Loop Capital Trims Xerox (NYSE:XRX) Target Price to $11.00

Xerox (NYSE:XRX) had its price objective trimmed by Loop Capital from $14.00 to $11.00 in a report published on Wednesday morning, Benzinga reports. The firm currently has a hold rating on the information technology services provider’s stock.

Other equities analysts have also issued research reports about the stock. Citigroup assumed coverage on shares of Xerox in a research report on Friday, June 28th. They set a sell rating and a $11.00 price objective for the company. StockNews.com lowered shares of Xerox from a buy rating to a hold rating in a research report on Thursday, August 8th. Finally, JPMorgan Chase & Co. lowered their price objective on shares of Xerox from $18.00 to $17.00 and set an underweight rating for the company in a research report on Wednesday, April 24th. 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’s stock. According to MarketBeat, the stock has an average rating of Hold and a consensus price target of $12.75.

Xerox Price Performance

Shares of NYSE:XRX opened at $10.25 on Wednesday. The company has a debt-to-equity ratio of 1.34, a quick ratio of 1.13 and a current ratio of 1.49. The firm has a fifty day moving average price of $11.62 and a 200 day moving average price of $14.68. Xerox has a fifty-two week low of $9.51 and a fifty-two week high of $19.78. The firm has a market cap of $1.27 billion, a price-to-earnings ratio of -6.53 and a beta of 1.58.

Xerox (NYSE:XRX) last issued its earnings results on Thursday, July 25th. The information technology services provider reported $0.29 earnings per share for the quarter, missing analysts’ consensus estimates of $0.43 by ($0.14). Xerox had a positive return on equity of 7.33% and a negative net margin of 1.60%. The company had revenue of $1.58 billion for the quarter, compared to the consensus estimate of $1.60 billion. During the same quarter in the prior year, the company posted $0.44 EPS. Xerox’s revenue was down 10.0% compared to the same quarter last year. As a group, sell-side analysts expect that Xerox will post 1.88 earnings per share for the current fiscal year.

Xerox Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, October 31st. Stockholders of record on Monday, September 30th will be paid a $0.25 dividend. This represents a $1.00 annualized dividend and a dividend yield of 9.76%. The ex-dividend date of this dividend is Monday, September 30th. Xerox’s dividend payout ratio is currently -63.69%.

Institutional Investors Weigh In On Xerox

Several hedge funds and other institutional investors have recently made changes to their positions in the company. SummerHaven Investment Management LLC increased its stake in Xerox by 1.3% in the 4th quarter. SummerHaven Investment Management LLC now owns 45,742 shares of the information technology services provider’s stock worth $838,000 after buying an additional 597 shares during the period. Yousif Capital Management LLC increased its stake in Xerox by 1.0% in the 4th quarter. Yousif Capital Management LLC now owns 64,642 shares of the information technology services provider’s stock worth $1,185,000 after buying an additional 615 shares during the period. Hexagon Capital Partners LLC increased its stake in Xerox by 38.7% in the 4th quarter. Hexagon Capital Partners LLC now owns 2,257 shares of the information technology services provider’s stock worth $41,000 after buying an additional 630 shares during the period. Texas Permanent School Fund Corp increased its stake in Xerox by 1.4% in the 1st quarter. Texas Permanent School Fund Corp now owns 98,961 shares of the information technology services provider’s stock worth $1,771,000 after buying an additional 1,323 shares during the period. Finally, Los Angeles Capital Management LLC increased its stake in Xerox by 5.9% in the 2nd quarter. Los Angeles Capital Management LLC now owns 23,930 shares of the information technology services provider’s stock worth $278,000 after buying an additional 1,327 shares during the period. 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.