Xerox (NYSE:XRX) Trading Down 6.7% – Should You Sell?

Xerox Holdings Co. (NYSE:XRX)’s stock price dropped 6.7% during mid-day trading on Wednesday . The stock traded as low as $7.00 and last traded at $6.99. Approximately 3,634,249 shares were traded during trading, an increase of 33% from the average daily volume of 2,729,515 shares. The stock had previously closed at $7.49.

Analyst Ratings Changes

A number of brokerages have weighed in on XRX. StockNews.com cut Xerox from a “buy” rating to a “hold” rating in a research report on Wednesday, February 5th. JPMorgan Chase & Co. reduced their price target on shares of Xerox from $11.00 to $8.00 and set an “underweight” rating on the stock in a research report on Wednesday, October 30th. Finally, Morgan Stanley decreased their price objective on Xerox from $10.00 to $8.00 and set an “underweight” rating for the company in a report on Wednesday, October 30th. Three research analysts have rated the stock with a sell rating and two have issued a hold rating to the stock. According to data from MarketBeat, Xerox presently has a consensus rating of “Reduce” and an average target price of $9.50.

Xerox Trading Down 7.5 %

The company has a current ratio of 1.11, a quick ratio of 0.84 and a debt-to-equity ratio of 2.61. The firm’s 50-day moving average is $8.64 and its 200-day moving average is $9.36. The firm has a market cap of $861.91 million, a price-to-earnings ratio of -0.65 and a beta of 1.59.

Xerox Cuts Dividend

The firm 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 dividend of $0.125 per share. The ex-dividend date is Monday, March 31st. This represents a $0.50 dividend on an annualized basis and a yield of 7.22%. Xerox’s dividend payout ratio is presently -4.66%.

Institutional Investors Weigh In On Xerox

Several hedge funds have recently bought and sold shares of XRX. Gladius Capital Management LP purchased a new position in shares of Xerox in the third quarter worth $29,000. Picton Mahoney Asset Management raised its holdings in Xerox by 330.5% in the fourth quarter. Picton Mahoney Asset Management now owns 3,758 shares of the information technology services provider’s stock worth $31,000 after buying an additional 2,885 shares during the last quarter. TD Waterhouse Canada Inc. purchased a new stake in shares of Xerox during the 4th quarter valued at about $51,000. US Bancorp DE increased its position in Xerox by 42.3% during the third quarter. US Bancorp DE now owns 6,353 shares of the information technology services provider’s stock valued at $66,000 after acquiring an additional 1,888 shares during the last quarter. Finally, International Assets Investment Management LLC increased its holdings in Xerox by 938.0% during the third quarter. International Assets Investment Management LLC now owns 8,304 shares of the information technology services provider’s stock valued at $800,000 after buying an additional 7,504 shares during the last quarter. 85.36% of the stock is currently owned by institutional investors.

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.