Xerox (NYSE:XRX) Upgraded by StockNews.com to “Buy”

Xerox (NYSE:XRX) was upgraded by analysts at StockNews.com from a “hold” rating to a “buy” rating in a report issued on Wednesday.

Separately, JPMorgan Chase & Co. lowered their price target on shares of Xerox from $18.00 to $17.00 and set an “underweight” rating on the stock in a report on Wednesday, April 24th.

Xerox Price Performance

Shares of NYSE XRX opened at $13.28 on Wednesday. Xerox has a twelve month low of $12.06 and a twelve month high of $19.78. The stock’s 50 day moving average price is $14.19 and its 200-day moving average price is $16.32. The company has a market capitalization of $1.65 billion, a PE ratio of -8.46 and a beta of 1.63. The company has a quick ratio of 1.07, a current ratio of 1.37 and a debt-to-equity ratio of 1.34.

Xerox (NYSE:XRX) last announced its earnings results on Tuesday, April 23rd. The information technology services provider reported $0.06 earnings per share for the quarter, missing analysts’ consensus estimates of $0.35 by ($0.29). Xerox had a positive return on equity of 7.77% and a negative net margin of 2.74%. The business had revenue of $1.50 billion during the quarter, compared to analysts’ expectations of $1.53 billion. During the same quarter in the previous year, the firm earned $0.49 EPS. Xerox’s quarterly revenue was down 12.8% on a year-over-year basis. On average, equities analysts anticipate that Xerox will post 2.05 EPS for the current year.

Institutional Investors Weigh In On Xerox

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Vanguard Group Inc. increased its holdings in shares of Xerox by 10.2% in the third quarter. Vanguard Group Inc. now owns 15,791,263 shares of the information technology services provider’s stock worth $247,765,000 after purchasing an additional 1,464,851 shares during the period. Bridgeway Capital Management LLC bought a new position in shares of Xerox in the fourth quarter worth $17,470,000. Intrinsic Edge Capital Management LLC bought a new position in shares of Xerox in the fourth quarter worth $14,832,000. AQR Capital Management LLC grew its position in Xerox by 43.0% in the third quarter. AQR Capital Management LLC now owns 1,766,610 shares of the information technology services provider’s stock worth $27,718,000 after acquiring an additional 531,173 shares in the last quarter. Finally, Norges Bank purchased a new position in Xerox in the fourth quarter worth $9,435,000. Institutional investors own 85.36% of the company’s stock.

About Xerox

Xerox Holdings Corporation, together with its subsidiaries, operates as a workplace technology company that integrates hardware, services, and software for enterprises in the Americas, Europe, the Middle East, Africa, India, and internationally. The company operates through two segments, Print and Other; and FITTLE.