Bessemer Group Inc. Has $31.50 Million Stake in QXO, Inc. $QXO

Bessemer Group Inc. increased its stake in shares of QXO, Inc. (NYSE:QXO) by 2.2% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,622,347 shares of the company’s stock after purchasing an additional 34,804 shares during the quarter. Bessemer Group Inc.’s holdings in QXO were worth $31,505,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of QXO. Fred Alger Management LLC lifted its holdings in QXO by 75.4% during the 4th quarter. Fred Alger Management LLC now owns 15,923,937 shares of the company’s stock worth $307,173,000 after buying an additional 6,844,574 shares in the last quarter. Baillie Gifford & Co. raised its position in shares of QXO by 16,117.6% during the fourth quarter. Baillie Gifford & Co. now owns 14,735,164 shares of the company’s stock worth $284,241,000 after acquiring an additional 14,644,305 shares during the last quarter. Schf GPE LLC raised its position in shares of QXO by 204.3% during the second quarter. Schf GPE LLC now owns 13,319,457 shares of the company’s stock worth $286,901,000 after acquiring an additional 8,943,089 shares during the last quarter. Cercano Management LLC lifted its stake in shares of QXO by 2.4% during the fourth quarter. Cercano Management LLC now owns 10,815,832 shares of the company’s stock valued at $208,637,000 after acquiring an additional 255,366 shares during the period. Finally, Consulta Ltd boosted its holdings in QXO by 33.3% in the fourth quarter. Consulta Ltd now owns 10,000,000 shares of the company’s stock valued at $192,900,000 after acquiring an additional 2,500,000 shares during the last quarter. Institutional investors and hedge funds own 58.68% of the company’s stock.

QXO Stock Performance

Shares of NYSE:QXO opened at $14.43 on Friday. The firm’s 50 day simple moving average is $16.45 and its 200 day simple moving average is $20.23. QXO, Inc. has a fifty-two week low of $13.82 and a fifty-two week high of $27.61. The company has a market capitalization of $10.46 billion, a price-to-earnings ratio of -15.85, a P/E/G ratio of 3.69 and a beta of 2.23. The company has a debt-to-equity ratio of 0.35, a current ratio of 3.33 and a quick ratio of 2.47.

QXO (NYSE:QXO) last issued its quarterly earnings data on Tuesday, May 12th. The company reported ($0.12) earnings per share (EPS) 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 firm had revenue of $1.73 billion for the quarter, compared to analyst estimates of $1.73 billion. The business’s quarterly revenue was up 12716.3% compared to the same quarter last year. As a group, sell-side analysts forecast that QXO, Inc. will post 0.2 earnings per share for the current year.

Analysts Set New Price Targets

A number of analysts recently commented on the company. Zacks Research lowered QXO from a “hold” rating to a “strong sell” rating in a research report on Thursday, July 9th. Weiss Ratings reaffirmed a “sell (d)” rating on shares of QXO in a research note on Friday, May 29th. Stephens lowered their price target on shares of QXO from $29.00 to $26.00 and set an “overweight” rating for the company in a research report on Thursday, May 14th. Royal Bank Of Canada reissued an “outperform” rating and set a $27.00 price target on shares of QXO in a research note on Friday, July 10th. Finally, Robert W. Baird reduced their price objective on shares of QXO from $35.00 to $30.00 and set an “outperform” rating on the stock in a research note on Wednesday, May 13th. Fifteen investment analysts have rated the stock with a Buy rating and two have issued a Sell rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $30.57.

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.