Xerox (NASDAQ:XRX) Stock Crosses Above 200-Day Moving Average – Here’s Why

Xerox Holdings Co. (NASDAQ:XRX) crossed above its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of $2.29 and traded as high as $2.81. Xerox shares last traded at $2.70, with a volume of 1,545,772 shares changing hands.

Analyst Ratings Changes

Several research analysts have recently commented on the company. Weiss Ratings reissued a “sell (d-)” rating on shares of Xerox in a research report on Monday, April 27th. Zacks Research upgraded Xerox from a “strong sell” rating to a “hold” rating in a research note on Thursday, April 30th. Two analysts have rated the stock with a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Reduce” and an average price target of $2.50.

Xerox Stock Up 3.2%

The company’s fifty day simple moving average is $2.98 and its 200-day simple moving average is $2.29. The company has a debt-to-equity ratio of 14.04, a current ratio of 1.18 and a quick ratio of 0.85. The firm has a market capitalization of $361.61 million, a PE ratio of -0.33 and a beta of 2.40.

Xerox (NASDAQ:XRX) last issued its quarterly earnings data on Thursday, April 30th. The information technology services provider reported ($0.11) EPS for the quarter, beating the consensus estimate of ($0.20) by $0.09. The firm had revenue of $1.85 billion during the quarter, compared to analyst estimates of $1.78 billion. Xerox had a negative return on equity of 12.08% and a negative net margin of 14.09%.The business’s revenue for the quarter was up 26.7% compared to the same quarter last year. During the same quarter in the prior year, the business posted ($0.06) EPS. On average, analysts forecast that Xerox Holdings Co. will post 0.03 EPS for the current year.

Xerox Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, July 31st. Shareholders of record on Tuesday, June 30th will be paid a $0.025 dividend. The ex-dividend date is Tuesday, June 30th. This represents a $0.10 dividend on an annualized basis and a yield of 3.6%. Xerox’s dividend payout ratio (DPR) is -1.20%.

Hedge Funds Weigh In On Xerox

Several hedge funds have recently modified their holdings of XRX. Goldman Sachs Group Inc. boosted its stake in Xerox by 339.3% in the 4th quarter. Goldman Sachs Group Inc. now owns 9,294,446 shares of the information technology services provider’s stock worth $22,028,000 after purchasing an additional 7,178,915 shares in the last quarter. First Eagle Investment Management LLC increased its stake in Xerox by 89.4% during the 4th quarter. First Eagle Investment Management LLC now owns 2,182,500 shares of the information technology services provider’s stock valued at $5,173,000 after purchasing an additional 1,030,000 shares in the last quarter. Charles Schwab Investment Management Inc. raised its holdings in shares of Xerox by 32.3% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 3,498,232 shares of the information technology services provider’s stock worth $8,291,000 after buying an additional 854,119 shares during the last quarter. Jacobs Levy Equity Management Inc. lifted its stake in shares of Xerox by 123.2% during the third quarter. Jacobs Levy Equity Management Inc. now owns 1,528,219 shares of the information technology services provider’s stock worth $5,746,000 after buying an additional 843,504 shares during the period. Finally, Mitsubishi UFJ Asset Management Co. Ltd. lifted its stake in shares of Xerox by 104.5% during the fourth quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 1,585,215 shares of the information technology services provider’s stock worth $3,900,000 after buying an additional 809,861 shares during the period. Institutional investors and hedge funds 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.