Schwartz Investment Counsel Inc. Acquires New Holdings in QXO, Inc. $QXO

Schwartz Investment Counsel Inc. bought a new stake in QXO, Inc. (NYSE:QXO) during the third quarter, HoldingsChannel reports. The institutional investor bought 900,000 shares of the company’s stock, valued at approximately $10,521,000.

A number of other large investors have also recently bought and sold shares of the stock. Oppenheimer & Co. Inc. increased its position in QXO by 124.2% during the third quarter. Oppenheimer & Co. Inc. now owns 1,177,113 shares of the company’s stock worth $13,760,000 after buying an additional 652,185 shares in the last quarter. Center for Financial Planning Inc. purchased a new stake in shares of QXO in the third quarter valued at $26,000. Park Avenue Securities LLC purchased a new stake in shares of QXO in the third quarter valued at $184,000. Verdence Capital Advisors LLC lifted its position in shares of QXO by 50.7% in the third quarter. Verdence Capital Advisors LLC now owns 34,218 shares of the company’s stock valued at $400,000 after acquiring an additional 11,508 shares in the last quarter. Finally, Flagship Harbor Advisors LLC lifted its position in shares of QXO by 14.4% in the third quarter. Flagship Harbor Advisors LLC now owns 54,591 shares of the company’s stock valued at $638,000 after acquiring an additional 6,868 shares in the last quarter. Institutional investors and hedge funds own 58.68% of the company’s stock.

QXO Stock Performance

Shares of QXO opened at $10.62 on Wednesday. The stock has a fifty day moving average of $12.09 and a two-hundred day moving average of $17.55. The company has a market capitalization of $11.02 billion, a PE ratio of -11.81 and a beta of 2.30. QXO, Inc. has a fifty-two week low of $10.03 and a fifty-two week high of $27.61.

QXO (NYSE:QXO) last issued its quarterly earnings results on Thursday, August 13th. The company reported $0.08 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.08. The business had revenue of $3.25 billion for the quarter, compared to analysts’ expectations of $3.18 billion. As a group, equities research analysts forecast that QXO, Inc. will post 0.24 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of analysts recently commented on QXO shares. Melius Research assumed coverage on QXO in a research note on Tuesday, October 6th. They set a “buy” rating and a $17.00 price objective on the stock. Wells Fargo & Company cut their target price on shares of QXO from $16.00 to $15.00 and set an “overweight” rating for the company in a research note on Friday, October 16th. Truist Financial reduced their target price on shares of QXO from $26.00 to $15.00 and set a “buy” rating on the stock in a report on Thursday, October 8th. Morgan Stanley assumed coverage on shares of QXO in a report on Tuesday, August 4th. They issued an “overweight” rating and a $35.00 target price on the stock. Finally, Wall Street Zen raised shares of QXO from a “strong sell” rating to a “sell” rating in a research note on Saturday, July 25th. One analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $24.77.

QXO Profile

QXO, Inc is a building products distribution company serving professional contractors and other customers in the construction industry. Its product offerings include roofing materials, siding, windows, doors, insulation and related exterior building products.

The company operates through a network of distribution locations in the United States and Canada, providing materials, delivery services and product support to contractors and other building-industry customers. QXO’s strategy is focused on expanding its presence in the building products distribution market through organic growth and acquisitions.

QXO was formerly known as SilverSun Technologies, Inc and adopted the QXO name as part of a strategic transformation led by investor Brad Jacobs.