Xerox Corporation (XRX) Cut to “Sell” at Zacks Investment Research

Xerox Corporation (NYSE:XRX) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research report issued on Thursday, October 5th.

According to Zacks, “Xerox is grappling with decreased demand for paper-related systems and products. A geopolitical impasse due to various conflicts and disruptions may further affect its international operations in key markets. Xerox further narrowed its full-year 2017 guidance, reflecting its one-for-four reverse stock split. The company underperformed the industry year to date. The availability of a large number of substitutes remains another challenge. Moreover, stiff competition has largely affected its profit margins. Earnings estimates for the current quarter and year have decreased significantly over the last three months, representing negative investor sentiments for the company. However, Xerox completed the split of its BPO business from Document Technology and Document Outsourcing businesses to focus on revenue growth, margin expansion and disciplined investments in attractive growing markets.”

A number of other research analysts have also weighed in on XRX. Loop Capital reaffirmed a “buy” rating and set a $38.00 price objective (up previously from $36.00) on shares of Xerox Corporation in a research report on Wednesday, August 2nd. BidaskClub raised Xerox Corporation from a “hold” rating to a “buy” rating in a research report on Friday, August 18th. Credit Suisse Group raised their price objective on Xerox Corporation from $32.00 to $34.00 and gave the company an “outperform” rating in a research report on Wednesday, August 2nd. Barclays PLC raised Xerox Corporation from an “underweight” rating to an “equal weight” rating and raised their price objective for the company from $27.00 to $33.00 in a research report on Monday, July 24th. Finally, UBS AG started coverage on Xerox Corporation in a research note on Tuesday, October 3rd. They set a “neutral” rating and a $36.00 target price on the stock. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and ten have given a buy rating to the company’s stock. Xerox Corporation presently has an average rating of “Buy” and an average target price of $35.67.

Xerox Corporation (NYSE:XRX) opened at 32.75 on Thursday. The company’s 50 day moving average price is $32.74 and its 200 day moving average price is $30.08. The stock’s market cap is $8.32 billion. Xerox Corporation has a 12 month low of $22.90 and a 12 month high of $34.13.

Xerox Corporation (NYSE:XRX) last posted its quarterly earnings data on Tuesday, August 1st. The information technology services provider reported $0.87 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.84 by $0.03. Xerox Corporation had a return on equity of 15.28% and a net margin of 4.55%. The company had revenue of $2.57 billion during the quarter, compared to analyst estimates of $2.60 billion. During the same quarter last year, the company earned $0.26 EPS. The firm’s revenue for the quarter was down 8.1% on a year-over-year basis. Equities analysts forecast that Xerox Corporation will post $3.36 EPS for the current fiscal year.

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Hedge funds have recently added to or reduced their stakes in the company. Seven Eight Capital LP purchased a new position in shares of Xerox Corporation in the 2nd quarter worth $154,000. Penserra Capital Management LLC purchased a new position in shares of Xerox Corporation in the 2nd quarter worth $164,000. JFS Wealth Advisors LLC purchased a new position in shares of Xerox Corporation in the 2nd quarter worth $173,000. Risk Paradigm Group LLC purchased a new position in shares of Xerox Corporation in the 2nd quarter worth $176,000. Finally, W.G. Shaheen & Associates DBA Whitney & Co purchased a new position in shares of Xerox Corporation in the 2nd quarter worth $231,000. Hedge funds and other institutional investors own 84.14% of the company’s stock.

Xerox Corporation Company Profile

Xerox Corporation is a provider of digital print technology and related solutions. The Company has capabilities in imaging and printing, data analytics, and the development of secure and automated solutions to help customers improve productivity. The Company’s primary offerings span three main areas: Managed Document Services, Workplace Solutions and Graphic Communications.

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