Xerox (NASDAQ:XRX) Lowered to Strong Sell Rating by Zacks Research

Zacks Research lowered shares of Xerox (NASDAQ:XRX) from a hold rating to a strong sell rating in a report issued on Tuesday morning,Zacks.com reports.

Other analysts also recently issued reports about the stock. Weiss Ratings began coverage on shares of Xerox in a research note on Wednesday, January 28th. They issued a “sell (d-)” rating for the company. Citigroup reissued a “neutral” rating and issued a $2.50 target price (down from $3.50) on shares of Xerox in a research note on Friday, January 30th. One analyst has rated the stock with a Hold rating and two have given a Sell rating to the company’s stock. According to data from MarketBeat, Xerox currently has a consensus rating of “Sell” and a consensus price target of $2.50.

Xerox Price Performance

Shares of XRX traded up $0.12 during midday trading on Tuesday, reaching $1.88. The stock had a trading volume of 3,940,710 shares, compared to its average volume of 3,569,686. The company has a current ratio of 1.12, a quick ratio of 0.80 and a debt-to-equity ratio of 8.94. The company has a market capitalization of $240.08 million, a price-to-earnings ratio of -0.23 and a beta of 1.71. The company’s 50-day moving average is $2.22 and its 200 day moving average is $2.91. Xerox has a 12-month low of $1.65 and a 12-month high of $6.81.

Xerox (NASDAQ:XRX) last released its earnings results on Thursday, January 29th. The information technology services provider reported ($0.10) earnings per share for the quarter, missing analysts’ consensus estimates of $0.15 by ($0.25). Xerox had a negative return on equity of 8.26% and a negative net margin of 14.65%.The firm had revenue of $2.03 billion during the quarter, compared to the consensus estimate of $2.08 billion. During the same quarter in the previous year, the firm earned $0.36 EPS. The business’s quarterly revenue was up 25.7% compared to the same quarter last year. On average, equities analysts predict that Xerox will post 1.07 EPS for the current fiscal year.

Xerox Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, April 30th. Shareholders of record on Tuesday, March 31st will be issued a $0.025 dividend. The ex-dividend date is Tuesday, March 31st. This represents a $0.10 annualized dividend and a yield of 5.3%. Xerox’s dividend payout ratio (DPR) is -1.22%.

Hedge Funds Weigh In On Xerox

Hedge funds and other institutional investors have recently made changes to their positions in the business. Gabelli Funds LLC increased its position in Xerox by 4.5% during the 2nd quarter. Gabelli Funds LLC now owns 58,000 shares of the information technology services provider’s stock valued at $306,000 after purchasing an additional 2,500 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in shares of Xerox by 4.3% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 69,047 shares of the information technology services provider’s stock valued at $333,000 after buying an additional 2,838 shares during the period. CANADA LIFE ASSURANCE Co raised its stake in Xerox by 1.9% in the second quarter. CANADA LIFE ASSURANCE Co now owns 164,566 shares of the information technology services provider’s stock worth $868,000 after buying an additional 3,138 shares in the last quarter. Cidel Asset Management Inc. lifted its holdings in Xerox by 34.3% in the third quarter. Cidel Asset Management Inc. now owns 14,505 shares of the information technology services provider’s stock worth $55,000 after buying an additional 3,701 shares during the period. Finally, Cetera Investment Advisers boosted its position in Xerox by 33.2% during the 2nd quarter. Cetera Investment Advisers now owns 17,320 shares of the information technology services provider’s stock valued at $91,000 after acquiring an additional 4,319 shares in the last quarter. Institutional investors own 85.36% of the company’s stock.

About Xerox

Xerox Holdings Corporation (NYSE: XRX) is a global provider of document management technology and services. The company designs and manufactures a broad range of multifunction printers, production printers, digital presses and related consumables. In addition to its hardware offerings, Xerox delivers software and workflow automation solutions, managed print services and cloud-based document platforms that help organizations optimize their information-intensive processes.

Founded in 1906 as The Haloid Photographic Company, Xerox pioneered xerographic imaging in the late 1940s, launching the first plain-paper copier in 1959.