Xerox (NYSE:XRX) Price Target Lowered to $8.00 at Morgan Stanley

Xerox (NYSE:XRX) had its target price decreased by Morgan Stanley from $10.00 to $8.00 in a research report report published on Wednesday morning, Benzinga reports. Morgan Stanley currently has an underweight rating on the information technology services provider’s stock.

XRX has been the topic of several other research reports. Loop Capital cut their price target on shares of Xerox from $14.00 to $11.00 and set a “hold” rating on the stock in a report on Wednesday, August 14th. StockNews.com upgraded shares of Xerox from a “hold” rating to a “buy” rating in a report on Thursday, September 5th. Finally, JPMorgan Chase & Co. lowered their price objective on Xerox from $11.00 to $8.00 and set an “underweight” rating for the company in a research report on Wednesday. Three research analysts have rated the stock with a sell rating, one has issued a hold rating and one has given a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $9.50.

Xerox Stock Down 3.1 %

Shares of Xerox stock opened at $8.23 on Wednesday. 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 has a 52-week low of $8.02 and a 52-week high of $19.78. The stock has a market capitalization of $1.02 billion, a price-to-earnings ratio of -7.84 and a beta of 1.57. The company’s 50 day moving average price is $10.37 and its 200-day moving average price is $11.88.

Xerox (NYSE:XRX) last released its quarterly earnings results on Tuesday, October 29th. The information technology services provider reported $0.25 earnings per share for the quarter, missing the consensus estimate of $0.53 by ($0.28). The company had revenue of $1.53 billion during the quarter, compared to the consensus estimate of $1.63 billion. Xerox had a negative net margin of 1.60% and a positive return on equity of 7.33%. The business’s revenue was down 7.5% on a year-over-year basis. During the same quarter last year, the firm earned $0.46 EPS. Equities research analysts forecast that Xerox will post 1.72 EPS for the current year.

Hedge Funds Weigh In On Xerox

Several institutional investors and hedge funds have recently added to or reduced their stakes in XRX. CWM LLC raised its position in shares of Xerox by 155.5% in 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 purchased a new position in shares of Xerox in the 1st quarter worth about $45,000. US Bancorp DE raised its position in shares of Xerox by 42.3% in the 3rd quarter. US Bancorp DE now owns 6,353 shares of the information technology services provider’s stock worth $66,000 after purchasing an additional 1,888 shares during the last quarter. nVerses Capital LLC purchased a new position in shares of Xerox in the 2nd quarter worth about $78,000. Finally, Plato Investment Management Ltd raised its position 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 purchasing an additional 2,899 shares during the last quarter. Hedge funds and other 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.