StockNews.com Lowers Xerox (NYSE:XRX) to Hold

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

A number of other brokerages have also issued reports on XRX. Citigroup initiated coverage on shares of Xerox in a research report on Friday, June 28th. They issued a sell rating and a $11.00 target price for the company. Loop Capital lowered their price objective on shares of Xerox from $14.00 to $11.00 and set a hold rating on the stock in a research note on Wednesday, August 14th. Three investment analysts have rated the stock with a sell rating and two have issued a hold rating to the company. Based on data from MarketBeat, Xerox presently has a consensus rating of Reduce and an average target price of $12.75.

Xerox Stock Performance

XRX stock opened at $11.33 on Wednesday. Xerox has a 1 year low of $9.51 and a 1 year high of $19.78. The stock has a market capitalization of $1.41 billion, a price-to-earnings ratio of -7.22 and a beta of 1.58. 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’s fifty day moving average is $11.02 and its two-hundred day moving average is $14.14.

Xerox (NYSE:XRX) last posted its earnings results on Thursday, July 25th. The information technology services provider reported $0.29 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.43 by ($0.14). The firm had revenue of $1.58 billion for the quarter, compared to analyst estimates of $1.60 billion. Xerox had a negative net margin of 1.60% and a positive return on equity of 7.33%. The company’s revenue for the quarter was down 10.0% on a year-over-year basis. During the same period in the previous year, the firm earned $0.44 earnings per share. On average, research analysts predict that Xerox will post 1.79 EPS for the current year.

Xerox Announces Dividend

The firm also recently declared 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. The ex-dividend date of this dividend is Monday, September 30th. This represents a $1.00 annualized dividend and a yield of 8.83%. Xerox’s dividend payout ratio (DPR) is -63.69%.

Institutional Investors Weigh In On Xerox

Hedge funds have recently modified their holdings of the stock. International Assets Investment Management LLC boosted its position in shares of Xerox by 1,733.2% in the fourth quarter. International Assets Investment Management LLC now owns 4,583 shares of the information technology services provider’s stock worth $84,000 after buying an additional 4,333 shares during the period. Handelsbanken Fonder AB grew its stake in Xerox by 20.5% during the 4th quarter. Handelsbanken Fonder AB now owns 22,900 shares of the information technology services provider’s stock valued at $420,000 after acquiring an additional 3,900 shares in the last quarter. New York State Common Retirement Fund increased its holdings in shares of Xerox by 2.0% in the 4th quarter. New York State Common Retirement Fund now owns 72,476 shares of the information technology services provider’s stock valued at $1,328,000 after purchasing an additional 1,407 shares during the period. GAMMA Investing LLC purchased a new stake in shares of Xerox in the fourth quarter worth approximately $25,000. Finally, Yousif Capital Management LLC grew its position in Xerox by 1.0% during the fourth quarter. Yousif Capital Management LLC now owns 64,642 shares of the information technology services provider’s stock valued at $1,185,000 after purchasing an additional 615 shares in the last quarter. 85.36% of the stock is owned by hedge funds and other 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.