Griffin Asset Management Inc. Buys Shares of 105,935 QXO, Inc. $QXO

Griffin Asset Management Inc. purchased a new stake in shares of QXO, Inc. (NYSE:QXO) during the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm purchased 105,935 shares of the company’s stock, valued at approximately $2,057,000.

A number of other hedge funds have also recently made changes to their positions in the company. Sunbelt Securities Inc. grew its holdings in shares of QXO by 6.8% during the fourth quarter. Sunbelt Securities Inc. now owns 6,300 shares of the company’s stock worth $122,000 after purchasing an additional 400 shares during the last quarter. Cherry Creek Investment Advisors Inc. raised its holdings in QXO by 0.6% in the 4th quarter. Cherry Creek Investment Advisors Inc. now owns 84,636 shares of the company’s stock valued at $1,633,000 after buying an additional 474 shares during the last quarter. NewEdge Advisors LLC raised its holdings in QXO by 42.4% in the 4th quarter. NewEdge Advisors LLC now owns 1,680 shares of the company’s stock valued at $32,000 after buying an additional 500 shares during the last quarter. Maple Capital Management Inc. boosted its position in QXO by 4.7% during the 4th quarter. Maple Capital Management Inc. now owns 11,988 shares of the company’s stock worth $231,000 after buying an additional 543 shares during the period. Finally, Allworth Financial LP boosted its position in QXO by 27.2% during the 4th quarter. Allworth Financial LP now owns 2,580 shares of the company’s stock worth $50,000 after buying an additional 552 shares during the period. 58.68% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several equities analysts have issued reports on QXO shares. Wall Street Zen upgraded shares of QXO from a “strong sell” rating to a “sell” rating in a research report on Sunday, May 17th. Weiss Ratings reaffirmed a “sell (d)” rating on shares of QXO in a research note on Friday, May 29th. Stephens cut their price target 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. Royal Bank Of Canada reduced their price objective on shares of QXO from $30.00 to $28.00 and set an “outperform” rating on the stock in a research note on Monday, April 6th. Finally, Zacks Research upgraded QXO from a “strong sell” rating to a “hold” rating in a report on Wednesday, June 10th. Fifteen investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat, QXO presently has a consensus rating of “Moderate Buy” and an average target price of $30.86.

QXO Stock Performance

Shares of QXO stock opened at $14.62 on Friday. The stock has a market capitalization of $10.60 billion, a PE ratio of -16.07, a PEG ratio of 3.76 and a beta of 2.23. The business’s 50 day simple moving average is $17.00 and its 200 day simple moving average is $20.51. The company has a debt-to-equity ratio of 0.35, a current ratio of 3.33 and a quick ratio of 2.47. QXO, Inc. has a one year low of $13.82 and a one year high of $27.61.

QXO (NYSE:QXO) last released its quarterly earnings results on Tuesday, May 12th. The company reported ($0.12) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.09) by ($0.03). The firm had revenue of $1.73 billion for the quarter, compared to the consensus estimate of $1.73 billion. QXO had a positive return on equity of 1.91% and a negative net margin of 6.02%.The business’s revenue for the quarter was up 12716.3% on a year-over-year basis. As a group, research analysts forecast that QXO, Inc. will post 0.2 earnings per share for the current year.

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.