Xerox (NYSE:XRX) Trading Down 4.8% Following Analyst Downgrade

Xerox Holdings Co. (NYSE:XRX)’s share price was down 4.8% during mid-day trading on Monday after JPMorgan Chase & Co. lowered their price target on the stock from $13.00 to $11.00. JPMorgan Chase & Co. currently has an underweight rating on the stock. Xerox traded as low as $10.25 and last traded at $10.27. Approximately 248,071 shares traded hands during trading, a decline of 88% from the average daily volume of 2,113,663 shares. The stock had previously closed at $10.79.

Several other research analysts also recently weighed in on XRX. StockNews.com upgraded Xerox from a “hold” rating to a “buy” rating in a report on Thursday, September 5th. Loop Capital cut their price target on shares of Xerox from $14.00 to $11.00 and set a “hold” rating on the stock in a research note on Wednesday, August 14th. Finally, Citigroup began coverage on shares of Xerox in a research note on Friday, June 28th. They set a “sell” rating and a $11.00 price objective for the company. Three analysts have rated the stock with a sell rating, one has issued a hold rating and one has given a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $11.25.

Institutional Investors Weigh In On Xerox

Several institutional investors and hedge funds have recently bought and sold shares of the business. Allspring Global Investments Holdings LLC lifted its stake in Xerox by 1,960.4% in the third quarter. Allspring Global Investments Holdings LLC now owns 163,163 shares of the information technology services provider’s stock valued at $1,694,000 after buying an additional 155,244 shares during the last quarter. Creative Planning bought a new position in Xerox during the 3rd quarter valued at $225,000. Wedge Capital Management L L P NC grew its holdings in Xerox by 21.4% during the third quarter. Wedge Capital Management L L P NC now owns 193,994 shares of the information technology services provider’s stock worth $2,014,000 after acquiring an additional 34,216 shares during the period. Sound Income Strategies LLC boosted its holdings in Xerox by 27.9% during the third quarter. Sound Income Strategies LLC now owns 1,033,506 shares of the information technology services provider’s stock worth $10,728,000 after buying an additional 225,617 shares in the last quarter. Finally, CWM LLC grew its holdings in shares of Xerox by 381.3% in the 3rd quarter. CWM LLC now owns 10,897 shares of the information technology services provider’s stock worth $113,000 after acquiring an additional 8,633 shares during the last quarter. Institutional investors and hedge funds own 85.36% of the company’s stock.

Xerox Trading Down 6.0 %

The company has a current ratio of 1.49, a quick ratio of 1.13 and a debt-to-equity ratio of 1.34. The stock has a market cap of $1.26 billion, a price-to-earnings ratio of -10.28 and a beta of 1.57. The company has a fifty day simple moving average of $10.44 and a 200-day simple moving average of $12.30.

Xerox (NYSE:XRX) last released its quarterly earnings data on Thursday, July 25th. The information technology services provider reported $0.29 earnings per share for the quarter, missing the consensus estimate 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 7.33%. The firm’s quarterly revenue was down 10.0% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.44 EPS. On average, research analysts forecast that Xerox Holdings Co. will post 1.79 earnings per share for the current fiscal year.

Xerox Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, October 31st. Stockholders of record on Monday, September 30th will be given a $0.25 dividend. This represents a $1.00 annualized dividend and a dividend yield of 9.86%. The ex-dividend date of this dividend is Monday, September 30th. Xerox’s dividend payout ratio is currently -95.24%.

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.