Los Angeles Capital Management LLC Takes Position in Xerox Holdings Co. (NYSE:XRX)

Los Angeles Capital Management LLC bought a new stake in shares of Xerox Holdings Co. (NYSE:XRX) in the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor bought 22,603 shares of the information technology services provider’s stock, valued at approximately $405,000.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the company. Vanguard Group Inc. lifted its position in 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 buying an additional 1,464,851 shares during the last quarter. Bridgeway Capital Management LLC bought a new stake in Xerox in the fourth quarter worth $17,470,000. Intrinsic Edge Capital Management LLC bought a new stake in Xerox in the fourth quarter worth $14,832,000. AQR Capital Management LLC lifted 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 buying an additional 531,173 shares during the last quarter. Finally, Norges Bank bought a new stake in Xerox in the fourth quarter worth $9,435,000. 85.36% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on XRX. JPMorgan Chase & Co. reduced their target price on Xerox from $18.00 to $17.00 and set an “underweight” rating on the stock in a research note on Wednesday, April 24th. StockNews.com upgraded Xerox from a “hold” rating to a “buy” rating in a research note on Wednesday, June 19th.

Xerox Stock Performance

XRX stock opened at $12.59 on Thursday. The company has a quick ratio of 1.07, a current ratio of 1.37 and a debt-to-equity ratio of 1.34. The business’s fifty day simple moving average is $13.91 and its two-hundred day simple moving average is $16.29. Xerox Holdings Co. has a twelve month low of $12.06 and a twelve month high of $19.78. The firm has a market cap of $1.56 billion, a price-to-earnings ratio of -8.02 and a beta of 1.63.

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

Xerox Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, July 31st. Stockholders of record on Friday, June 28th will be paid a dividend of $0.25 per share. The ex-dividend date of this dividend is Friday, June 28th. This represents a $1.00 annualized dividend and a dividend yield of 7.94%. Xerox’s dividend payout ratio is currently -63.69%.

Xerox Company Profile

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.