Panagora Asset Management Inc. Boosts Stock Position in Xerox Holdings Co. (NYSE:XRX)

Panagora Asset Management Inc. grew its position in Xerox Holdings Co. (NYSE:XRX) by 8.1% during the second quarter, according to its most recent Form 13F filing with the SEC. The firm owned 342,715 shares of the information technology services provider’s stock after purchasing an additional 25,819 shares during the period. Panagora Asset Management Inc. owned approximately 0.28% of Xerox worth $3,982,000 at the end of the most recent quarter.

Other institutional investors have also recently modified their holdings of the company. Louisiana State Employees Retirement System increased its holdings in Xerox by 2.7% in the 2nd quarter. Louisiana State Employees Retirement System now owns 57,500 shares of the information technology services provider’s stock worth $668,000 after buying an additional 1,500 shares during the period. SummerHaven Investment Management LLC increased its stake in shares of Xerox by 2.4% in the second quarter. SummerHaven Investment Management LLC now owns 47,430 shares of the information technology services provider’s stock worth $551,000 after acquiring an additional 1,110 shares during the period. Nisa Investment Advisors LLC raised its holdings in shares of Xerox by 10.3% during the second quarter. Nisa Investment Advisors LLC now owns 51,250 shares of the information technology services provider’s stock worth $608,000 after purchasing an additional 4,806 shares during the last quarter. Wedge Capital Management L L P NC lifted its position in Xerox by 30.3% during the second quarter. Wedge Capital Management L L P NC now owns 159,778 shares of the information technology services provider’s stock valued at $1,857,000 after purchasing an additional 37,180 shares during the period. Finally, Diversified Trust Co boosted its holdings in Xerox by 8.9% in the second quarter. Diversified Trust Co now owns 22,395 shares of the information technology services provider’s stock valued at $260,000 after purchasing an additional 1,822 shares during the last quarter. 85.36% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on XRX. StockNews.com cut Xerox from a “buy” rating to a “hold” rating in a report on Wednesday. Citigroup assumed coverage on Xerox in a report on Friday, June 28th. They issued a “sell” rating and a $11.00 price target for the company. Finally, Loop Capital dropped their price objective 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. Three analysts have rated the stock with a sell rating and two have assigned a hold rating to the company. According to data from MarketBeat, the stock has an average rating of “Reduce” and a consensus target price of $12.75.

Xerox Price Performance

Shares of Xerox stock traded up $0.10 on Friday, hitting $11.33. The company’s stock had a trading volume of 2,125,950 shares, compared to its average volume of 2,161,875. 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 company has a market capitalization of $1.41 billion, a price-to-earnings ratio of -7.22 and a beta of 1.58. The firm has a fifty day moving average price of $11.05 and a 200-day moving average price of $14.20. Xerox Holdings Co. has a 1 year low of $9.51 and a 1 year high of $19.78.

Xerox (NYSE:XRX) last released its earnings results on Thursday, July 25th. The information technology services provider reported $0.29 EPS 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 analysts’ expectations of $1.60 billion. During the same period in the prior year, the firm earned $0.44 EPS. The firm’s revenue for the quarter was down 10.0% on a year-over-year basis. As a group, sell-side analysts anticipate that Xerox Holdings Co. will post 1.79 earnings per share for the current fiscal year.

Xerox Announces Dividend

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 paid a $0.25 dividend. This represents a $1.00 annualized dividend and a dividend yield of 8.83%. The ex-dividend date is Monday, September 30th. Xerox’s dividend payout ratio is currently -63.69%.

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.