Morgan Stanley Cuts Xerox (NYSE:XRX) Price Target to $8.00

Xerox (NYSE:XRX) had its price objective decreased by Morgan Stanley from $10.00 to $8.00 in a research note published on Wednesday morning, Benzinga reports. Morgan Stanley currently has an underweight rating on the information technology services provider’s stock.

Several other research analysts have also recently issued reports on the stock. Loop Capital decreased their target price on shares of Xerox from $14.00 to $11.00 and set a “hold” rating for the company in a report on Wednesday, August 14th. StockNews.com raised Xerox from a “hold” rating to a “buy” rating in a report on Thursday, September 5th. Finally, JPMorgan Chase & Co. dropped their price objective on Xerox from $11.00 to $8.00 and set an “underweight” rating on the stock in a research report on Wednesday. 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 MarketBeat.com, Xerox has an average rating of “Reduce” and a consensus target price of $9.50.

Xerox Trading Up 1.5 %

Shares of NYSE XRX opened at $8.29 on Wednesday. The stock has a market cap of $1.03 billion, a P/E ratio of -0.75 and a beta of 1.59. The company has a debt-to-equity ratio of 2.11, a current ratio of 1.26 and a quick ratio of 1.13. Xerox has a 1 year low of $8.02 and a 1 year high of $19.78. The firm has a 50-day moving average of $10.27 and a 200 day moving average of $11.79.

Xerox (NYSE:XRX) last posted its quarterly earnings data on Tuesday, October 29th. The information technology services provider reported $0.25 earnings per share for the quarter, missing analysts’ consensus estimates of $0.51 by ($0.26). Xerox had a negative net margin of 21.31% and a positive return on equity of 6.60%. The company had revenue of $1.53 billion for the quarter, compared to the consensus estimate of $1.63 billion. During the same period last year, the business earned $0.46 EPS. The firm’s quarterly revenue was down 7.5% on a year-over-year basis. As a group, sell-side analysts expect that Xerox will post 1.55 EPS for the current fiscal year.

Xerox Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, January 31st. Stockholders of record on Tuesday, December 31st will be paid a $0.25 dividend. This represents a $1.00 annualized dividend and a dividend yield of 12.06%. Xerox’s dividend payout ratio (DPR) is presently -9.06%.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in XRX. CWM LLC lifted its position in Xerox by 155.5% during the second quarter. CWM LLC now owns 2,264 shares of the information technology services provider’s stock valued at $26,000 after purchasing an additional 1,378 shares in the last quarter. EntryPoint Capital LLC bought a new position in shares of Xerox during the 1st quarter valued at approximately $45,000. US Bancorp DE increased its stake in shares of Xerox by 42.3% in the third quarter. US Bancorp DE now owns 6,353 shares of the information technology services provider’s stock worth $66,000 after purchasing an additional 1,888 shares in the last quarter. Plato Investment Management Ltd bought a new stake in Xerox during the first quarter valued at about $115,000. Finally, nVerses Capital LLC bought a new stake in Xerox during the 2nd quarter valued at approximately $78,000. 85.36% of the stock is currently owned by institutional investors.

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.