Northwestern Mutual Wealth Management Co. Increases Stock Position in QXO, Inc. $QXO

Northwestern Mutual Wealth Management Co. lifted its holdings in shares of QXO, Inc. (NYSE:QXO) by 4,668,933.3% during the fourth quarter, HoldingsChannel.com reports. The fund owned 1,260,639 shares of the company’s stock after purchasing an additional 1,260,612 shares during the quarter. Northwestern Mutual Wealth Management Co.’s holdings in QXO were worth $24,318,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also modified their holdings of QXO. LRI Investments LLC grew its position in shares of 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. grew its position in shares of 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. purchased a new position in shares of QXO during the second quarter worth approximately $30,000. WPG Advisers LLC purchased a new position in shares of QXO during the third quarter worth approximately $35,000. Finally, Allworth Financial LP grew its position in shares of 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 currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on QXO. Robert W. Baird lowered their target price on shares of QXO from $35.00 to $30.00 and set an “outperform” rating on the stock in a research report on Wednesday, May 13th. Royal Bank Of Canada lowered 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. KeyCorp lifted their price objective on shares of QXO from $30.00 to $32.00 and gave the company an “overweight” rating in a research report on Monday, April 20th. Benchmark reiterated a “buy” rating on shares of QXO in a research report on Friday, February 20th. Finally, Citigroup lowered their price objective on shares of QXO from $30.00 to $28.00 and set a “buy” rating on the stock in a research report on Friday, May 15th. Sixteen research analysts have rated the stock with a Buy rating and two have given a Sell rating to the company. According to MarketBeat, QXO currently has a consensus rating of “Moderate Buy” and a consensus target price of $32.00.

QXO Stock Performance

NYSE:QXO opened at $15.91 on Wednesday. The firm’s fifty day moving average price is $20.10 and its 200 day moving average price is $21.10. QXO, Inc. has a 1-year low of $15.50 and a 1-year high of $27.61. The company has a debt-to-equity ratio of 0.35, a current ratio of 3.33 and a quick ratio of 2.47. The firm has a market cap of $11.54 billion, a price-to-earnings ratio of -17.48, a price-to-earnings-growth ratio of 4.28 and a beta of 2.40.

QXO (NYSE:QXO) last posted its quarterly earnings data on Tuesday, May 12th. The company reported ($0.12) earnings per share 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 firm had revenue of $1.73 billion during the quarter, compared to analysts’ expectations of $1.73 billion. The company’s revenue for the quarter was up 12716.3% on a year-over-year basis. On average, sell-side analysts expect 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.