in QXO during the third quarter worth $146,000. Granite Islands Private Wealth LLC boosted its stake in QXO by 12.6% during the third quarter. Granite Islands Private Wealth LLC now owns 78,788 shares of the company's stock worth $917,000 after buying an additional 8,831 shares during the period. Michael J. Porro & Co. Financial Advisors Inc. increased its position in QXO by 18.3% during the third quarter. Michael J. Porro & Co. Financial Advisors Inc. now owns 64,460 shares of the company's stock valued at $754,000 after acquiring an additional 9,980 shares during the last quarter. Finally, Retirement Planning Co of New England Inc. increased its position in QXO by 9.5% during the third quarter. Retirement Planning Co of New England Inc. now owns 29,838 shares of the company's stock valued at $349,000 after acquiring an additional 2,600 shares during the last quarter. 58.68% of the stock is currently owned by hedge funds and other institutional investors.

QXO Trading Down 2.9%

QXO stock traded down $0.32 during mid-day trading on Friday, hitting $10.86. The company's stock had a trading volume of 20,706,680 shares, compared to its average volume of 24,547,196. The company has a 50 day moving average of $12.68 and a 200-day moving average of $15.75. The stock has a market cap of $11.27 billion, a PE ratio of -12.07, a P/E/G ratio of 2.27 and a beta of 2.30. The company has a debt-to-equity ratio of 0.66, a quick ratio of 3.29 and a current ratio of 4.11. QXO, Inc. has a one year low of $10.17 and a one year high of $27.61.

QXO (NYSE:QXO - Get Free Report) last released its earnings results on Thursday, August 13th. The company reported $0.08 earnings per share for the quarter, hitting the consensus estimate of $0.08. The business had revenue of $3.25 billion during the quarter, compared to the consensus estimate of $3.18 billion. QXO had a positive return on equity of 2.41% and a negative net margin of 5.17%. On average, research analysts anticipate that QXO, Inc. will post 0.25 EPS for the current year.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on the stock. Wells Fargo & Company reduced their target price on shares of QXO from $16.00 to $15.00 and set an "overweight" rating on the stock in a research note on Friday. DA Davidson set a $20.00 price target on shares of QXO in a research note on Friday, October 9th. KeyCorp cut their price target 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. Zacks Research upgraded shares of QXO from a "strong sell" rating to a "hold" rating in a report on Monday, July 27th. Finally, Melius Research initiated coverage on shares of QXO in a research report on Tuesday, October 6th. They issued a "buy" rating and a $17.00 price objective on the stock. One equities research analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating, one has given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, QXO currently has a consensus rating of "Moderate Buy" and a consensus price target of $25.14.

About QXO

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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