Xerox (NYSE:XRX) Shares Gap Up – Still a Buy?

Xerox Holdings Co. (NYSE:XRX) shares gapped up prior to trading on Monday . The stock had previously closed at $6.36, but opened at $6.50. Xerox shares last traded at $6.30, with a volume of 410,206 shares trading hands.

Analyst Upgrades and Downgrades

Separately, StockNews.com downgraded Xerox from a “buy” rating to a “hold” rating in a research report on Wednesday, February 5th. Three research analysts have rated the stock with a sell rating and two have issued a hold rating to the stock. According to MarketBeat.com, the stock has an average rating of “Reduce” and a consensus price target of $9.50.

Xerox Trading Down 2.4 %

The company has a debt-to-equity ratio of 2.61, a current ratio of 1.11 and a quick ratio of 0.84. The stock has a market capitalization of $765.47 million, a price-to-earnings ratio of -0.57 and a beta of 1.66. The business has a 50 day simple moving average of $8.15 and a 200-day simple moving average of $9.09.

Xerox Cuts Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, April 30th. Investors of record on Monday, March 31st will be issued a dividend of $0.125 per share. The ex-dividend date of this dividend is Monday, March 31st. This represents a $0.50 annualized dividend and a yield of 8.18%. Xerox’s payout ratio is presently -4.66%.

Institutional Investors Weigh In On Xerox

Large investors have recently made changes to their positions in the stock. Advisors Asset Management Inc. boosted its holdings in shares of Xerox by 9.5% in the 3rd quarter. Advisors Asset Management Inc. now owns 796,609 shares of the information technology services provider’s stock valued at $8,269,000 after buying an additional 69,183 shares during the last quarter. Empowered Funds LLC lifted its holdings in shares of Xerox by 8.2% during the fourth quarter. Empowered Funds LLC now owns 606,748 shares of the information technology services provider’s stock worth $5,115,000 after buying an additional 46,212 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its holdings in shares of Xerox by 6.7% during the third quarter. Charles Schwab Investment Management Inc. now owns 1,719,607 shares of the information technology services provider’s stock worth $17,850,000 after buying an additional 107,580 shares in the last quarter. Sound Income Strategies LLC lifted its holdings in shares of Xerox by 6.7% during the fourth quarter. Sound Income Strategies LLC now owns 1,102,688 shares of the information technology services provider’s stock worth $9,296,000 after buying an additional 69,182 shares in the last quarter. Finally, Geode Capital Management LLC increased its position in shares of Xerox by 2.3% in the third quarter. Geode Capital Management LLC now owns 2,808,775 shares of the information technology services provider’s stock worth $29,161,000 after purchasing an additional 62,947 shares during the period. Institutional investors and hedge funds own 85.36% of the company’s stock.

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.