Xerox (NYSE:XRX) Stock Price Down 4.8% on Analyst Downgrade

Shares of Xerox Holdings Co. (NYSE:XRX) traded down 4.8% during trading on Monday after JPMorgan Chase & Co. lowered their price target on the stock from $13.00 to $11.00. JPMorgan Chase & Co. currently has an underweight rating on the stock. Xerox traded as low as $10.25 and last traded at $10.27. 248,071 shares were traded during mid-day trading, a decline of 88% from the average session volume of 2,113,663 shares. The stock had previously closed at $10.79.

Several other research firms have also commented on XRX. Citigroup initiated coverage on Xerox in a research report on Friday, June 28th. They issued a “sell” rating and a $11.00 price objective on the stock. StockNews.com upgraded shares of Xerox from a “hold” rating to a “buy” rating in a research report on Thursday, September 5th. Finally, Loop Capital cut their price objective on shares of Xerox from $14.00 to $11.00 and set a “hold” rating for the company in a report on Wednesday, August 14th. Three equities research analysts have rated the stock with a sell rating, one has issued a hold rating and one has issued a buy rating to the company. According to MarketBeat, Xerox currently has a consensus rating of “Hold” and an average price target of $11.25.

Institutional Trading of Xerox

Several large investors have recently made changes to their positions in the company. CWM LLC boosted its holdings in shares of Xerox by 155.5% during the 2nd quarter. CWM LLC now owns 2,264 shares of the information technology services provider’s stock worth $26,000 after purchasing an additional 1,378 shares during the last quarter. EntryPoint Capital LLC acquired a new position in Xerox during the first quarter worth $45,000. nVerses Capital LLC purchased a new stake in Xerox in the 2nd quarter valued at $78,000. Plato Investment Management Ltd increased its stake in shares of Xerox by 45.0% in the 2nd quarter. Plato Investment Management Ltd now owns 9,346 shares of the information technology services provider’s stock worth $109,000 after acquiring an additional 2,899 shares during the last quarter. Finally, Innealta Capital LLC purchased a new position in shares of Xerox during the 2nd quarter worth $115,000. 85.36% of the stock is currently owned by hedge funds and other institutional investors.

Xerox Stock Performance

The stock has a market cap of $1.29 billion, a price-to-earnings ratio of -9.91 and a beta of 1.57. The firm’s 50-day moving average price is $10.45 and its two-hundred day moving average price is $12.21. The company has a debt-to-equity ratio of 1.34, a quick ratio of 1.13 and a current ratio of 1.49.

Xerox (NYSE:XRX) last posted its quarterly earnings results on Thursday, July 25th. The information technology services provider reported $0.29 earnings per share for the quarter, missing the consensus estimate of $0.43 by ($0.14). Xerox had a negative net margin of 1.60% and a positive return on equity of 7.33%. The firm had revenue of $1.58 billion during the quarter, compared to analysts’ expectations of $1.60 billion. During the same period last year, the company earned $0.44 EPS. The business’s quarterly revenue was down 10.0% on a year-over-year basis. On average, analysts expect that Xerox Holdings Co. will post 1.79 EPS for the current fiscal year.

Xerox Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, October 31st. Investors of record on Monday, September 30th will be given a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a dividend yield of 9.61%. The ex-dividend date is Monday, September 30th. Xerox’s payout ratio is -95.24%.

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.