Xerox (NYSE:XRX) Cut to Hold at StockNews.com

StockNews.com cut shares of Xerox (NYSE:XRX) from a buy rating to a hold rating in a report published on Sunday.

Several other research firms have also recently issued reports on XRX. Morgan Stanley lowered their price objective on Xerox from $10.00 to $8.00 and set an “underweight” rating on the stock in a research report on Wednesday, October 30th. Loop Capital reduced their price objective on Xerox from $14.00 to $11.00 and set a “hold” rating for the company in a report on Wednesday, August 14th. Finally, JPMorgan Chase & Co. lowered their target price on shares of Xerox from $11.00 to $8.00 and set an “underweight” rating on the stock in a research note on Wednesday, October 30th. Three equities research analysts have rated the stock with a sell rating and two have issued a hold rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Reduce” and an average target price of $9.50.

Xerox Trading Up 1.3 %

Xerox stock opened at $8.42 on Friday. Xerox has a 12 month low of $8.02 and a 12 month high of $19.78. The company has a current ratio of 1.26, a quick ratio of 0.95 and a debt-to-equity ratio of 2.11. The business’s fifty day simple moving average is $9.75 and its two-hundred day simple moving average is $11.24. The company has a market capitalization of $1.05 billion, a price-to-earnings ratio of -0.76 and a beta of 1.59.

Xerox (NYSE:XRX) last announced its quarterly earnings data on Tuesday, October 29th. The information technology services provider reported $0.25 EPS for the quarter, missing the consensus estimate of $0.51 by ($0.26). The firm had revenue of $1.53 billion for the quarter, compared to analysts’ expectations of $1.63 billion. Xerox had a negative net margin of 21.31% and a positive return on equity of 6.60%. The business’s revenue for the quarter was down 7.5% compared to the same quarter last year. During the same period last year, the company posted $0.46 earnings per share. As a group, equities analysts predict that Xerox will post 1.38 earnings per share for the current fiscal year.

Xerox Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, January 31st. Shareholders of record on Tuesday, December 31st will be issued a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a yield of 11.88%. The ex-dividend date is Tuesday, December 31st. Xerox’s dividend payout ratio is -9.06%.

Institutional Investors Weigh In On Xerox

A number of large investors have recently made changes to their positions in XRX. Sei Investments Co. grew its position in Xerox by 3.2% during the first quarter. Sei Investments Co. now owns 66,915 shares of the information technology services provider’s stock valued at $1,198,000 after buying an additional 2,095 shares during the period. State Board of Administration of Florida Retirement System raised its holdings in Xerox by 22.9% in the 1st quarter. State Board of Administration of Florida Retirement System now owns 47,944 shares of the information technology services provider’s stock worth $858,000 after purchasing an additional 8,948 shares during the period. Mitsubishi UFJ Trust & Banking Corp lifted its position in Xerox by 81.2% during the first quarter. Mitsubishi UFJ Trust & Banking Corp now owns 165,498 shares of the information technology services provider’s stock valued at $2,946,000 after purchasing an additional 74,147 shares in the last quarter. Acadian Asset Management LLC bought a new stake in Xerox during the first quarter valued at about $4,066,000. Finally, Covestor Ltd increased its position in Xerox by 16.2% in the first quarter. Covestor Ltd now owns 10,512 shares of the information technology services provider’s stock worth $188,000 after buying an additional 1,464 shares in the last quarter. 85.36% of the stock is currently owned by institutional investors.

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.