900,000 Shares in QXO, Inc. $QXO Bought by Schwartz Investment Counsel Inc.

Schwartz Investment Counsel Inc. bought a new position in shares of QXO, Inc. (NYSE:QXO) during the 3rd quarter, according to the company in its most recent filing with the SEC. The fund bought 900,000 shares of the company’s stock, valued at approximately $10,521,000. Schwartz Investment Counsel Inc. owned 0.09% of QXO at the end of the most recent quarter.

A number of other large investors have also modified their holdings of QXO. Finepoint Capital LP boosted its stake in shares of QXO by 30.7% in the second quarter. Finepoint Capital LP now owns 18,113,850 shares of the company’s stock valued at $313,007,000 after buying an additional 4,255,435 shares in the last quarter. Fort Washington Investment Advisors Inc. OH raised its position in QXO by 25.9% in the third quarter. Fort Washington Investment Advisors Inc. OH now owns 5,703,964 shares of the company’s stock worth $66,679,000 after acquiring an additional 1,173,274 shares in the last quarter. Spyglass Capital Management LLC purchased a new position in QXO in the second quarter worth $62,961,000. Bank of New York Mellon Corp purchased a new position in QXO in the second quarter worth $44,919,000. Finally, CI Investments Inc. lifted its holdings in QXO by 4.1% in the first quarter. CI Investments Inc. now owns 2,598,840 shares of the company’s stock valued at $50,469,000 after acquiring an additional 102,838 shares during the period. 58.68% of the stock is owned by hedge funds and other institutional investors.

QXO Stock Performance

Shares of QXO stock opened at $10.62 on Wednesday. The stock has a fifty day moving average price of $12.09 and a 200 day moving average price of $17.55. The stock has a market cap of $11.02 billion, a PE ratio of -11.81 and a beta of 2.30. QXO, Inc. has a 1 year low of $10.03 and a 1 year high of $27.61.

QXO (NYSE:QXO) last posted its earnings results on Thursday, August 13th. The company reported $0.08 earnings per share for the quarter, meeting 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. As a group, equities research analysts predict that QXO, Inc. will post 0.24 earnings per share for the current year.

Wall Street Analyst Weigh In

Several brokerages have commented on QXO. Wells Fargo & Company decreased their target price on shares of QXO from $16.00 to $15.00 and set an “overweight” rating on the stock in a research report on Friday, October 16th. Zacks Research upgraded shares of QXO from a “strong sell” rating to a “hold” rating in a report on Monday, July 27th. Truist Financial cut their price target on shares of QXO from $26.00 to $15.00 and set a “buy” rating for the company in a report on Thursday, October 8th. KeyCorp reduced their price objective on shares of QXO from $32.00 to $28.00 and set an “overweight” rating for the company in a research note on Wednesday, July 1st. Finally, Morgan Stanley began coverage on shares of QXO in a report on Tuesday, August 4th. They set an “overweight” rating and a $35.00 price objective on the stock. One analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $24.77.

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.