Xerox (NYSE:XRX) Raised to “Buy” at StockNews.com

StockNews.com upgraded shares of Xerox (NYSE:XRX) from a hold rating to a buy rating in a research report sent to investors on Monday morning.

XRX has been the subject of several other reports. JPMorgan Chase & Co. dropped their price objective on Xerox from $11.00 to $8.00 and set an “underweight” rating for the company in a report on Wednesday, October 30th. Morgan Stanley lowered their price target on shares of Xerox from $10.00 to $8.00 and set an “underweight” rating for the company in a research report on Wednesday, October 30th. Three analysts have rated the stock with a sell rating, one has assigned a hold rating and one has given a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $9.50.

Xerox Price Performance

XRX opened at $8.36 on Monday. The company has a debt-to-equity ratio of 2.11, a current ratio of 1.26 and a quick ratio of 0.95. The stock has a market capitalization of $1.04 billion, a P/E ratio of -0.76 and a beta of 1.59. The company’s 50 day simple moving average is $9.12 and its 200-day simple moving average is $10.53. Xerox has a one year low of $8.02 and a one year high of $19.78.

Xerox (NYSE:XRX) last announced its quarterly earnings data on Tuesday, October 29th. The information technology services provider reported $0.25 EPS for the quarter, missing analysts’ consensus estimates of $0.51 by ($0.26). The firm had revenue of $1.53 billion during the quarter, compared to the consensus estimate of $1.63 billion. Xerox had a negative net margin of 21.31% and a positive return on equity of 6.60%. The firm’s quarterly revenue was down 7.5% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.46 earnings per share. Sell-side analysts anticipate that Xerox will post 1.12 earnings per share for the current fiscal year.

Xerox Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, January 31st. Investors of record on Tuesday, December 31st will be issued a $0.25 dividend. The ex-dividend date of this dividend is Tuesday, December 31st. This represents a $1.00 dividend on an annualized basis and a yield of 11.96%. Xerox’s dividend payout ratio is presently -9.06%.

Institutional Trading of Xerox

Hedge funds have recently modified their holdings of the company. CWM LLC increased its stake in Xerox by 155.5% in the second quarter. CWM LLC now owns 2,264 shares of the information technology services provider’s stock valued at $26,000 after purchasing an additional 1,378 shares in the last quarter. Gladius Capital Management LP bought a new stake in shares of Xerox in the 3rd quarter valued at $29,000. US Bancorp DE increased its position in shares of Xerox by 42.3% in the 3rd quarter. US Bancorp DE now owns 6,353 shares of the information technology services provider’s stock valued at $66,000 after buying an additional 1,888 shares in the last quarter. nVerses Capital LLC acquired a new stake in Xerox during the 2nd quarter worth $78,000. Finally, Plato Investment Management Ltd lifted its holdings in Xerox by 45.0% during the second quarter. Plato Investment Management Ltd now owns 9,346 shares of the information technology services provider’s stock worth $109,000 after acquiring an additional 2,899 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.