Triasima Portfolio Management inc. Acquires New Stake in QXO, Inc. $QXO

Triasima Portfolio Management inc. bought a new position in shares of QXO, Inc. (NYSE:QXO) in the third quarter, according to the company in its most recent filing with the SEC. The institutional investor bought 23,056 shares of the company’s stock, valued at approximately $439,000.

Several other hedge funds and other institutional investors have also recently modified their holdings of QXO. Vanguard Group Inc. grew its holdings in shares of QXO by 91.0% during the second quarter. Vanguard Group Inc. now owns 47,192,412 shares of the company’s stock worth $1,016,525,000 after buying an additional 22,484,977 shares in the last quarter. Affinity Partners GP LP boosted its position in QXO by 99.1% during the 2nd quarter. Affinity Partners GP LP now owns 32,671,542 shares of the company’s stock worth $703,745,000 after acquiring an additional 16,260,163 shares during the last quarter. Alpha Wave Global LP bought a new position in shares of QXO during the 2nd quarter worth approximately $525,366,000. Schf GPE LLC raised its holdings in shares of QXO by 204.3% in the second quarter. Schf GPE LLC now owns 13,319,457 shares of the company’s stock valued at $286,901,000 after purchasing an additional 8,943,089 shares during the last quarter. Finally, Hood River Capital Management LLC acquired a new stake in shares of QXO in the second quarter valued at approximately $178,836,000. Institutional investors and hedge funds own 58.68% of the company’s stock.

QXO Stock Performance

Shares of QXO stock opened at $23.49 on Wednesday. QXO, Inc. has a 52 week low of $11.85 and a 52 week high of $26.24. The company has a market capitalization of $15.85 billion, a price-to-earnings ratio of -53.40, a PEG ratio of 2.83 and a beta of 2.44. The company has a 50-day simple moving average of $20.82 and a 200 day simple moving average of $20.27. The company has a debt-to-equity ratio of 0.37, a quick ratio of 2.24 and a current ratio of 3.06.

QXO (NYSE:QXO) last issued its quarterly earnings data on Thursday, November 6th. The company reported $0.14 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.12 by $0.02. QXO had a negative net margin of 3.81% and a positive return on equity of 3.70%. The firm had revenue of $2.73 billion during the quarter, compared to the consensus estimate of $2.78 billion. QXO’s revenue for the quarter was up 20726.7% compared to the same quarter last year. On average, sell-side analysts predict that QXO, Inc. will post -0.13 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on QXO. Benchmark restated a “buy” rating on shares of QXO in a report on Friday. Citigroup cut their price objective on QXO from $33.00 to $31.00 and set a “buy” rating for the company in a report on Thursday, January 8th. Royal Bank Of Canada set a $30.00 target price on shares of QXO in a report on Friday, January 9th. Oppenheimer raised their target price on shares of QXO from $27.00 to $30.00 and gave the company an “outperform” rating in a research note on Friday. Finally, Loop Capital started coverage on QXO in a research report on Thursday, December 11th. They set a “buy” rating and a $31.00 price target on the stock. One research analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $32.43.

About QXO

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.