Sound Shore Management Inc. CT Invests $77.20 Million in QXO, Inc. $QXO

Sound Shore Management Inc. CT purchased a new position in QXO, Inc. (NYSE:QXO) during the fourth quarter, HoldingsChannel.com reports. The fund purchased 4,002,028 shares of the company’s stock, valued at approximately $77,199,000. QXO makes up about 2.5% of Sound Shore Management Inc. CT’s investment portfolio, making the stock its 27th largest position.

Other large investors also recently modified their holdings of the company. Fishman Jay A Ltd. MI bought a new position in shares of QXO in the 3rd quarter worth about $10,444,000. Fred Alger Management LLC bought a new position in shares of QXO in the 3rd quarter worth about $173,053,000. Zurcher Kantonalbank Zurich Cantonalbank lifted its position in shares of QXO by 748.7% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 877,538 shares of the company’s stock worth $16,928,000 after buying an additional 774,138 shares during the last quarter. Baillie Gifford & Co. lifted its position in shares of QXO by 16,117.6% in the 4th quarter. Baillie Gifford & Co. now owns 14,735,164 shares of the company’s stock worth $284,241,000 after buying an additional 14,644,305 shares during the last quarter. Finally, JNBA Financial Advisors acquired a new stake in shares of QXO in the 4th quarter worth about $992,000. 58.68% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

QXO has been the topic of a number of analyst reports. Weiss Ratings reaffirmed a “sell (d)” rating on shares of QXO in a report on Friday, May 29th. Stephens dropped their price objective on shares of QXO from $29.00 to $26.00 and set an “overweight” rating on the stock in a report on Thursday, May 14th. BNP Paribas Exane initiated coverage on shares of QXO in a report on Monday, March 16th. They issued an “outperform” rating and a $30.00 price objective on the stock. Royal Bank Of Canada dropped their price objective on shares of QXO from $30.00 to $28.00 and set an “outperform” rating on the stock in a report on Monday, April 6th. Finally, Zacks Research cut shares of QXO from a “hold” rating to a “strong sell” rating in a report on Tuesday, May 12th. Sixteen research analysts have rated the stock with a Buy rating and two have given a Sell rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $32.00.

QXO Stock Up 1.2%

QXO stock opened at $16.52 on Thursday. The stock has a market cap of $11.98 billion, a PE ratio of -18.15, a price-to-earnings-growth ratio of 4.18 and a beta of 2.30. The company has a quick ratio of 2.47, a current ratio of 3.33 and a debt-to-equity ratio of 0.35. The firm’s 50-day simple moving average is $19.33 and its 200 day simple moving average is $21.05. QXO, Inc. has a fifty-two week low of $15.50 and a fifty-two week high of $27.61.

QXO (NYSE:QXO) last released its earnings results 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 for the quarter, compared to analyst estimates of $1.73 billion. QXO had a negative net margin of 6.02% and a positive return on equity of 1.91%. QXO’s revenue for the quarter was up 12716.3% on a year-over-year basis. As a group, sell-side analysts predict that QXO, Inc. will post 0.2 EPS for the current year.

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.