Xerox Corporation (NYSE:XRX) Now Covered by Loop Capital

Loop Capital began coverage on shares of Xerox Corporation (NYSE:XRX) in a report released on Monday morning. The brokerage issued a buy rating and a $36.00 target price on the information technology services provider’s stock.

Other equities analysts have also issued reports about the company. BidaskClub raised Xerox Corporation from a sell rating to a hold rating in a report on Thursday, June 29th. Barclays PLC raised Xerox Corporation from an underweight rating to an equal weight rating and raised their price target for the stock from $27.00 to $33.00 in a report on Monday. Zacks Investment Research lowered Xerox Corporation from a hold rating to a sell rating in a report on Tuesday, June 20th. Morgan Stanley lowered their price objective on Xerox Corporation to $32.00 and set an overweight rating on the stock in a research report on Friday, June 16th. Finally, ValuEngine downgraded Xerox Corporation from a buy rating to a hold rating in a research report on Friday, June 2nd. Five equities research analysts have rated the stock with a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the company’s stock. The stock presently has an average rating of Buy and a consensus price target of $37.12.

Shares of Xerox Corporation (NYSE XRX) traded up 1.05% during trading on Monday, reaching $30.88. The company’s stock had a trading volume of 1,346,517 shares. The stock’s market cap is $7.85 billion. The stock has a 50-day moving average of $28.69 and a 200-day moving average of $28.63. Xerox Corporation has a 52-week low of $22.90 and a 52-week high of $30.93.

Xerox Corporation (NYSE:XRX) last posted its quarterly earnings results on Tuesday, April 25th. The information technology services provider reported $0.60 EPS for the quarter, missing the Zacks’ consensus estimate of $0.64 by $0.04. Xerox Corporation had a return on equity of 14.28% and a net margin of 3.87%. The company had revenue of $2.45 billion during the quarter, compared to the consensus estimate of $2.46 billion. During the same period in the previous year, the business earned $0.88 earnings per share. Xerox Corporation’s revenue was down 6.2% on a year-over-year basis. Analysts predict that Xerox Corporation will post $3.32 earnings per share for the current fiscal year.

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The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 31st. Stockholders of record on Friday, September 29th will be issued a $0.25 dividend. The ex-dividend date is Thursday, September 28th. This represents a $1.00 annualized dividend and a dividend yield of 3.27%. This is an increase from Xerox Corporation’s previous quarterly dividend of $0.06. Xerox Corporation’s payout ratio is currently 12.25%.

In other news, insider Yehia Abouelmaaty Omar sold 29,375 shares of Xerox Corporation stock in a transaction dated Monday, May 1st. The stock was sold at an average price of $7.09, for a total value of $208,268.75. Following the transaction, the insider now owns 15,903 shares in the company, valued at $112,752.27. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. 0.37% of the stock is currently owned by insiders.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Venturi Wealth Management LLC bought a new position in Xerox Corporation during the first quarter valued at approximately $106,000. United Asset Strategies Inc. bought a new position in Xerox Corporation during the first quarter valued at approximately $107,000. Cypress Wealth Advisors LLC increased its position in Xerox Corporation by 42.8% in the first quarter. Cypress Wealth Advisors LLC now owns 15,035 shares of the information technology services provider’s stock valued at $110,000 after buying an additional 4,508 shares in the last quarter. National Asset Management Inc. bought a new position in Xerox Corporation during the first quarter valued at approximately $113,000. Finally, Ronald Blue & Co. LLC bought a new position in Xerox Corporation during the first quarter valued at approximately $121,000.

About Xerox Corporation

Xerox Corporation is engaged in imaging, business process, analytics, automation and user-centric insights. The Company’s segments include Services, Document Technology and Other. The Company’s Services segment includes service offerings, such as BPO and Document Outsourcing (DO). It provides business services in markets across various industries and to government agencies.