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

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

A number of other equities research analysts also recently issued reports on XRX. Loop Capital reduced their price objective on shares of Xerox from $14.00 to $11.00 and set a “hold” rating for the company in a research report on Wednesday, August 14th. Morgan Stanley reduced their target price on Xerox from $10.00 to $8.00 and set an “underweight” rating for the company in a report on Wednesday, October 30th. Finally, JPMorgan Chase & Co. dropped their price target on Xerox from $11.00 to $8.00 and set an “underweight” rating on the stock in a report 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, the company presently has a consensus rating of “Reduce” and an average target price of $9.50.

Xerox Stock Performance

Shares of Xerox stock opened at $8.39 on Friday. The company has a market cap of $1.04 billion, a PE ratio of -0.76 and a beta of 1.59. The company has a quick ratio of 1.13, a current ratio of 1.26 and a debt-to-equity ratio of 2.11. Xerox has a 52 week low of $8.02 and a 52 week high of $19.78. The business has a 50 day moving average price of $10.27 and a 200-day moving average price of $11.73.

Xerox (NYSE:XRX) last issued its quarterly earnings data 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). 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 quarter last year, the business posted $0.46 earnings per share. Xerox’s revenue was down 7.5% on a year-over-year basis. Equities analysts anticipate that Xerox will post 1.55 earnings per share for the current fiscal year.

Xerox Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, January 31st. Stockholders of record on Tuesday, December 31st will be given a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a dividend yield of 11.92%. The ex-dividend date of this dividend is Tuesday, December 31st. Xerox’s dividend payout ratio is currently -9.06%.

Institutional Investors Weigh In On Xerox

A number of hedge funds have recently modified their holdings of the stock. US Bancorp DE raised 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 valued at $66,000 after buying an additional 1,888 shares during the period. Nisa Investment Advisors LLC increased its holdings in Xerox by 42.7% in the 3rd quarter. Nisa Investment Advisors LLC now owns 73,147 shares of the information technology services provider’s stock worth $778,000 after acquiring an additional 21,897 shares during the last quarter. Wealth Enhancement Advisory Services LLC raised its stake in Xerox by 24.3% in the 3rd quarter. Wealth Enhancement Advisory Services LLC now owns 17,600 shares of the information technology services provider’s stock valued at $183,000 after acquiring an additional 3,444 shares during the period. International Assets Investment Management LLC lifted its holdings in Xerox by 938.0% during the third quarter. International Assets Investment Management LLC now owns 8,304 shares of the information technology services provider’s stock valued at $800,000 after purchasing an additional 7,504 shares during the last quarter. Finally, Allspring Global Investments Holdings LLC boosted its position in Xerox by 1,960.4% during the third quarter. Allspring Global Investments Holdings LLC now owns 163,163 shares of the information technology services provider’s stock worth $1,694,000 after purchasing an additional 155,244 shares during the period. Institutional investors own 85.36% of the company’s stock.

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.