Xerox Corporation (NYSE:XRX) announced its quarterly earnings data on Tuesday. The information technology services provider reported $0.87 earnings per share for the quarter, beating the consensus estimate of $0.84 by $0.03, MarketWatch Earnings reports. Xerox Corporation had a return on equity of 14.28% and a net margin of 3.87%. The business had revenue of $2.57 billion during the quarter, compared to analyst estimates of $2.60 billion. During the same period in the prior year, the company earned $0.26 earnings per share. Xerox Corporation’s revenue was down 8.1% compared to the same quarter last year.
Shares of Xerox Corporation (NYSE XRX) opened at 30.67 on Tuesday. Xerox Corporation has a 12 month low of $22.90 and a 12 month high of $31.16. The company has a 50 day moving average price of $29.07 and a 200-day moving average price of $28.73. The stock’s market cap is $7.79 billion.
The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 31st. Investors of record on Friday, September 29th will be given a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a dividend yield of 3.26%. The ex-dividend date of this dividend is Thursday, September 28th. This is an increase from Xerox Corporation’s previous quarterly dividend of $0.06. Xerox Corporation’s dividend payout ratio (DPR) is 12.25%.
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Several equities analysts have weighed in on the company. Loop Capital assumed coverage on Xerox Corporation in a report on Monday, July 24th. They set a “buy” rating and a $36.00 price objective for the company. Barclays PLC raised Xerox Corporation from an “underweight” rating to an “equal weight” rating and increased their price objective for the company from $27.00 to $33.00 in a report on Monday, July 24th. BidaskClub raised Xerox Corporation from a “sell” rating to a “hold” rating in a report on Thursday, June 29th. Zacks Investment Research raised Xerox Corporation from a “sell” rating to a “hold” rating in a report on Wednesday, June 28th. Finally, ValuEngine raised Xerox Corporation from a “buy” rating to a “strong-buy” rating in a report on Saturday, June 17th. Five equities research analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the stock. The stock presently has an average rating of “Buy” and an average target price of $37.12.
Hedge funds and other institutional investors have recently modified their holdings of the company. Venturi Wealth Management LLC purchased a new position in shares of Xerox Corporation during the first quarter valued at $106,000. United Asset Strategies Inc. purchased a new position in shares of Xerox Corporation during the first quarter valued at $107,000. Cypress Wealth Advisors LLC increased its position in shares of 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. purchased a new position in shares of Xerox Corporation during the first quarter valued at $113,000. Finally, Ronald Blue & Co. LLC purchased a new position in shares of Xerox Corporation during the first quarter valued at $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.
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