Norges Bank Makes New $140.42 Million Investment in QXO, Inc. $QXO

Norges Bank purchased a new position in shares of QXO, Inc. (NYSE:QXO) during the fourth quarter, Holdings Channel.com reports. The fund purchased 7,279,467 shares of the company’s stock, valued at approximately $140,421,000.

Several other hedge funds have also recently modified their holdings of QXO. Eurizon Capital SGR S.p.A. purchased a new position in shares of QXO in the 4th quarter valued at approximately $297,000. Northwestern Mutual Wealth Management Co. grew its position in QXO by 11,448.1% during the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 3,118 shares of the company’s stock worth $60,000 after purchasing an additional 3,091 shares during the last quarter. Huntington National Bank increased its stake in QXO by 69.2% during the 4th quarter. Huntington National Bank now owns 11,000 shares of the company’s stock valued at $212,000 after purchasing an additional 4,500 shares in the last quarter. Geode Capital Management LLC increased its stake in QXO by 0.7% during the 4th quarter. Geode Capital Management LLC now owns 8,777,960 shares of the company’s stock valued at $169,359,000 after purchasing an additional 61,120 shares in the last quarter. Finally, Penn Capital Management Company LLC raised its holdings in shares of QXO by 10.7% in the fourth quarter. Penn Capital Management Company LLC now owns 35,321 shares of the company’s stock worth $695,000 after buying an additional 3,406 shares during the last quarter. Institutional investors and hedge funds own 58.68% of the company’s stock.

Analysts Set New Price Targets

Several research firms have recently commented on QXO. Zacks Research downgraded shares of QXO from a “hold” rating to a “strong sell” rating in a research note on Tuesday, May 12th. Citigroup cut their target price on QXO from $30.00 to $28.00 and set a “buy” rating on the stock in a research report on Friday, May 15th. Oppenheimer raised their target price on QXO from $30.00 to $32.00 and gave the stock an “outperform” rating in a research note on Monday, April 27th. Benchmark reaffirmed a “buy” rating on shares of QXO in a research report on Friday, February 20th. Finally, Royal Bank Of Canada dropped their price target on QXO from $30.00 to $28.00 and set an “outperform” rating on the stock in a research note on Monday, April 6th. Sixteen investment analysts have rated the stock with a Buy rating and two have given a Sell rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $32.00.

QXO Stock Down 1.7%

Shares of QXO stock opened at $16.17 on Friday. QXO, Inc. has a twelve month low of $15.50 and a twelve month high of $27.61. The stock has a market cap of $11.73 billion, a P/E ratio of -17.76, a P/E/G ratio of 4.22 and a beta of 2.30. The stock has a 50 day moving average of $19.25 and a 200 day moving average of $21.04. 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) EPS for the quarter, missing the consensus estimate of ($0.09) by ($0.03). The company had revenue of $1.73 billion during the quarter, compared to analysts’ expectations of $1.73 billion. QXO had a positive return on equity of 1.91% and a negative net margin of 6.02%.The business’s revenue was up 12716.3% on a year-over-year basis. As a group, sell-side analysts expect that QXO, Inc. will post 0.2 EPS for the current year.

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.