QXO (NYSE:QXO) Now Covered by Melius Research

Melius Research assumed coverage on shares of QXO (NYSE:QXO) in a report released on Tuesday morning, MarketBeat.com reports. The firm issued a buy rating and a $17.00 price objective on the stock.

Other research analysts have also issued reports about the company. Morgan Stanley began coverage on QXO in a report on Tuesday, August 4th. They set an “overweight” rating and a $35.00 price target on the stock. Royal Bank Of Canada reaffirmed an “outperform” rating and issued a $27.00 price objective on shares of QXO in a report on Friday, July 10th. Zacks Research upgraded shares of QXO from a “strong sell” rating to a “hold” rating in a research report on Monday, July 27th. Weiss Ratings reissued a “sell (d)” rating on shares of QXO in a research note on Wednesday, August 26th. Finally, Wells Fargo & Company set a $18.00 target price on shares of QXO in a research note on Tuesday, July 28th. Two investment analysts have rated the stock with a Strong Buy rating, fourteen have issued a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $27.21.

QXO Stock Performance

Shares of QXO stock opened at $12.11 on Tuesday. QXO has a 12-month low of $11.14 and a 12-month high of $27.61. The company has a debt-to-equity ratio of 0.66, a current ratio of 4.11 and a quick ratio of 3.29. The firm has a market capitalization of $12.56 billion, a price-to-earnings ratio of -13.45, a price-to-earnings-growth ratio of 2.16 and a beta of 2.30. The business has a 50 day simple moving average of $13.27 and a 200 day simple moving average of $16.22.

QXO (NYSE:QXO) last announced its earnings results on Thursday, August 13th. The company reported $0.08 earnings per share for the quarter, meeting the consensus estimate of $0.08. QXO had a positive return on equity of 2.41% and a negative net margin of 5.17%.The firm had revenue of $3.25 billion for the quarter, compared to the consensus estimate of $3.18 billion. On average, equities research analysts anticipate that QXO will post 0.28 EPS for the current year.

Institutional Trading of QXO

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Moody National Bank Trust Division lifted its stake in QXO by 63.4% during the third quarter. Moody National Bank Trust Division now owns 255,450 shares of the company’s stock valued at $2,986,000 after purchasing an additional 99,100 shares during the last quarter. Neville Rodie & Shaw Inc. bought a new stake in QXO during the third quarter worth approximately $5,498,000. CX Institutional acquired a new position in QXO in the third quarter worth approximately $215,000. Versant Capital Management Inc grew its position in QXO by 718.7% in the third quarter. Versant Capital Management Inc now owns 3,635 shares of the company’s stock worth $42,000 after buying an additional 3,191 shares during the last quarter. Finally, Doliver Advisors LP increased its holdings in shares of QXO by 15.8% in the third quarter. Doliver Advisors LP now owns 58,364 shares of the company’s stock valued at $682,000 after buying an additional 7,961 shares in the last quarter. 58.68% of the stock is currently owned by institutional investors.

About QXO

QXO, Inc is a building products distribution company focused on supplying contractors and other construction professionals. Its product portfolio includes roofing materials, siding, windows, waterproofing products and related exterior building supplies. The company serves residential and commercial construction and repair markets through branch locations, distribution centers and digital ordering channels.

QXO operates through Beacon, a major distributor of roofing and complementary building products in the United States and Canada.