NFJ Investment Group LLC Invests $5.25 Million in QXO, Inc. $QXO

NFJ Investment Group LLC acquired a new position in shares of QXO, Inc. (NYSE:QXO) in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm acquired 272,029 shares of the company’s stock, valued at approximately $5,247,000.

A number of other hedge funds have also modified their holdings of QXO. Arax Advisory Partners purchased a new position in shares of QXO during the 4th quarter worth approximately $25,000. LRI Investments LLC boosted its position in QXO by 129.1% during the fourth quarter. LRI Investments LLC now owns 1,482 shares of the company’s stock worth $29,000 after acquiring an additional 835 shares during the last quarter. Newbridge Financial Services Group Inc. boosted its position in QXO by 57.5% during the fourth quarter. Newbridge Financial Services Group Inc. now owns 1,575 shares of the company’s stock worth $30,000 after acquiring an additional 575 shares during the last quarter. Russell Investments Group Ltd. acquired a new stake in QXO during the second quarter worth approximately $30,000. Finally, Allworth Financial LP boosted its position in QXO by 66.9% during the third quarter. Allworth Financial LP now owns 2,028 shares of the company’s stock worth $39,000 after acquiring an additional 813 shares during the last quarter. 58.68% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on QXO shares. Weiss Ratings restated a “sell (d)” rating on shares of QXO in a research report on Friday, May 29th. BNP Paribas Exane started coverage on shares of QXO in a research report on Monday, March 16th. They set an “outperform” rating and a $30.00 target price on the stock. Royal Bank Of Canada decreased their target price on shares of QXO from $30.00 to $28.00 and set an “outperform” rating on the stock in a research report on Monday, April 6th. Zacks Research upgraded shares of QXO from a “strong sell” rating to a “hold” rating in a report on Wednesday. Finally, Robert W. Baird decreased their price target on shares of QXO from $35.00 to $30.00 and set an “outperform” rating on the stock in a report on Wednesday, May 13th. Fifteen investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $31.14.

QXO Stock Performance

Shares of QXO stock opened at $16.60 on Friday. The company’s fifty day simple moving average is $18.85 and its 200-day simple moving average is $20.98. QXO, Inc. has a 52 week low of $14.75 and a 52 week 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 company has a market cap of $12.04 billion, a PE ratio of -18.25, a P/E/G ratio of 4.26 and a beta of 2.30.

QXO (NYSE:QXO) last issued its earnings results on Tuesday, May 12th. The company reported ($0.12) 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 business had revenue of $1.73 billion during the quarter, compared to analysts’ expectations of $1.73 billion. QXO’s revenue was up 12716.3% on a year-over-year basis. As a group, equities research analysts anticipate that QXO, Inc. will post 0.2 EPS for the current year.

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.