Xerox (NYSE:XRX) Stock Rating Lowered by StockNews.com

Xerox (NYSE:XRX) was downgraded by investment analysts at StockNews.com from a “buy” rating to a “hold” rating in a research report issued on Friday.

Several other research firms have also weighed in on XRX. JPMorgan Chase & Co. cut their target price on shares of Xerox from $18.00 to $17.00 and set an “underweight” rating on the stock in a report on Wednesday, April 24th. Citigroup began coverage on Xerox in a report on Friday, June 28th. They set a “sell” rating and a $11.00 target price on the stock.

Xerox Stock Up 1.9 %

Shares of Xerox stock opened at $11.03 on Friday. The business has a fifty day simple moving average of $12.73 and a 200 day simple moving average of $15.35. The stock has a market cap of $1.37 billion, a PE ratio of -7.03 and a beta of 1.58. The company has a quick ratio of 1.07, a current ratio of 1.49 and a debt-to-equity ratio of 1.48. Xerox has a 12 month low of $10.28 and a 12 month high of $19.78.

Xerox (NYSE:XRX) last posted its earnings results on Thursday, July 25th. The information technology services provider reported $0.29 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.43 by ($0.14). The company had revenue of $1.58 billion for the quarter, compared to analyst estimates of $1.60 billion. Xerox had a positive return on equity of 7.49% and a negative net margin of 1.60%. Xerox’s quarterly revenue was down 10.0% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.44 earnings per share. Research analysts predict that Xerox will post 2.07 EPS for the current year.

Institutional Trading of Xerox

Several hedge funds and other institutional investors have recently modified their holdings of the company. Vanguard Group Inc. raised its position in Xerox by 10.2% in the 3rd quarter. Vanguard Group Inc. now owns 15,791,263 shares of the information technology services provider’s stock valued at $247,765,000 after buying an additional 1,464,851 shares during the last quarter. SteelPeak Wealth LLC acquired a new position in Xerox during the fourth quarter worth $496,000. International Assets Investment Management LLC grew its position in Xerox by 1,733.2% in the fourth quarter. International Assets Investment Management LLC now owns 4,583 shares of the information technology services provider’s stock valued at $84,000 after purchasing an additional 4,333 shares in the last quarter. Nisa Investment Advisors LLC increased its stake in Xerox by 49.2% in the 4th quarter. Nisa Investment Advisors LLC now owns 48,257 shares of the information technology services provider’s stock valued at $885,000 after buying an additional 15,920 shares during the last quarter. Finally, Allspring Global Investments Holdings LLC lifted its position in Xerox by 74.6% during the 4th quarter. Allspring Global Investments Holdings LLC now owns 14,902 shares of the information technology services provider’s stock worth $273,000 after buying an additional 6,369 shares in the last quarter. Institutional investors and hedge funds 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.