Cercano Management LLC Purchases 255,366 Shares of QXO, Inc. $QXO

Cercano Management LLC boosted its position in QXO, Inc. (NYSE:QXO) by 2.4% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 10,815,832 shares of the company’s stock after acquiring an additional 255,366 shares during the quarter. QXO accounts for about 8.0% of Cercano Management LLC’s holdings, making the stock its 4th biggest holding. Cercano Management LLC owned 1.60% of QXO worth $208,637,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Peapack Gladstone Financial Corp lifted its holdings in QXO by 4.0% in the 4th quarter. Peapack Gladstone Financial Corp now owns 91,400 shares of the company’s stock valued at $1,763,000 after purchasing an additional 3,550 shares in the last quarter. Norges Bank purchased a new position in QXO in the 4th quarter worth approximately $140,421,000. Eurizon Capital SGR S.p.A. purchased a new position in QXO in the 4th quarter worth approximately $297,000. Northwestern Mutual Wealth Management Co. boosted its holdings in QXO by 11,448.1% in the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 3,118 shares of the company’s stock worth $60,000 after acquiring an additional 3,091 shares during the period. Finally, Huntington National Bank boosted its stake in shares of QXO by 69.2% during the 4th quarter. Huntington National Bank now owns 11,000 shares of the company’s stock valued at $212,000 after buying an additional 4,500 shares during the last quarter. Institutional investors and hedge funds own 58.68% of the company’s stock.

QXO Trading Down 2.7%

NYSE:QXO opened at $16.78 on Tuesday. The company has a quick ratio of 2.47, a current ratio of 3.33 and a debt-to-equity ratio of 0.35. QXO, Inc. has a 1-year low of $15.50 and a 1-year high of $27.61. The firm has a market capitalization of $12.17 billion, a price-to-earnings ratio of -18.44, a price-to-earnings-growth ratio of 4.42 and a beta of 2.30. The stock has a fifty day simple moving average of $19.46 and a 200 day simple moving average of $21.08.

QXO (NYSE:QXO) last announced its quarterly earnings data on Tuesday, May 12th. The company reported ($0.12) EPS for the quarter, missing analysts’ consensus estimates of ($0.09) by ($0.03). The business had revenue of $1.73 billion for the quarter, compared to analyst estimates of $1.73 billion. QXO had a positive return on equity of 1.91% and a negative net margin of 6.02%.The business’s revenue was up 12716.3% on a year-over-year basis. Sell-side analysts forecast that QXO, Inc. will post 0.2 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on QXO shares. KeyCorp increased 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. Wall Street Zen upgraded QXO from a “strong sell” rating to a “sell” rating in a research note on Sunday, May 17th. Royal Bank Of Canada reduced their price objective on QXO from $30.00 to $28.00 and set an “outperform” rating on the stock in a research note on Monday, April 6th. Robert W. Baird reduced their price objective on QXO from $35.00 to $30.00 and set an “outperform” rating on the stock in a research note on Wednesday, May 13th. Finally, Stephens reduced their price objective on QXO from $29.00 to $26.00 and set an “overweight” rating on the stock in a research note on Thursday, May 14th. Sixteen equities research analysts have rated the stock with a Buy rating and two have assigned a Sell rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $32.00.

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.