Xerox (NYSE:XRX) Stock Price Down 5.7% – What’s Next?

Xerox Holdings Co. (NYSE:XRX) shares traded down 5.7% during trading on Tuesday . The stock traded as low as $8.80 and last traded at $8.80. 436,406 shares traded hands during trading, a decline of 80% from the average session volume of 2,174,710 shares. The stock had previously closed at $9.33.

Analyst Ratings Changes

Several research analysts have commented on the company. Morgan Stanley cut their target price on Xerox from $10.00 to $8.00 and set an “underweight” rating on the stock in a report on Wednesday, October 30th. JPMorgan Chase & Co. cut their target price on Xerox from $11.00 to $8.00 and set an “underweight” rating on the stock in a report on Wednesday, October 30th. StockNews.com downgraded Xerox from a “buy” rating to a “hold” rating in a report on Wednesday. Finally, Loop Capital lowered their price objective on Xerox from $14.00 to $11.00 and set a “hold” rating for the company in a research report on Wednesday, August 14th. Three equities research analysts have rated the stock with a sell rating and two have assigned a hold rating to the company’s stock. According to MarketBeat.com, Xerox presently has an average rating of “Reduce” and an average price target of $9.50.

Xerox Stock Performance

The company has a 50-day moving average price of $9.47 and a two-hundred day moving average price of $10.91. 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 stock has a market capitalization of $1.09 billion, a P/E ratio of 8.59 and a beta of 1.59.

Xerox (NYSE:XRX) last issued its earnings results on Tuesday, October 29th. The information technology services provider reported $0.25 EPS 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 firm had revenue of $1.53 billion during the quarter, compared to the consensus estimate of $1.63 billion. During the same period in the previous year, the firm earned $0.46 earnings per share. The business’s quarterly revenue was down 7.5% on a year-over-year basis. On average, equities analysts forecast that Xerox Holdings Co. will post 1.12 earnings per share for the current year.

Xerox Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, January 31st. Investors of record on Tuesday, December 31st will be given a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a yield of 11.38%. The ex-dividend date is Tuesday, December 31st. Xerox’s payout ratio is -9.06%.

Institutional Trading of Xerox

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Advisors Asset Management Inc. increased its holdings in Xerox by 9.5% during the 3rd quarter. Advisors Asset Management Inc. now owns 796,609 shares of the information technology services provider’s stock worth $8,269,000 after purchasing an additional 69,183 shares in the last quarter. AQR Capital Management LLC boosted its stake in shares of Xerox by 75.2% in the 2nd quarter. AQR Capital Management LLC now owns 179,118 shares of the information technology services provider’s stock worth $2,081,000 after buying an additional 76,886 shares during the last quarter. Royce & Associates LP boosted its stake in shares of Xerox by 16.9% in the 3rd quarter. Royce & Associates LP now owns 742,189 shares of the information technology services provider’s stock worth $7,704,000 after buying an additional 107,127 shares during the last quarter. Sound Income Strategies LLC boosted its stake in shares of Xerox by 27.9% in the 3rd quarter. Sound Income Strategies LLC now owns 1,033,506 shares of the information technology services provider’s stock worth $10,728,000 after buying an additional 225,617 shares during the last quarter. Finally, Allspring Global Investments Holdings LLC boosted its stake in shares of Xerox by 1,960.4% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 163,163 shares of the information technology services provider’s stock worth $1,694,000 after buying an additional 155,244 shares during the last quarter. 85.36% of the stock is 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.