Xerox (NYSE:XRX) Shares Gap Up – Here’s Why

Shares of Xerox Holdings Co. (NYSE:XRX) gapped up prior to trading on Monday . The stock had previously closed at $6.36, but opened at $6.50. Xerox shares last traded at $6.30, with a volume of 410,206 shares trading hands.

Analyst Ratings Changes

Separately, StockNews.com cut shares of Xerox from a “buy” rating to a “hold” rating in a research report on Wednesday, February 5th. Three investment analysts have rated the stock with a sell rating and two have assigned a hold rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Reduce” and an average target price of $9.50.

Xerox Stock Performance

The company has a 50-day moving average of $8.25 and a 200-day moving average of $9.15. The firm has a market capitalization of $797.41 million, a price-to-earnings ratio of -0.59 and a beta of 1.66. The company has a current ratio of 1.11, a quick ratio of 0.84 and a debt-to-equity ratio of 2.61.

Xerox Cuts Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, April 30th. Shareholders of record on Monday, March 31st will be given a $0.125 dividend. The ex-dividend date of this dividend is Monday, March 31st. This represents a $0.50 dividend on an annualized basis and a yield of 7.86%. Xerox’s dividend payout ratio (DPR) is -4.66%.

Hedge Funds Weigh In On Xerox

Several institutional investors and hedge funds have recently bought and sold shares of the business. Gladius Capital Management LP acquired a new stake in Xerox in the third quarter valued at approximately $29,000. Picton Mahoney Asset Management lifted its holdings in Xerox by 330.5% in the 4th quarter. Picton Mahoney Asset Management now owns 3,758 shares of the information technology services provider’s stock worth $31,000 after purchasing an additional 2,885 shares during the last quarter. TD Waterhouse Canada Inc. bought a new position in shares of Xerox in the fourth quarter valued at approximately $51,000. US Bancorp DE lifted its holdings in shares of Xerox by 42.3% during the third quarter. US Bancorp DE now owns 6,353 shares of the information technology services provider’s stock worth $66,000 after buying an additional 1,888 shares during the last quarter. Finally, KBC Group NV grew its stake in shares of Xerox by 84.5% in the fourth quarter. KBC Group NV now owns 9,223 shares of the information technology services provider’s stock worth $78,000 after acquiring an additional 4,224 shares during the last quarter. Hedge funds and other institutional investors 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.