Xerox (NYSE:XRX) Coverage Initiated at Citigroup

Citigroup initiated coverage on shares of Xerox (NYSE:XRX) in a research report report published on Friday, Marketbeat.com reports. The firm issued a sell rating and a $11.00 price target on the information technology services provider’s stock.

A number of other brokerages have also recently commented on XRX. JPMorgan Chase & Co. decreased their price objective on Xerox from $18.00 to $17.00 and set an underweight rating for the company in a research note on Wednesday, April 24th. StockNews.com raised Xerox from a hold rating to a buy rating in a research note on Wednesday, June 19th.

Xerox Price Performance

Xerox stock opened at $11.55 on Friday. Xerox has a 52 week low of $11.50 and a 52 week high of $19.78. The firm has a market cap of $1.43 billion, a P/E ratio of -7.36 and a beta of 1.58. The company has a debt-to-equity ratio of 1.34, a quick ratio of 1.07 and a current ratio of 1.37. The business’s fifty day moving average is $13.63 and its two-hundred day moving average is $16.20.

Xerox (NYSE:XRX) last released its quarterly earnings results on Tuesday, April 23rd. The information technology services provider reported $0.06 EPS for the quarter, missing the consensus estimate of $0.35 by ($0.29). The company had revenue of $1.50 billion for the quarter, compared to the consensus estimate of $1.53 billion. Xerox had a negative net margin of 2.74% and a positive return on equity of 7.77%. Xerox’s revenue for the quarter was down 12.8% compared to the same quarter last year. During the same period last year, the company earned $0.49 earnings per share. Equities research analysts forecast that Xerox will post 2.05 earnings per share for the current fiscal year.

Xerox Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 31st. Stockholders of record on Friday, June 28th will be paid a dividend of $0.25 per share. The ex-dividend date of this dividend is Friday, June 28th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 8.66%. Xerox’s dividend payout ratio is -63.69%.

Institutional Investors Weigh In On Xerox

Institutional investors and hedge funds have recently made changes to their positions in the stock. UBS Group AG grew its holdings in Xerox by 1.1% during the third quarter. UBS Group AG now owns 146,043 shares of the information technology services provider’s stock worth $2,291,000 after purchasing an additional 1,635 shares during the period. Deutsche Bank AG boosted its stake in shares of Xerox by 16.0% during the 3rd quarter. Deutsche Bank AG now owns 55,732 shares of the information technology services provider’s stock worth $874,000 after acquiring an additional 7,698 shares during the period. Invesco Ltd. increased its holdings in shares of Xerox by 65.2% during the 3rd quarter. Invesco Ltd. now owns 1,281,942 shares of the information technology services provider’s stock worth $20,114,000 after acquiring an additional 506,117 shares during the last quarter. Federated Hermes Inc. raised its stake in Xerox by 56.9% in the 3rd quarter. Federated Hermes Inc. now owns 189,298 shares of the information technology services provider’s stock valued at $2,970,000 after acquiring an additional 68,632 shares during the period. Finally, Trexquant Investment LP lifted its holdings in Xerox by 41.1% during the 3rd quarter. Trexquant Investment LP now owns 203,175 shares of the information technology services provider’s stock valued at $3,188,000 after purchasing an additional 59,209 shares during the last quarter. Institutional investors own 85.36% of the company’s stock.

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.