KLP Kapitalforvaltning AS Increases Stock Holdings in QXO, Inc. $QXO

KLP Kapitalforvaltning AS grew its position in QXO, Inc. (NYSE:QXO) by 53.3% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 101,300 shares of the company’s stock after buying an additional 35,200 shares during the quarter. KLP Kapitalforvaltning AS’s holdings in QXO were worth $2,182,000 at the end of the most recent quarter.

A number of other hedge funds have also made changes to their positions in QXO. SG Americas Securities LLC increased its position in shares of QXO by 478.3% in the first quarter. SG Americas Securities LLC now owns 55,193 shares of the company’s stock valued at $747,000 after buying an additional 45,649 shares in the last quarter. Simon Quick Advisors LLC increased its position in shares of QXO by 47.4% in the first quarter. Simon Quick Advisors LLC now owns 23,345 shares of the company’s stock valued at $316,000 after buying an additional 7,511 shares in the last quarter. Wealth Enhancement Advisory Services LLC increased its position in shares of QXO by 9.1% in the first quarter. Wealth Enhancement Advisory Services LLC now owns 64,323 shares of the company’s stock valued at $871,000 after buying an additional 5,381 shares in the last quarter. Tenon Financial LLC purchased a new position in shares of QXO in the first quarter valued at $216,000. Finally, Janney Montgomery Scott LLC purchased a new position in shares of QXO in the first quarter valued at $200,000. Hedge funds and other institutional investors own 58.68% of the company’s stock.

QXO Stock Down 5.7%

Shares of NYSE:QXO opened at $18.60 on Monday. The stock’s 50-day moving average price is $20.19 and its two-hundred day moving average price is $18.52. The company has a current ratio of 3.00, a quick ratio of 2.15 and a debt-to-equity ratio of 0.38. QXO, Inc. has a 12-month low of $11.85 and a 12-month high of $24.69. The firm has a market cap of $12.53 billion, a price-to-earnings ratio of -88.59, a PEG ratio of 2.59 and a beta of 2.25.

QXO (NYSE:QXO) last issued its quarterly earnings results on Thursday, August 14th. The company reported $0.11 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.04 by $0.07. QXO had a positive return on equity of 2.15% and a negative net margin of 1.09%.The firm had revenue of $1.91 billion for the quarter, compared to analyst estimates of $1.87 billion. On average, research analysts forecast that QXO, Inc. will post -0.13 EPS for the current year.

Analyst Upgrades and Downgrades

A number of analysts recently commented on QXO shares. Zacks Research cut QXO from a “strong-buy” rating to a “hold” rating in a research report on Friday, September 12th. Citigroup started coverage on QXO in a research report on Wednesday, July 16th. They set a “buy” rating and a $33.00 price objective for the company. William Blair started coverage on QXO in a research report on Wednesday, June 18th. They set an “outperform” rating for the company. Stephens started coverage on QXO in a research report on Wednesday, August 13th. They set an “overweight” rating and a $29.00 price objective for the company. Finally, Benchmark upgraded QXO to a “strong-buy” rating in a research report on Monday, August 25th. Two equities research analysts have rated the stock with a Strong Buy rating, twelve have assigned a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $33.08.

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.