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 Saturday.

Several other analysts have also recently commented on XRX. Loop Capital lowered their price target on Xerox from $14.00 to $11.00 and set a “hold” rating for the company in a report on Wednesday, August 14th. JPMorgan Chase & Co. lowered their target price on shares of Xerox from $11.00 to $8.00 and set an “underweight” rating for the company in a report on Wednesday, October 30th. Finally, Morgan Stanley cut their price target on shares of Xerox from $10.00 to $8.00 and set an “underweight” rating on the stock in a research note on Wednesday, October 30th. Three equities research analysts have rated the stock with a sell rating, one has given a hold rating and one has assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $9.50.

Xerox Stock Performance

NYSE:XRX opened at $8.67 on Friday. 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 firm has a market cap of $1.08 billion, a PE ratio of -0.79 and a beta of 1.59. The firm has a 50 day simple moving average of $9.94 and a 200-day simple moving average of $11.42. Xerox has a 1-year low of $8.02 and a 1-year high of $19.78.

Xerox (NYSE:XRX) last issued its quarterly earnings results on Tuesday, October 29th. The information technology services provider reported $0.25 earnings per share for the quarter, missing the consensus estimate of $0.51 by ($0.26). Xerox had a negative net margin of 21.31% and a positive return on equity of 6.60%. The business had revenue of $1.53 billion during the quarter, compared to analyst estimates of $1.63 billion. During the same quarter last year, the firm posted $0.46 earnings per share. The company’s revenue was down 7.5% on a year-over-year basis. On average, equities analysts expect that Xerox will post 1.38 EPS for the current year.

Xerox Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, January 31st. Shareholders of record on Tuesday, December 31st will be given a dividend of $0.25 per share. 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 11.53%. Xerox’s dividend payout ratio (DPR) is -9.06%.

Hedge Funds Weigh In On Xerox

Hedge funds have recently made changes to their positions in the business. Pacer Advisors Inc. grew its stake in shares of Xerox by 33.2% in the third quarter. Pacer Advisors Inc. now owns 16,969,127 shares of the information technology services provider’s stock valued at $176,140,000 after buying an additional 4,228,806 shares in the last quarter. SG Capital Management LLC bought a new stake in Xerox in the first quarter valued at about $8,466,000. Mizuho Markets Americas LLC raised its stake in Xerox by 282.4% during the second 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. Edgestream Partners L.P. bought a new position in Xerox during the 1st quarter worth approximately $4,509,000. Finally, Acadian Asset Management LLC acquired a new position in shares of Xerox in the 1st quarter worth approximately $4,066,000. 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.