Sound Shore Management Inc. CT Has $76.32 Million Stake in QXO, Inc. $QXO

Sound Shore Management Inc. CT decreased its holdings in shares of QXO, Inc. (NYSE:QXO) by 1.8% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 3,929,810 shares of the company’s stock after selling 72,218 shares during the period. QXO accounts for about 2.6% of Sound Shore Management Inc. CT’s portfolio, making the stock its 18th biggest position. Sound Shore Management Inc. CT owned 0.54% of QXO worth $76,317,000 at the end of the most recent quarter.

Other hedge funds have also recently added to or reduced their stakes in the company. Royal Bank of Canada increased its holdings in QXO by 67.5% during the 1st quarter. Royal Bank of Canada now owns 119,688 shares of the company’s stock worth $1,620,000 after purchasing an additional 48,248 shares in the last quarter. AQR Capital Management LLC bought a new stake in shares of QXO in the first quarter valued at approximately $615,000. Millennium Management LLC boosted its holdings in QXO by 6.6% in the 1st quarter. Millennium Management LLC now owns 322,115 shares of the company’s stock worth $4,361,000 after buying an additional 20,067 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its stake in QXO by 13.3% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 697,889 shares of the company’s stock valued at $9,449,000 after buying an additional 81,758 shares in the last quarter. Finally, American Century Companies Inc. purchased a new position in QXO in the 2nd quarter valued at approximately $837,000. Institutional investors and hedge funds own 58.68% of the company’s stock.

Analyst Ratings Changes

Several equities analysts have recently weighed in on QXO shares. Robert W. Baird reduced their price target on QXO from $35.00 to $30.00 and set an “outperform” rating for the company in a research report on Wednesday, May 13th. Zacks Research downgraded shares of QXO from a “hold” rating to a “strong sell” rating in a report on Thursday, July 9th. Weiss Ratings reaffirmed a “sell (d)” rating on shares of QXO in a research note on Friday, May 29th. Royal Bank Of Canada restated an “outperform” rating and set a $27.00 price target on shares of QXO in a research report on Friday, July 10th. Finally, KeyCorp lowered their price objective on QXO from $32.00 to $28.00 and set an “overweight” rating on the stock in a research report on Wednesday, July 1st. Fifteen investment analysts have rated the stock with a Buy rating and two have given a Sell rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $30.57.

QXO Stock Up 0.2%

Shares of NYSE:QXO opened at $14.43 on Monday. The firm has a market capitalization of $10.46 billion, a PE ratio of -15.85, a price-to-earnings-growth ratio of 3.69 and a beta of 2.23. The company has a debt-to-equity ratio of 0.35, a quick ratio of 2.47 and a current ratio of 3.33. QXO, Inc. has a 52-week low of $13.82 and a 52-week high of $27.61. The firm has a fifty day moving average of $16.45 and a 200 day moving average of $20.23.

QXO (NYSE:QXO) last issued its quarterly earnings results on Tuesday, May 12th. The company reported ($0.12) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.09) by ($0.03). The firm had revenue of $1.73 billion for the quarter, compared to the consensus estimate of $1.73 billion. QXO had a positive return on equity of 1.91% and a negative net margin of 6.02%.The firm’s quarterly revenue was up 12716.3% compared to the same quarter last year. As a group, research analysts anticipate 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.