Skylands Capital LLC Acquires New Shares in QXO, Inc. $QXO

Skylands Capital LLC acquired a new stake in QXO, Inc. (NYSE:QXO) in the third quarter, HoldingsChannel reports. The firm acquired 114,875 shares of the company’s stock, valued at approximately $1,343,000.

A number of other large investors have also added to or reduced their stakes in QXO. Finepoint Capital LP boosted its position in QXO by 30.7% during the 2nd quarter. Finepoint Capital LP now owns 18,113,850 shares of the company’s stock worth $313,007,000 after buying an additional 4,255,435 shares during the period. Spyglass Capital Management LLC acquired a new position in QXO in the 2nd quarter valued at approximately $62,961,000. Bank of New York Mellon Corp acquired a new position in QXO in the 2nd quarter valued at approximately $44,919,000. Vontobel Holding Ltd. bought a new position in shares of QXO during the third quarter valued at $25,720,000. Finally, Fort Washington Investment Advisors Inc. OH raised its stake in shares of QXO by 25.9% during the third quarter. Fort Washington Investment Advisors Inc. OH now owns 5,703,964 shares of the company’s stock valued at $66,679,000 after acquiring an additional 1,173,274 shares during the last quarter. Institutional investors own 58.68% of the company’s stock.

Wall Street Analysts Forecast Growth

QXO has been the topic of a number of recent research reports. Melius Research began coverage on shares of QXO in a report on Tuesday, October 6th. They set a “buy” rating and a $17.00 price target on the stock. Morgan Stanley started coverage on QXO in a report on Tuesday, August 4th. They issued an “overweight” rating and a $35.00 price objective for the company. Wall Street Zen raised QXO from a “strong sell” rating to a “sell” rating in a research report on Saturday, July 25th. Citigroup cut their target price on QXO from $28.00 to $25.00 and set a “buy” rating on the stock in a report on Monday, July 13th. Finally, Wells Fargo & Company cut their target price on QXO from $16.00 to $15.00 and set an “overweight” rating on the stock in a report on Friday, October 16th. One investment analyst has 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 stock. According to data from MarketBeat.com, QXO has an average rating of “Moderate Buy” and an average target price of $24.77.

QXO Stock Performance

NYSE:QXO opened at $10.30 on Thursday. The company has a market capitalization of $10.68 billion, a PE ratio of -11.44, a P/E/G ratio of 2.20 and a beta of 2.30. The company has a 50 day simple moving average of $12.37 and a two-hundred day simple moving average of $15.54. The company has a debt-to-equity ratio of 0.66, a quick ratio of 3.29 and a current ratio of 4.11. QXO, Inc. has a fifty-two week low of $10.03 and a fifty-two week high of $27.61.

QXO (NYSE:QXO) last released its quarterly earnings results on Thursday, August 13th. The company reported $0.08 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.08. The firm had revenue of $3.25 billion during the quarter, compared to analyst estimates of $3.18 billion. QXO had a negative net margin of 5.17% and a positive return on equity of 2.41%. Research analysts anticipate that QXO, Inc. will post 0.24 earnings per share for the current year.

QXO Company 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.