JPMorgan Chase & Co. Trims Xerox (NYSE:XRX) Target Price to $11.00

Xerox (NYSE:XRX) had its price objective cut by JPMorgan Chase & Co. from $13.00 to $11.00 in a research note published on Monday morning, Benzinga reports. They currently have an underweight rating on the information technology services provider’s stock.

Other research analysts also recently issued reports about the company. Loop Capital reduced 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. StockNews.com raised shares of Xerox from a “hold” rating to a “buy” rating in a report on Thursday, September 5th. Finally, Citigroup began coverage on shares of Xerox in a research note on Friday, June 28th. They issued a “sell” rating and a $11.00 price target on the stock. Three research 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’s stock. Based on data from MarketBeat, the company has an average rating of “Hold” and an average target price of $11.25.

Xerox Stock Performance

NYSE:XRX opened at $10.08 on Monday. 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 stock has a market capitalization of $1.25 billion, a PE ratio of -6.42 and a beta of 1.57. Xerox has a fifty-two week low of $9.51 and a fifty-two week high of $19.78. The company has a fifty day moving average of $10.46 and a two-hundred day moving average of $12.16.

Xerox (NYSE:XRX) last released 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 positive return on equity of 7.33% and a negative net margin of 1.60%. The company had revenue of $1.58 billion for the quarter, compared to analyst estimates of $1.60 billion. During the same quarter last year, the company earned $0.44 EPS. The firm’s revenue for the quarter was down 10.0% on a year-over-year basis. As a group, research analysts forecast that Xerox will post 1.79 earnings per share for the current fiscal year.

Xerox Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, October 31st. Stockholders of record on Monday, September 30th will be issued a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a dividend yield of 9.92%. The ex-dividend date of this dividend is Monday, September 30th. Xerox’s dividend payout ratio is presently -63.69%.

Institutional Trading of Xerox

Several institutional investors have recently added to or reduced their stakes in XRX. Vanguard Group Inc. lifted its stake in Xerox by 1.2% during the 4th quarter. Vanguard Group Inc. now owns 15,981,297 shares of the information technology services provider’s stock worth $292,937,000 after acquiring an additional 190,034 shares in the last quarter. Susquehanna Fundamental Investments LLC acquired a new stake in shares of Xerox during the first quarter worth about $1,206,000. SG Capital Management LLC acquired a new stake in shares of Xerox during the first quarter worth about $8,466,000. Mizuho Markets Americas LLC acquired a new position in shares of Xerox in the first quarter valued at approximately $1,656,000. Finally, Sound Income Strategies LLC grew its holdings in shares of Xerox by 8.7% in the first quarter. Sound Income Strategies LLC now owns 752,435 shares of the information technology services provider’s stock valued at $13,469,000 after purchasing an additional 60,446 shares in the last quarter. Institutional investors and hedge funds 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.