Xerox Corporation (NYSE:XRX) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research note issued on Tuesday, October 31st.
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. 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. However, Xerox beat third-quarter 2017 earnings estimate on lower operating expenses. The company is reprioritizing investments and accelerating its restructuring actions and services to improve revenue and margin. Xerox has decided to execute a three-year strategic transformation program that targets incremental savings of $600 million across all segments. The company also remains committed to its 5-plank strategy that is centered on portfolio management, global growth, cost transformation, operational excellence and analytics.”
XRX has been the topic of a number of other reports. Barclays PLC reissued an “equal weight” rating and set a $35.00 price target (up from $33.00) on shares of Xerox Corporation in a report on Tuesday, September 12th. UBS AG initiated coverage on Xerox Corporation in a report on Tuesday, October 3rd. They set a “neutral” rating and a $36.00 price target on the stock. Loop Capital reissued a “buy” rating and set a $38.00 price target (up from $36.00) on shares of Xerox Corporation in a report on Wednesday, August 2nd. Credit Suisse Group lifted their target price on Xerox Corporation from $32.00 to $34.00 and gave the stock an “outperform” rating in a report on Wednesday, August 2nd. Finally, ValuEngine cut Xerox Corporation from a “buy” rating to a “hold” rating in a report on Tuesday, August 1st. Four investment analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. Xerox Corporation presently has a consensus rating of “Buy” and an average price target of $35.50.
Xerox Corporation (NYSE:XRX) traded up $0.10 during midday trading on Tuesday, reaching $28.36. The company had a trading volume of 1,716,972 shares, compared to its average volume of 2,603,815. The stock has a market capitalization of $7,220.06, a P/E ratio of 8.44 and a beta of 1.14. The company has a quick ratio of 1.33, a current ratio of 1.63 and a debt-to-equity ratio of 0.97. Xerox Corporation has a 12 month low of $25.84 and a 12 month high of $39.08.
Xerox Corporation (NYSE:XRX) last posted its quarterly earnings results on Thursday, October 26th. The information technology services provider reported $0.89 EPS for the quarter, beating the Zacks’ consensus estimate of $0.83 by $0.06. The business had revenue of $2.50 billion for the quarter, compared to analysts’ expectations of $2.49 billion. Xerox Corporation had a return on equity of 17.23% and a net margin of 5.29%. The business’s quarterly revenue was down 5.0% on a year-over-year basis. During the same period last year, the firm earned $0.84 earnings per share. sell-side analysts anticipate that Xerox Corporation will post 3.38 earnings per share for the current fiscal year.
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In other Xerox Corporation news, EVP Herve Tessler sold 6,000 shares of the business’s stock in a transaction that occurred on Monday, November 13th. The stock was sold at an average price of $28.59, for a total transaction of $171,540.00. Following the completion of the transaction, the executive vice president now owns 35,878 shares in the company, valued at $1,025,752.02. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 0.29% of the stock is owned by insiders.
Several large investors have recently made changes to their positions in the business. Bank of New York Mellon Corp boosted its position in shares of Xerox Corporation by 22.4% during the third quarter. Bank of New York Mellon Corp now owns 8,622,287 shares of the information technology services provider’s stock valued at $287,036,000 after buying an additional 1,578,302 shares during the period. Dimensional Fund Advisors LP boosted its position in shares of Xerox Corporation by 7.7% during the third quarter. Dimensional Fund Advisors LP now owns 5,065,082 shares of the information technology services provider’s stock valued at $168,633,000 after buying an additional 361,956 shares during the period. Ameriprise Financial Inc. boosted its holdings in shares of Xerox Corporation by 37.5% in the third quarter. Ameriprise Financial Inc. now owns 4,392,867 shares of the information technology services provider’s stock valued at $146,243,000 after purchasing an additional 1,197,634 shares during the period. Principal Financial Group Inc. boosted its holdings in shares of Xerox Corporation by 6.8% in the third quarter. Principal Financial Group Inc. now owns 2,331,065 shares of the information technology services provider’s stock valued at $77,600,000 after purchasing an additional 148,093 shares during the period. Finally, Schwab Charles Investment Management Inc. boosted its holdings in shares of Xerox Corporation by 17.2% in the third quarter. Schwab Charles Investment Management Inc. now owns 1,566,518 shares of the information technology services provider’s stock valued at $52,150,000 after purchasing an additional 229,627 shares during the period. Institutional investors and hedge funds own 86.19% 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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