The Manufacturers Life Insurance Company Increases Stake in Xerox Holdings Co. (NYSE:XRX)

The Manufacturers Life Insurance Company raised its holdings in shares of Xerox Holdings Co. (NYSE:XRX) by 2.6% in the second quarter, Holdings Channel.com reports. The institutional investor owned 63,666 shares of the information technology services provider’s stock after purchasing an additional 1,627 shares during the quarter. The Manufacturers Life Insurance Company’s holdings in Xerox were worth $740,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of XRX. CWM LLC grew its stake in 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 acquiring an additional 1,378 shares in the last quarter. EntryPoint Capital LLC purchased a new stake in shares of Xerox in the first quarter valued at approximately $45,000. nVerses Capital LLC acquired a new stake in shares of Xerox in the second quarter valued at approximately $78,000. Plato Investment Management Ltd lifted its position in Xerox by 45.0% during the second quarter. Plato Investment Management Ltd now owns 9,346 shares of the information technology services provider’s stock worth $109,000 after buying an additional 2,899 shares in the last quarter. Finally, Innealta Capital LLC purchased a new position in Xerox during the second quarter worth approximately $115,000. 85.36% of the stock is currently owned by institutional investors and hedge funds.

Xerox Stock Performance

Shares of Xerox stock opened at $10.17 on Tuesday. The business’s fifty day simple moving average is $10.38 and its 200-day simple moving average is $12.46. The company has a quick ratio of 1.13, a current ratio of 1.49 and a debt-to-equity ratio of 1.34. The firm has a market cap of $1.26 billion, a PE ratio of -9.69 and a beta of 1.57. Xerox Holdings Co. has a 52 week low of $9.51 and a 52 week high of $19.78.

Xerox (NYSE:XRX) last announced its 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). The company had revenue of $1.58 billion for the quarter, compared to analysts’ expectations of $1.60 billion. Xerox had a positive return on equity of 7.33% and a negative net margin of 1.60%. The company’s quarterly revenue was down 10.0% compared to the same quarter last year. During the same period last year, the business earned $0.44 EPS. Equities analysts forecast that Xerox Holdings Co. will post 1.79 earnings per share for the current year.

Xerox Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, October 31st. Shareholders of record on Monday, September 30th will be given a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a yield of 9.83%. The ex-dividend date is Monday, September 30th. Xerox’s payout ratio is -95.24%.

Analysts Set New Price Targets

A number of brokerages have issued reports on XRX. Loop Capital cut their target price on Xerox from $14.00 to $11.00 and set a “hold” rating for the company in a research note on Wednesday, August 14th. StockNews.com upgraded shares of Xerox from a “hold” rating to a “buy” rating in a research report on Thursday, September 5th. Finally, Citigroup started coverage on shares of Xerox in a research note on Friday, June 28th. They issued a “sell” rating and a $11.00 price target for the company. Three investment analysts have rated the stock with a sell rating, one has assigned a hold rating and one has given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $12.75.

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.