JPMorgan Chase & Co. Issues Pessimistic Forecast for Xerox (NYSE:XRX) Stock Price

Xerox (NYSE:XRX) had its price objective reduced by analysts at JPMorgan Chase & Co. from $11.00 to $8.00 in a research note issued on Wednesday, Benzinga reports. The firm presently has an “underweight” rating on the information technology services provider’s stock. JPMorgan Chase & Co.‘s target price indicates a potential downside of 2.08% from the company’s current price.

A number of other analysts have also issued reports on the company. Loop Capital decreased their price objective on Xerox from $14.00 to $11.00 and set a “hold” rating on the stock in a research note on Wednesday, August 14th. StockNews.com raised shares of Xerox from a “hold” rating to a “buy” rating in a report on Thursday, September 5th. Three investment analysts have rated the stock with a sell rating, one has given a hold rating and one has issued a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $9.50.

Xerox Trading Down 0.7 %

Shares of XRX stock opened at $8.17 on Wednesday. Xerox has a 52-week low of $8.02 and a 52-week high of $19.78. The company has a 50-day simple moving average of $10.37 and a two-hundred day simple moving average of $11.88. The company has a debt-to-equity ratio of 1.34, a quick ratio of 1.13 and a current ratio of 1.49. The company has a market capitalization of $1.02 billion, a price-to-earnings ratio of -0.74 and a beta of 1.57.

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

Institutional Investors Weigh In On Xerox

Several hedge funds have recently added to or reduced their stakes in the company. CWM LLC raised 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 valued at $26,000 after buying an additional 1,378 shares in the last quarter. EntryPoint Capital LLC bought a new stake in shares of Xerox in the 1st quarter worth approximately $45,000. US Bancorp DE boosted its stake 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 valued at $66,000 after purchasing an additional 1,888 shares in the last quarter. nVerses Capital LLC purchased a new position in Xerox in the 2nd quarter worth $78,000. Finally, Plato Investment Management Ltd lifted its stake in Xerox by 45.0% in the second 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. 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.