Advisors Capital Management LLC Increases Position in QXO, Inc. $QXO

Advisors Capital Management LLC grew its holdings in shares of QXO, Inc. (NYSE:QXO) by 6.1% during the third quarter, HoldingsChannel reports. The institutional investor owned 685,019 shares of the company’s stock after buying an additional 39,177 shares during the period. Advisors Capital Management LLC’s holdings in QXO were worth $13,056,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of the business. Royal Bank of Canada boosted its holdings in QXO by 67.5% during the 1st quarter. Royal Bank of Canada now owns 119,688 shares of the company’s stock valued at $1,620,000 after acquiring an additional 48,248 shares during the period. AQR Capital Management LLC bought a new position in shares of QXO in the first quarter worth about $615,000. Millennium Management LLC grew its holdings in shares of QXO by 6.6% in the first quarter. Millennium Management LLC now owns 322,115 shares of the company’s stock worth $4,361,000 after purchasing an additional 20,067 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its stake in QXO by 13.3% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 697,889 shares of the company’s stock worth $9,449,000 after buying an additional 81,758 shares during the period. Finally, Vanguard Personalized Indexing Management LLC bought a new stake in QXO during the 2nd quarter valued at about $276,000. 58.68% of the stock is owned by institutional investors.

Analysts Set New Price Targets

QXO has been the topic of a number of research analyst reports. Benchmark restated a “buy” rating on shares of QXO in a research note on Friday, January 16th. Loop Capital assumed coverage on QXO in a research report on Thursday, December 11th. They set a “buy” rating and a $31.00 target price for the company. Weiss Ratings reiterated a “sell (d+)” rating on shares of QXO in a report on Monday, December 29th. William Blair restated an “outperform” rating on shares of QXO in a research note on Wednesday, December 31st. Finally, Truist Financial decreased their price objective on QXO from $28.00 to $26.00 and set a “buy” rating for the company in a report on Friday, December 19th. One research 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 issued a Sell rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $32.43.

QXO Stock Down 0.7%

Shares of NYSE QXO opened at $26.64 on Thursday. QXO, Inc. has a 12-month low of $11.85 and a 12-month high of $27.61. The stock’s fifty day simple moving average is $23.15 and its two-hundred day simple moving average is $20.68. The stock has a market capitalization of $17.97 billion, a PE ratio of -60.55, a price-to-earnings-growth ratio of 3.35 and a beta of 2.55. The company has a current ratio of 3.06, a quick ratio of 2.24 and a debt-to-equity ratio of 0.37.

QXO Company 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.