Moody National Bank Trust Division Raises Stock Position in QXO, Inc. $QXO

Moody National Bank Trust Division grew its holdings in QXO, Inc. (NYSE:QXO) by 63.4% in the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 255,450 shares of the company’s stock after acquiring an additional 99,100 shares during the period. Moody National Bank Trust Division’s holdings in QXO were worth $2,986,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also modified their holdings of the company. Fred Alger Management LLC lifted its stake in shares of QXO by 75.4% in the 4th quarter. Fred Alger Management LLC now owns 15,923,937 shares of the company’s stock valued at $307,173,000 after purchasing an additional 6,844,574 shares during the last quarter. Finepoint Capital LP lifted its position 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 worth $313,007,000 after buying an additional 4,255,435 shares during the last quarter. Spyglass Capital Management LLC bought a new stake in shares of QXO during the 2nd quarter worth about $62,961,000. Bank of New York Mellon Corp acquired a new position in shares of QXO during the 2nd quarter valued at about $44,919,000. Finally, Consulta Ltd raised its stake in shares of QXO by 33.3% in the 4th quarter. Consulta Ltd now owns 10,000,000 shares of the company’s stock valued at $192,900,000 after acquiring an additional 2,500,000 shares in the last quarter. Institutional investors own 58.68% of the company’s stock.

QXO Stock Performance

NYSE:QXO traded up $0.23 during mid-day trading on Tuesday, hitting $12.11. 23,046,062 shares of the company’s stock traded hands, compared to its average volume of 15,810,950. The firm has a 50 day moving average of $13.31 and a two-hundred day moving average of $16.27. QXO, Inc. has a 12 month low of $11.14 and a 12 month high of $27.61. The firm has a market capitalization of $12.56 billion, a price-to-earnings ratio of -13.45, a price-to-earnings-growth ratio of 2.19 and a beta of 2.30. The company has a current ratio of 4.11, a quick ratio of 3.29 and a debt-to-equity ratio of 0.66.

QXO (NYSE:QXO) last issued its quarterly earnings results on Thursday, August 13th. The company reported $0.08 EPS for the quarter, hitting the consensus estimate of $0.08. QXO had a positive return on equity of 2.41% and a negative net margin of 5.17%.The company had revenue of $3.25 billion for the quarter, compared to the consensus estimate of $3.18 billion. On average, equities analysts forecast that QXO, Inc. will post 0.28 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several research firms recently weighed in on QXO. Wall Street Zen upgraded QXO from a “strong sell” rating to a “sell” rating in a report on Saturday, July 25th. Zacks Research raised shares of QXO from a “strong sell” rating to a “hold” rating in a research report on Monday, July 27th. Melius Research initiated coverage on shares of QXO in a research note on Tuesday. They issued a “buy” rating and a $17.00 price objective for the company. KeyCorp decreased their price objective on shares of QXO from $32.00 to $28.00 and set an “overweight” rating for the company in a report on Wednesday, July 1st. Finally, Morgan Stanley initiated coverage on shares of QXO in a research note on Tuesday, August 4th. They issued an “overweight” rating and a $35.00 target price on the stock. Two research analysts have rated the stock with a Strong Buy rating, fourteen have issued a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, QXO presently has an average rating of “Moderate Buy” and an average price target of $27.21.

QXO Company Profile

QXO, Inc is a building products distribution company focused on supplying contractors and other construction professionals. Its product portfolio includes roofing materials, siding, windows, waterproofing products and related exterior building supplies. The company serves residential and commercial construction and repair markets through branch locations, distribution centers and digital ordering channels.

QXO operates through Beacon, a major distributor of roofing and complementary building products in the United States and Canada.