Morgan Stanley Cuts Xerox (NYSE:XRX) Price Target to $8.00

Xerox (NYSE:XRX) had its target price trimmed by Morgan Stanley from $10.00 to $8.00 in a report published on Wednesday, Benzinga reports. They currently have an underweight rating on the information technology services provider’s stock.

Other analysts also recently issued research reports about the company. Loop Capital decreased their target price on Xerox from $14.00 to $11.00 and set a “hold” rating for the company in a research note on Wednesday, August 14th. StockNews.com upgraded Xerox from a “hold” rating to a “buy” rating in a research report on Thursday, September 5th. Finally, JPMorgan Chase & Co. reduced their price objective on Xerox from $11.00 to $8.00 and set an “underweight” rating for the company in a research report on Wednesday. Three analysts have rated the stock with a sell rating and two have given a hold rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Reduce” and an average target price of $9.50.

Xerox Stock Performance

Shares of XRX stock opened at $8.29 on Wednesday. The firm has a market cap of $1.03 billion, a P/E ratio of -0.75 and a beta of 1.59. The stock’s 50-day moving average is $10.27 and its two-hundred day moving average is $11.79. Xerox has a fifty-two week low of $8.02 and a fifty-two week high of $19.78. The company has a debt-to-equity ratio of 2.11, a current ratio of 1.26 and a quick ratio of 1.13.

Xerox (NYSE:XRX) last released its quarterly earnings results on Tuesday, October 29th. The information technology services provider reported $0.25 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.51 by ($0.26). Xerox had a positive return on equity of 6.60% and a negative net margin of 21.31%. 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 company posted $0.46 EPS. The business’s revenue was down 7.5% compared to the same quarter last year. Analysts predict that Xerox will post 1.55 earnings per share for the current fiscal year.

Xerox Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, January 31st. Shareholders of record on Tuesday, December 31st will be issued a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a yield of 12.06%. Xerox’s dividend payout ratio is presently -9.06%.

Institutional Trading of Xerox

Several hedge funds and other institutional investors have recently modified their holdings of the company. SG Capital Management LLC acquired a new stake in shares of Xerox in the first quarter valued at about $8,466,000. Mizuho Markets Americas LLC increased its position in Xerox by 282.4% during the second quarter. Mizuho Markets Americas LLC now owns 353,682 shares of the information technology services provider’s stock worth $4,110,000 after buying an additional 261,180 shares during the last quarter. Edgestream Partners L.P. bought a new stake in shares of Xerox during the first quarter worth approximately $4,509,000. Acadian Asset Management LLC bought a new stake in shares of Xerox during the first quarter worth approximately $4,066,000. Finally, Sound Income Strategies LLC boosted its holdings in shares of Xerox by 27.9% during the third 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. Institutional investors and hedge funds 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.