Xerox (NYSE:XRX) Cut to “Hold” at StockNews.com

StockNews.com downgraded shares of Xerox (NYSE:XRX) from a buy rating to a hold rating in a research note released on Wednesday.

A number of other equities analysts have also issued reports on the company. Citigroup initiated coverage on Xerox in a report on Friday, June 28th. They issued a sell rating and a $11.00 price objective for the company. JPMorgan Chase & Co. reduced their price objective on Xerox from $18.00 to $17.00 and set an underweight rating for the company in a research note on Wednesday, April 24th.

Xerox Stock Performance

Xerox stock opened at $10.69 on Wednesday. The firm has a market capitalization of $1.33 billion, a P/E ratio of -6.81 and a beta of 1.58. The stock has a fifty day moving average price of $13.15 and a 200 day moving average price of $15.77. Xerox has a 52 week low of $10.28 and a 52 week high of $19.78. The company has a current ratio of 1.37, a quick ratio of 1.07 and a debt-to-equity ratio of 1.34.

Xerox (NYSE:XRX) last issued its earnings results on Tuesday, April 23rd. The information technology services provider reported $0.06 earnings per share for the quarter, missing the consensus estimate of $0.35 by ($0.29). Xerox had a positive return on equity of 7.77% and a negative net margin of 2.74%. The company had revenue of $1.50 billion during the quarter, compared to analysts’ expectations of $1.53 billion. During the same period in the previous year, the company earned $0.49 EPS. Xerox’s quarterly revenue was down 12.8% on a year-over-year basis. Equities research analysts anticipate that Xerox will post 2.05 earnings per share for the current year.

Xerox Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, July 31st. Investors of record on Friday, June 28th will be given a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a yield of 9.35%. The ex-dividend date is Friday, June 28th. Xerox’s dividend payout ratio (DPR) is presently -63.69%.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Sound Income Strategies LLC lifted its stake in Xerox by 7.4% during the second quarter. Sound Income Strategies LLC now owns 807,889 shares of the information technology services provider’s stock worth $9,388,000 after purchasing an additional 55,454 shares during the period. CWM LLC raised its stake in shares of Xerox by 155.5% in the second quarter. CWM LLC now owns 2,264 shares of the information technology services provider’s stock valued at $26,000 after acquiring an additional 1,378 shares during the last quarter. SG Capital Management LLC bought a new position in Xerox in the 1st quarter worth approximately $8,466,000. DekaBank Deutsche Girozentrale raised its position in Xerox by 30.1% in the 1st quarter. DekaBank Deutsche Girozentrale now owns 36,693 shares of the information technology services provider’s stock worth $638,000 after purchasing an additional 8,496 shares during the last quarter. Finally, Plato Investment Management Ltd bought a new position in Xerox in the 1st quarter worth approximately $115,000. Institutional investors own 85.36% of the company’s stock.

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.