Xerox Holdings Co. (NYSE:XRX) Stock Position Decreased by ARK Investment Management LLC

ARK Investment Management LLC cut its stake in Xerox Holdings Co. (NYSE:XRX) by 14.7% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 7,471 shares of the information technology services provider’s stock after selling 1,292 shares during the period. ARK Investment Management LLC’s holdings in Xerox were worth $87,000 as of its most recent SEC filing.

Other hedge funds have also recently bought and sold shares of the company. International Assets Investment Management LLC grew its stake in shares of Xerox by 1,733.2% in the 4th quarter. International Assets Investment Management LLC now owns 4,583 shares of the information technology services provider’s stock worth $84,000 after purchasing an additional 4,333 shares during the last quarter. Allspring Global Investments Holdings LLC boosted its position in Xerox by 74.6% during the fourth quarter. Allspring Global Investments Holdings LLC now owns 14,902 shares of the information technology services provider’s stock worth $273,000 after purchasing an additional 6,369 shares during the period. Federated Hermes Inc. lifted its position in Xerox by 1.7% during the 4th quarter. Federated Hermes Inc. now owns 192,500 shares of the information technology services provider’s stock worth $3,529,000 after acquiring an additional 3,202 shares during the last quarter. Handelsbanken Fonder AB increased its position in Xerox by 20.5% in the 4th quarter. Handelsbanken Fonder AB now owns 22,900 shares of the information technology services provider’s stock worth $420,000 after buying an additional 3,900 shares during the period. Finally, Sigma Planning Corp lifted its holdings in shares of Xerox by 33.2% during the fourth quarter. Sigma Planning Corp now owns 13,343 shares of the information technology services provider’s stock worth $245,000 after buying an additional 3,329 shares during the last quarter. 85.36% of the stock is currently owned by institutional investors.

Xerox Price Performance

Shares of XRX traded up $0.04 during mid-day trading on Tuesday, reaching $11.03. The company had a trading volume of 665,465 shares, compared to its average volume of 2,165,551. The company’s 50-day moving average is $11.20 and its 200-day moving average is $14.29. The company has a debt-to-equity ratio of 1.34, a current ratio of 1.49 and a quick ratio of 1.13. The company has a market capitalization of $1.37 billion, a P/E ratio of -6.99 and a beta of 1.58. Xerox Holdings Co. has a twelve month low of $9.51 and a twelve month high of $19.78.

Xerox (NYSE:XRX) last issued its quarterly earnings data on Thursday, July 25th. The information technology services provider reported $0.29 earnings per share (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 the consensus estimate of $1.60 billion. During the same period in the previous year, the business posted $0.44 earnings per share. The firm’s revenue was down 10.0% compared to the same quarter last year. On average, equities analysts anticipate that Xerox Holdings Co. will post 1.79 EPS for the current year.

Xerox Announces Dividend

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 issued a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a dividend yield of 9.07%. The ex-dividend date of this dividend is Monday, September 30th. Xerox’s payout ratio is -63.69%.

Wall Street Analyst Weigh In

Several equities analysts recently commented on the stock. Citigroup began coverage on shares of Xerox in a research note on Friday, June 28th. They set a “sell” rating and a $11.00 target price for the company. StockNews.com upgraded Xerox from a “hold” rating to a “buy” rating in a research note on Friday, August 16th. Finally, Loop Capital reduced their price objective on Xerox from $14.00 to $11.00 and set a “hold” rating for the company in a research report on Wednesday, August 14th. Three research analysts have rated the stock with a sell rating, one has given a hold rating and one has given a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $12.75.

Xerox 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.