WCM Investment Management LLC Purchases Shares of 108,491 QXO, Inc. $QXO

Key Points

• WCM Investment Management opened a new position in QXO during the first quarter, buying 108,491 shares valued at about $1.98 million.
• Institutional interest in QXO remains high, with 58.68% of the stock owned by hedge funds and other institutions after several firms adjusted their holdings.
• Analysts are mixed but still broadly positive: QXO has a Moderate Buy consensus with an average target price of $30.57, though several firms have recently trimmed their price targets.

WCM Investment Management LLC acquired a new position in shares of QXO, Inc. (NYSE:QXO - Free Report) in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm acquired 108,491 shares of the company's stock, valued at approximately $1,976,000.

Other institutional investors have also made changes to their positions in the company. Sunbelt Securities Inc. increased its stake in QXO by 6.8% in the fourth quarter. Sunbelt Securities Inc. now owns 6,300 shares of the company's stock valued at $122,000 after acquiring an additional 400 shares during the period. Cherry Creek Investment Advisors Inc. lifted its stake in QXO by 0.6% during the fourth quarter. Cherry Creek Investment Advisors Inc. now owns 84,636 shares of the company's stock worth $1,633,000 after purchasing an additional 474 shares during the period. NewEdge Advisors LLC boosted its holdings in QXO by 42.4% during the fourth quarter. NewEdge Advisors LLC now owns 1,680 shares of the company's stock valued at $32,000 after purchasing an additional 500 shares in the last quarter. Maple Capital Management Inc. boosted its holdings in QXO by 4.7% during the fourth quarter. Maple Capital Management Inc. now owns 11,988 shares of the company's stock valued at $231,000 after purchasing an additional 543 shares in the last quarter. Finally, Allworth Financial LP grew its stake in shares of QXO by 27.2% in the 4th quarter. Allworth Financial LP now owns 2,580 shares of the company's stock valued at $50,000 after purchasing an additional 552 shares during the period. 58.68% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of equities analysts have recently issued reports on QXO shares. Oppenheimer increased their target price on QXO from $30.00 to $32.00 and gave the stock an "outperform" rating in a report on Monday, April 27th. Robert W. Baird decreased their price target on QXO from $35.00 to $30.00 and set an "outperform" rating on the stock in a research note on Wednesday, May 13th. Citigroup decreased their price target on QXO from $28.00 to $25.00 and set a "buy" rating on the stock in a research note on Monday, July 13th. Royal Bank Of Canada reiterated an "outperform" rating and set a $27.00 price objective on shares of QXO in a research note on Friday, July 10th. Finally, KeyCorp cut their price objective on QXO from $32.00 to $28.00 and set an "overweight" rating for the company in a report on Wednesday, July 1st. Fifteen research analysts have rated the stock with a Buy rating and two have issued a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $30.57.

QXO Price Performance

Shares of QXO stock opened at $13.52 on Tuesday. QXO, Inc. has a 1 year low of $13.48 and a 1 year high of $27.61. The company has a current ratio of 3.33, a quick ratio of 2.47 and a debt-to-equity ratio of 0.35. The firm's 50 day moving average is $16.36 and its 200-day moving average is $20.17. The firm has a market capitalization of $9.80 billion, a price-to-earnings ratio of -14.85, a PEG ratio of 3.69 and a beta of 2.23.

QXO (NYSE:QXO - Get Free Report) last issued its quarterly earnings results on Tuesday, May 12th. The company reported ($0.12) earnings per share for the quarter, missing analysts' consensus estimates 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 company had revenue of $1.73 billion during the quarter, compared to analyst estimates of $1.73 billion. QXO's quarterly revenue was up 12716.3% compared to the same quarter last year. Sell-side analysts forecast that QXO, Inc. will post 0.2 EPS for the current fiscal year.

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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