Verition Fund Management LLC Takes $625,000 Position in Xerox Holdings Co. (NYSE:XRX)

Verition Fund Management LLC purchased a new stake in shares of Xerox Holdings Co. (NYSE:XRX) during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 60,224 shares of the information technology services provider’s stock, valued at approximately $625,000.

Other hedge funds have also added to or reduced their stakes in the company. Pacer Advisors Inc. boosted its stake in shares of Xerox by 33.2% in the 3rd quarter. Pacer Advisors Inc. now owns 16,969,127 shares of the information technology services provider’s stock valued at $176,140,000 after purchasing an additional 4,228,806 shares during the last quarter. Mizuho Markets Americas LLC boosted its stake in Xerox by 282.4% in the second quarter. Mizuho Markets Americas LLC now owns 353,682 shares of the information technology services provider’s stock valued at $4,110,000 after acquiring an additional 261,180 shares during the last quarter. Sound Income Strategies LLC grew its holdings in Xerox by 27.9% during 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 acquiring an additional 225,617 shares during the period. Connor Clark & Lunn Investment Management Ltd. bought a new stake in shares of Xerox during the 3rd quarter valued at $1,626,000. Finally, Allspring Global Investments Holdings LLC lifted 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 valued at $1,694,000 after purchasing an additional 155,244 shares during the period. Institutional investors own 85.36% of the company’s stock.

Xerox Price Performance

Shares of XRX opened at $8.91 on Wednesday. The stock has a 50 day simple moving average of $9.32 and a 200 day simple moving average of $10.72. Xerox Holdings Co. has a 52-week low of $8.02 and a 52-week high of $19.78. The company has a debt-to-equity ratio of 2.11, a quick ratio of 0.95 and a current ratio of 1.26. The firm has a market capitalization of $1.11 billion, a PE ratio of -0.81 and a beta of 1.59.

Xerox (NYSE:XRX) last released its quarterly earnings results on Tuesday, October 29th. The information technology services provider reported $0.25 earnings per share for the quarter, missing the consensus estimate of $0.51 by ($0.26). The company had revenue of $1.53 billion during the quarter, compared to analyst estimates of $1.63 billion. Xerox had a negative net margin of 21.31% and a positive return on equity of 6.60%. The firm’s quarterly revenue was down 7.5% compared to the same quarter last year. During the same quarter last year, the company earned $0.46 EPS. Sell-side analysts predict that Xerox Holdings Co. will post 1.12 EPS for the current fiscal year.

Xerox Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, January 31st. Stockholders of record on Tuesday, December 31st will be issued a $0.25 dividend. The ex-dividend date is Tuesday, December 31st. This represents a $1.00 dividend on an annualized basis and a dividend yield of 11.22%. Xerox’s dividend payout ratio (DPR) is -9.06%.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on XRX shares. StockNews.com downgraded Xerox from a “buy” rating to a “hold” rating in a report on Wednesday, December 4th. JPMorgan Chase & Co. cut their price target on shares of Xerox from $11.00 to $8.00 and set an “underweight” rating on the stock in a research report on Wednesday, October 30th. Loop Capital decreased their price objective 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. Finally, Morgan Stanley cut their target price on shares of Xerox from $10.00 to $8.00 and set an “underweight” rating on the stock in a report on Wednesday, October 30th. Three research analysts have rated the stock with a sell rating and two have given a hold rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Reduce” and an average target price of $9.50.

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.