Teachers Retirement System of The State of Kentucky Purchases Shares of 143,735 QXO, Inc. $QXO

Teachers Retirement System of The State of Kentucky purchased a new position in shares of QXO, Inc. (NYSE:QXO) during the first quarter, according to its most recent 13F filing with the SEC. The institutional investor purchased 143,735 shares of the company’s stock, valued at approximately $2,792,000.

Other hedge funds also recently modified their holdings of the company. Carnegie Investment Counsel raised its holdings in shares of QXO by 38.6% during the first quarter. Carnegie Investment Counsel now owns 309,644 shares of the company’s stock valued at $6,013,000 after purchasing an additional 86,265 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank increased its position in QXO by 748.7% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 877,538 shares of the company’s stock valued at $16,928,000 after buying an additional 774,138 shares in the last quarter. Baillie Gifford & Co. increased its position in QXO by 16,117.6% in the 4th quarter. Baillie Gifford & Co. now owns 14,735,164 shares of the company’s stock valued at $284,241,000 after buying an additional 14,644,305 shares in the last quarter. JNBA Financial Advisors acquired a new position in QXO during the 4th quarter worth approximately $992,000. Finally, Griffin Asset Management Inc. bought a new position in QXO in the first quarter worth approximately $2,057,000. Institutional investors own 58.68% of the company’s stock.

QXO Stock Up 3.9%

Shares of NYSE:QXO opened at $14.44 on Wednesday. The business’s 50 day moving average is $16.69 and its 200 day moving average is $20.36. QXO, Inc. has a 12-month low of $13.82 and a 12-month high of $27.61. The stock has a market cap of $10.47 billion, a price-to-earnings ratio of -15.86, a PEG ratio of 3.56 and a beta of 2.23. The company has a quick ratio of 2.47, a current ratio of 3.33 and a debt-to-equity ratio of 0.35.

QXO (NYSE:QXO) last released its quarterly earnings results on Tuesday, May 12th. The company reported ($0.12) EPS 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 company had revenue of $1.73 billion during the quarter, compared to analysts’ expectations of $1.73 billion. QXO’s quarterly revenue was up 12716.3% on a year-over-year basis. On average, sell-side analysts forecast that QXO, Inc. will post 0.2 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on the company. Zacks Research downgraded QXO from a “hold” rating to a “strong sell” rating in a report on Thursday, July 9th. Royal Bank Of Canada reiterated an “outperform” rating and issued a $27.00 target price on shares of QXO in a report on Friday, July 10th. Robert W. Baird reduced their price target on shares of QXO from $35.00 to $30.00 and set an “outperform” rating for the company in a research report on Wednesday, May 13th. Citigroup decreased their price target on shares of QXO from $28.00 to $25.00 and set a “buy” rating for the company in a research note on Monday. Finally, Weiss Ratings reaffirmed a “sell (d)” rating on shares of QXO in a research note on Friday, May 29th. Fifteen investment analysts have rated the stock with a Buy rating and two have assigned a Sell rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $30.57.

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.