Bank of New York Mellon Corp Cuts Stake in QXO, Inc. $QXO

Bank of New York Mellon Corp trimmed its stake in shares of QXO, Inc. (NYSE:QXO) by 16.7% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,734,236 shares of the company’s stock after selling 346,434 shares during the quarter. Bank of New York Mellon Corp’s holdings in QXO were worth $33,679,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors have also bought and sold shares of the company. NFSG Corp lifted its position in QXO by 39.6% in the first quarter. NFSG Corp now owns 2,198 shares of the company’s stock valued at $43,000 after purchasing an additional 623 shares during the last quarter. Zweig DiMenna Associates LLC bought a new position in shares of QXO in the first quarter worth approximately $11,312,000. Sanctuary Advisors LLC grew its holdings in shares of QXO by 42.4% in the first quarter. Sanctuary Advisors LLC now owns 45,727 shares of the company’s stock worth $888,000 after purchasing an additional 13,611 shares during the last quarter. Sigma Planning Corp increased its stake in shares of QXO by 28.3% in the first quarter. Sigma Planning Corp now owns 46,772 shares of the company’s stock worth $908,000 after buying an additional 10,304 shares during the period. Finally, Cornerstone Advisory LLC increased its stake in shares of QXO by 17.2% in the first quarter. Cornerstone Advisory LLC now owns 41,502 shares of the company’s stock worth $806,000 after buying an additional 6,102 shares during the period. 58.68% of the stock is owned by hedge funds and other institutional investors.

QXO Trading Up 0.3%

QXO opened at $13.71 on Monday. 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 52 week low of $13.32 and a 52 week high of $27.61. The stock has a market cap of $9.94 billion, a PE ratio of -15.06, a PEG ratio of 3.51 and a beta of 2.23. The business has a 50 day moving average of $16.09 and a 200-day moving average of $19.99.

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

Wall Street Analyst Weigh In

QXO has been the subject of several analyst reports. Oppenheimer increased their price target on shares of QXO from $30.00 to $32.00 and gave the company an “outperform” rating in a research report on Monday, April 27th. Weiss Ratings restated a “sell (d)” rating on shares of QXO in a research report on Friday, May 29th. Citigroup lowered their price objective on shares of QXO from $28.00 to $25.00 and set a “buy” rating for the company in a research note on Monday, July 13th. KeyCorp lowered their price objective on shares of QXO from $32.00 to $28.00 and set an “overweight” rating for the company in a research note on Wednesday, July 1st. Finally, Zacks Research lowered shares of QXO from a “hold” rating to a “strong sell” rating in a report on Thursday, July 9th. Fifteen research analysts have rated the stock with a Buy rating and two have given a Sell rating to the company. Based on data from MarketBeat.com, QXO has an average rating of “Moderate Buy” and an average price target of $30.57.

QXO 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.