Loop Capital Cuts Xerox (NYSE:XRX) Price Target to $11.00

Xerox (NYSE:XRX) had its target price decreased by equities researchers at Loop Capital from $14.00 to $11.00 in a note issued to investors on Wednesday, Benzinga reports. The brokerage currently has a “hold” rating on the information technology services provider’s stock. Loop Capital’s price target points to a potential upside of 10.44% from the stock’s previous close.

XRX has been the topic of several other research reports. JPMorgan Chase & Co. lowered their price target on shares of Xerox from $18.00 to $17.00 and set an “underweight” rating on the stock in a report on Wednesday, April 24th. Citigroup assumed coverage on shares of Xerox in a report on Friday, June 28th. They issued a “sell” rating and a $11.00 price target on the stock. Finally, StockNews.com lowered Xerox from a “buy” rating to a “hold” rating in a research report on Thursday, August 8th. Three analysts have rated the stock with a sell rating and two have assigned a hold rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Reduce” and an average price target of $12.75.

Xerox Stock Performance

NYSE:XRX traded down $0.23 on Wednesday, reaching $9.96. 347,217 shares of the company’s stock were exchanged, compared to its average volume of 2,197,106. Xerox has a 52 week low of $9.51 and a 52 week high of $19.78. The stock has a fifty day simple moving average of $11.86 and a 200-day simple moving average of $14.81. The company has a debt-to-equity ratio of 1.34, a current ratio of 1.49 and a quick ratio of 1.13. The firm has a market cap of $1.24 billion, a price-to-earnings ratio of -6.34 and a beta of 1.58.

Xerox (NYSE:XRX) last posted its quarterly earnings results on Thursday, July 25th. The information technology services provider reported $0.29 EPS for the quarter, missing the consensus estimate of $0.43 by ($0.14). Xerox had a positive return on equity of 7.33% and a negative net margin of 1.60%. The business had revenue of $1.58 billion for the quarter, compared to analysts’ expectations of $1.60 billion. During the same period last year, the business posted $0.44 earnings per share. The company’s revenue was down 10.0% compared to the same quarter last year. As a group, sell-side analysts predict that Xerox will post 1.88 earnings per share for the current year.

Hedge Funds Weigh In On Xerox

Several hedge funds have recently added to or reduced their stakes in XRX. International Assets Investment Management LLC raised its position in shares of Xerox by 1,733.2% in the 4th quarter. International Assets Investment Management LLC now owns 4,583 shares of the information technology services provider’s stock valued at $84,000 after purchasing an additional 4,333 shares in the last quarter. Allspring Global Investments Holdings LLC lifted its position in Xerox by 74.6% in the fourth quarter. Allspring Global Investments Holdings LLC now owns 14,902 shares of the information technology services provider’s stock worth $273,000 after purchasing an additional 6,369 shares during the period. Louisiana State Employees Retirement System bought a new position in Xerox during the fourth quarter valued at about $1,037,000. Everence Capital Management Inc. bought a new position in shares of Xerox during the 4th quarter valued at about $277,000. Finally, Federated Hermes Inc. increased its holdings in shares of Xerox by 1.7% in the fourth quarter. Federated Hermes Inc. now owns 192,500 shares of the information technology services provider’s stock valued at $3,529,000 after buying an additional 3,202 shares in the last quarter. 85.36% of the stock is currently owned by hedge funds and other institutional investors.

Xerox Company Profile

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.