Truist Financial Corp Increases Position in QXO, Inc. $QXO

Truist Financial Corp increased its holdings in QXO, Inc. (NYSE:QXO) by 31.6% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 200,317 shares of the company’s stock after purchasing an additional 48,124 shares during the quarter. Truist Financial Corp’s holdings in QXO were worth $3,864,000 at the end of the most recent reporting period.

Other hedge funds also recently bought and sold shares of the company. Intact Investment Management Inc. acquired a new stake in QXO in the 3rd quarter valued at $982,000. Campbell & CO Investment Adviser LLC purchased a new stake in QXO in the 3rd quarter worth $1,006,000. Fishman Jay A Ltd. MI acquired a new position in QXO during the third quarter worth $10,444,000. Fred Alger Management LLC purchased a new position in QXO during the third quarter valued at $173,053,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank lifted its holdings in QXO by 748.7% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 877,538 shares of the company’s stock valued at $16,928,000 after purchasing an additional 774,138 shares in the last quarter. Hedge funds and other institutional investors own 58.68% of the company’s stock.

QXO Price Performance

QXO stock opened at $18.41 on Tuesday. The company has a fifty day simple moving average of $20.81 and a 200-day simple moving average of $21.16. The firm has a market capitalization of $13.34 billion, a price-to-earnings ratio of -31.19, a PEG ratio of 2.64 and a beta of 2.40. The company has a quick ratio of 2.61, a current ratio of 3.58 and a debt-to-equity ratio of 0.37. QXO, Inc. has a 52-week low of $13.86 and a 52-week high of $27.61.

QXO (NYSE:QXO) last posted its quarterly earnings results on Friday, February 27th. The company reported $0.02 earnings per share for the quarter, missing the consensus estimate of $0.03 by ($0.01). QXO had a positive return on equity of 3.45% and a negative net margin of 4.08%.The company’s revenue was up 14725.0% on a year-over-year basis. On average, equities analysts anticipate that QXO, Inc. will post 0.36 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on QXO. Citigroup cut their target price on shares of QXO from $31.00 to $30.00 and set a “buy” rating for the company in a research note on Thursday, May 7th. Wall Street Zen lowered shares of QXO from a “sell” rating to a “strong sell” rating in a research note on Saturday. KeyCorp lifted their price objective on QXO from $30.00 to $32.00 and gave the stock an “overweight” rating in a report on Monday, April 20th. BNP Paribas Exane began coverage on QXO in a report on Monday, March 16th. They set an “outperform” rating and a $30.00 target price for the company. Finally, Benchmark restated a “buy” rating on shares of QXO in a research report on Friday, February 20th. One equities research analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $32.47.

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.