Xerox (NYSE:XRX) Downgraded by StockNews.com to Hold

StockNews.com cut shares of Xerox (NYSE:XRX) from a buy rating to a hold rating in a research note issued to investors on Thursday.

XRX has been the subject of several other reports. 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. JPMorgan Chase & Co. decreased their target price on shares of Xerox from $18.00 to $17.00 and set an underweight rating for the company in a research report on Wednesday, April 24th.

Xerox Stock Down 0.5 %

XRX traded down $0.05 on Thursday, reaching $9.96. 1,308,311 shares of the company traded hands, compared to its average volume of 2,216,377. The stock’s 50 day moving average price is $12.10 and its 200-day moving average price is $15.00. Xerox has a 52-week low of $9.51 and a 52-week high of $19.78. The company has a market cap of $1.24 billion, a price-to-earnings ratio of -6.33 and a beta of 1.58. The company has a debt-to-equity ratio of 1.34, a current ratio of 1.49 and a quick ratio of 1.13.

Xerox (NYSE:XRX) last announced its quarterly earnings data on Thursday, July 25th. The information technology services provider reported $0.29 EPS for the quarter, missing analysts’ consensus estimates of $0.43 by ($0.14). Xerox had a negative net margin of 1.60% and a positive return on equity of 7.33%. The company had revenue of $1.58 billion for the quarter, compared to analysts’ expectations of $1.60 billion. During the same period in the previous year, the firm posted $0.44 earnings per share. The business’s revenue for the quarter was down 10.0% on a year-over-year basis. On average, sell-side analysts expect that Xerox will post 1.88 EPS for the current fiscal year.

Xerox Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, October 31st. Stockholders of record on Monday, September 30th will be paid a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a dividend yield of 10.04%. The ex-dividend date is Monday, September 30th. Xerox’s payout ratio is -63.69%.

Institutional Trading of Xerox

A number of institutional investors and hedge funds have recently modified their holdings of XRX. Bridgeway Capital Management LLC acquired a new stake in shares of Xerox in the fourth quarter worth $17,470,000. Intrinsic Edge Capital Management LLC acquired a new position in Xerox during the 4th quarter valued at $14,832,000. Norges Bank acquired a new position in Xerox during the 4th quarter valued at $9,435,000. SG Capital Management LLC acquired a new position in shares of Xerox in the 1st quarter valued at $8,466,000. Finally, Mizuho Markets Americas LLC raised its stake in shares of Xerox by 282.4% in the 2nd quarter. Mizuho Markets Americas LLC now owns 353,682 shares of the information technology services provider’s stock valued at $4,110,000 after buying an additional 261,180 shares in the last quarter. 85.36% of the stock is currently owned by institutional investors and hedge funds.

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.