State Board of Administration of Florida Retirement System Invests $8.83 Million in QXO, Inc. $QXO

State Board of Administration of Florida Retirement System purchased a new stake in QXO, Inc. (NYSE:QXO) during the second quarter, according to its most recent filing with the SEC. The firm purchased 409,824 shares of the company’s stock, valued at approximately $8,828,000.

Several other hedge funds and other institutional investors have also bought and sold shares of the company. Russell Investments Group Ltd. acquired a new position in QXO during the second quarter valued at approximately $30,000. Manchester Capital Management LLC bought a new position in shares of QXO during the second quarter worth $325,000. XTX Topco Ltd bought a new position in shares of QXO during the second quarter worth $2,831,000. Bullseye Asset Management LLC acquired a new position in shares of QXO in the 2nd quarter valued at $323,000. Finally, Global Retirement Partners LLC bought a new stake in shares of QXO in the 2nd quarter valued at $383,000. Institutional investors own 58.68% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have weighed in on the company. Vertical Research initiated coverage on QXO in a report on Tuesday, October 21st. They set a “buy” rating and a $30.00 target price on the stock. Zacks Research cut QXO from a “strong-buy” rating to a “hold” rating in a report on Friday, September 12th. Truist Financial decreased their price objective on QXO from $30.00 to $28.00 and set a “buy” rating for the company in a research report on Thursday, October 9th. Wells Fargo & Company began coverage on QXO in a research note on Tuesday, August 5th. They set an “overweight” rating and a $30.00 target price for the company. Finally, Morgan Stanley initiated coverage on shares of QXO in a research note on Tuesday, September 2nd. They issued an “overweight” rating and a $35.00 price target on the stock. Two research analysts have rated the stock with a Strong Buy rating, thirteen have given 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 a consensus rating of “Moderate Buy” and an average price target of $32.85.

QXO Stock Up 5.5%

NYSE:QXO opened at $19.34 on Wednesday. The stock has a 50-day simple moving average of $18.32 and a 200 day simple moving average of $19.64. QXO, Inc. has a 52-week low of $11.85 and a 52-week high of $24.69. The company has a market cap of $13.04 billion, a PE ratio of -92.10, a PEG ratio of 2.58 and a beta of 2.26. The company has a debt-to-equity ratio of 0.38, a quick ratio of 2.15 and a current ratio of 3.00.

QXO (NYSE:QXO) last released its quarterly earnings results on Thursday, November 6th. The company reported $0.14 earnings per share for the quarter, topping analysts’ consensus estimates of $0.12 by $0.02. The firm had revenue of $2.73 billion during the quarter, compared to the consensus estimate of $2.78 billion. QXO had a positive return on equity of 2.15% and a negative net margin of 1.09%.The company’s revenue for the quarter was up 20726.7% on a year-over-year basis. On average, sell-side analysts expect that QXO, Inc. will post -0.13 EPS for the current fiscal 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.