Principal Financial Group Inc. Has $2.86 Million Stock Position in QXO, Inc. $QXO

Principal Financial Group Inc. boosted its stake in QXO, Inc. (NYSE:QXO) by 779.2% during the 1st quarter, HoldingsChannel.com reports. The fund owned 147,163 shares of the company’s stock after acquiring an additional 130,424 shares during the period. Principal Financial Group Inc.’s holdings in QXO were worth $2,858,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Chicago Partners Investment Group LLC raised its holdings in QXO by 55.0% during the 1st quarter. Chicago Partners Investment Group LLC now owns 27,190 shares of the company’s stock worth $570,000 after purchasing an additional 9,646 shares during the last quarter. Teachers Retirement System of The State of Kentucky bought a new stake in shares of QXO in the 1st quarter valued at $2,792,000. Diversify Wealth Management LLC increased its position in shares of QXO by 66.0% during the first quarter. Diversify Wealth Management LLC now owns 25,909 shares of the company’s stock worth $508,000 after buying an additional 10,302 shares during the period. Carnegie Investment Counsel increased its position in shares of QXO by 38.6% during the first quarter. Carnegie Investment Counsel now owns 309,644 shares of the company’s stock worth $6,013,000 after buying an additional 86,265 shares during the period. Finally, Washburn Capital Management Inc. bought a new position in QXO during the first quarter worth $640,000. Institutional investors and hedge funds own 58.68% of the company’s stock.

QXO Trading Down 6.0%

QXO opened at $13.39 on Thursday. The company has a fifty day moving average price of $15.93 and a two-hundred day moving average price of $19.78. QXO, Inc. has a 1-year low of $13.20 and a 1-year high of $27.61. The company has a market cap of $9.71 billion, a P/E ratio of -14.72, a price-to-earnings-growth ratio of 2.54 and a beta of 2.23. The company has a current ratio of 3.33, a quick ratio of 2.47 and a debt-to-equity ratio of 0.35.

QXO (NYSE:QXO) last released its quarterly earnings data on Tuesday, May 12th. The company reported ($0.12) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.09) by ($0.03). The company had revenue of $1.73 billion for the quarter, compared to the consensus estimate of $1.73 billion. QXO had a positive return on equity of 1.91% and a negative net margin of 6.02%.QXO’s revenue was up 12716.3% on a year-over-year basis. Analysts predict that QXO, Inc. will post 0.28 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on QXO. Zacks Research raised shares of QXO from a “strong sell” rating to a “hold” rating in a research report on Monday. Robert W. Baird lowered their price objective on QXO from $35.00 to $30.00 and set an “outperform” rating for the company in a research report on Wednesday, May 13th. Citigroup dropped their price objective on QXO from $28.00 to $25.00 and set a “buy” rating on the stock in a research note on Monday, July 13th. Wall Street Zen upgraded QXO from a “strong sell” rating to a “sell” rating in a research report on Saturday, July 25th. Finally, Stephens decreased their target price on QXO from $29.00 to $26.00 and set an “overweight” rating for the company in a research note on Thursday, May 14th. Fifteen analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $29.71.

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.