Xerox (NYSE:XRX) Coverage Initiated at Citigroup

Citigroup started coverage on shares of Xerox (NYSE:XRX) in a report released on Friday, MarketBeat Ratings reports. The brokerage set a “sell” rating and a $11.00 price target on the information technology services provider’s stock. Citigroup’s target price would suggest a potential downside of 5.34% from the stock’s current price.

A number of other equities analysts also recently weighed in on XRX. JPMorgan Chase & Co. dropped their price target on shares of 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 shares of Xerox from a “hold” rating to a “buy” rating in a research note on Wednesday, June 19th.

Xerox Stock Performance

XRX opened at $11.62 on Friday. The company has a market capitalization of $1.44 billion, a price-to-earnings ratio of -7.40 and a beta of 1.63. The company has a debt-to-equity ratio of 1.34, a current ratio of 1.37 and a quick ratio of 1.07. Xerox has a 1-year low of $11.50 and a 1-year high of $19.78. The business has a 50 day moving average price of $13.73 and a two-hundred day moving average price of $16.25.

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

Institutional Trading of Xerox

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Vanguard Group Inc. boosted its position in shares of Xerox by 1.2% during the fourth quarter. Vanguard Group Inc. now owns 15,981,297 shares of the information technology services provider’s stock worth $292,937,000 after purchasing an additional 190,034 shares in the last quarter. AQR Capital Management LLC increased its stake in shares of Xerox by 43.0% during the 3rd quarter. AQR Capital Management LLC now owns 1,766,610 shares of the information technology services provider’s stock worth $27,718,000 after purchasing an additional 531,173 shares during the last quarter. Charles Schwab Investment Management Inc. grew its stake in Xerox by 10.7% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,587,041 shares of the information technology services provider’s stock valued at $29,090,000 after buying an additional 153,144 shares during the last quarter. Invesco Ltd. boosted its holdings in Xerox by 65.2% in the 3rd quarter. Invesco Ltd. now owns 1,281,942 shares of the information technology services provider’s stock valued at $20,114,000 after purchasing an additional 506,117 shares during the period. Finally, Allianz Asset Management GmbH boosted its holdings in Xerox by 1.5% in the 4th quarter. Allianz Asset Management GmbH now owns 1,044,971 shares of the information technology services provider’s stock valued at $19,154,000 after purchasing an additional 15,408 shares during the period. Institutional investors and hedge funds 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.