Xerox (NYSE:XRX) Downgraded by StockNews.com to “Hold”

StockNews.com downgraded shares of Xerox (NYSE:XRX) from a buy rating to a hold rating in a report issued on Wednesday.

Several other research analysts also recently commented on the stock. Citigroup started coverage on shares of Xerox in a report on Friday, June 28th. They issued a sell rating and a $11.00 price target for the company. Loop Capital dropped their price objective on Xerox from $14.00 to $11.00 and set a hold rating for the company in a research note on Wednesday, August 14th. Three analysts have rated the stock with a sell rating and two have assigned a hold rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of Reduce and a consensus target price of $12.75.

Xerox Stock Performance

Shares of XRX stock opened at $10.94 on Wednesday. The stock has a market capitalization of $1.36 billion, a P/E ratio of -6.97 and a beta of 1.58. The company has a current ratio of 1.49, a quick ratio of 1.13 and a debt-to-equity ratio of 1.34. The firm’s 50 day moving average is $11.10 and its 200 day moving average is $14.22. Xerox has a 12 month low of $9.51 and a 12 month high of $19.78.

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

Xerox Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, October 31st. Shareholders of record on Monday, September 30th will be paid a $0.25 dividend. The ex-dividend date of this dividend is Monday, September 30th. This represents a $1.00 dividend on an annualized basis and a yield of 9.14%. Xerox’s dividend payout ratio is presently -63.69%.

Hedge Funds Weigh In On Xerox

A number of hedge funds and other institutional investors have recently bought and sold shares of XRX. Bridgeway Capital Management LLC purchased a new position in Xerox in the 4th quarter worth approximately $17,470,000. Intrinsic Edge Capital Management LLC purchased a new stake in shares of Xerox in the 4th quarter valued at $14,832,000. Norges Bank purchased a new stake in shares of Xerox in the 4th quarter valued at $9,435,000. SG Capital Management LLC purchased a new stake in shares of Xerox in the 1st quarter valued at $8,466,000. Finally, Mizuho Markets Americas LLC boosted its stake in shares of Xerox by 282.4% in the 2nd quarter. Mizuho Markets Americas LLC now owns 353,682 shares of the information technology services provider’s stock valued at $4,110,000 after purchasing an additional 261,180 shares in the last quarter. Hedge funds and other institutional investors own 85.36% of the company’s stock.

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.