StockNews.com downgraded shares of Xerox (NYSE:XRX – Free Report) from a buy rating to a hold rating in a research report sent to investors on Friday.
A number of other equities analysts have also weighed in on XRX. Citigroup started coverage on shares of Xerox in a report on Friday, June 28th. They issued a sell rating and a $11.00 price target on the stock. JPMorgan Chase & Co. reduced their target price on shares of Xerox from $18.00 to $17.00 and set an underweight rating on the stock in a report on Wednesday, April 24th.
Check Out Our Latest Research Report on XRX
Xerox Stock Up 2.5 %
Xerox (NYSE:XRX – Get Free Report) last announced its quarterly earnings results on Thursday, July 25th. The information technology services provider reported $0.29 earnings per share for the quarter, missing analysts’ consensus estimates of $0.43 by ($0.14). The company had revenue of $1.58 billion during the quarter, compared to analyst estimates of $1.60 billion. Xerox had a negative net margin of 1.60% and a positive return on equity of 7.49%. The firm’s revenue for the quarter was down 10.0% compared to the same quarter last year. During the same quarter last year, the business earned $0.44 EPS. Analysts forecast that Xerox will post 1.99 earnings per share for the current year.
Xerox Dividend Announcement
The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 31st. Shareholders of record on Friday, June 28th will be issued a $0.25 dividend. The ex-dividend date is Friday, June 28th. This represents a $1.00 dividend on an annualized basis and a yield of 8.84%. Xerox’s dividend payout ratio is currently -63.69%.
Hedge Funds Weigh In On Xerox
A number of institutional investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. raised its stake in shares of Xerox by 10.2% in the 3rd quarter. Vanguard Group Inc. now owns 15,791,263 shares of the information technology services provider’s stock valued at $247,765,000 after purchasing an additional 1,464,851 shares in the last quarter. Bridgeway Capital Management LLC acquired a new stake in shares of Xerox in the 4th quarter valued at about $17,470,000. Intrinsic Edge Capital Management LLC acquired a new stake in shares of Xerox in the 4th quarter valued at about $14,832,000. Norges Bank acquired a new stake in shares of Xerox in the 4th quarter valued at about $9,435,000. Finally, SG Capital Management LLC acquired a new stake in shares of Xerox in the 1st quarter valued at about $8,466,000. 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.
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