ValuEngine cut shares of Xerox Corporation (NYSE:XRX) from a buy rating to a hold rating in a research report sent to investors on Tuesday morning.
A number of other research analysts also recently commented on the company. Morgan Stanley reduced their price target on Xerox Corporation from $34.00 to $32.00 and set an overweight rating for the company in a report on Wednesday, April 26th. Zacks Investment Research downgraded Xerox Corporation from a hold rating to a sell rating in a report on Thursday, April 27th. Goldman Sachs Group, Inc. (The) reissued a buy rating and issued a $34.00 price target on shares of Xerox Corporation in a report on Wednesday, April 26th. BidaskClub raised Xerox Corporation from a strong sell rating to a sell rating in a report on Tuesday, June 20th. Finally, Barclays PLC reissued a sell rating and issued a $27.00 price target on shares of Xerox Corporation in a report on Friday, June 23rd. Six equities research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. Xerox Corporation presently has an average rating of Buy and an average target price of $37.23.
Shares of Xerox Corporation (XRX) opened at 32.22 on Tuesday. Xerox Corporation has a 12 month low of $24.86 and a 12 month high of $32.54. The stock’s 50 day moving average price is $29.19 and its 200 day moving average price is $28.76. The firm’s market cap is $8.19 billion.
Xerox Corporation (NYSE:XRX) last issued its quarterly earnings results on Tuesday, August 1st. The information technology services provider reported $0.87 EPS for the quarter, beating analysts’ consensus estimates of $0.84 by $0.03. The firm had revenue of $2.57 billion during the quarter, compared to the consensus estimate of $2.60 billion. Xerox Corporation had a return on equity of 15.28% and a net margin of 4.55%. Xerox Corporation’s revenue for the quarter was down 8.1% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.26 earnings per share. Equities research analysts predict that Xerox Corporation will post $3.36 earnings per share for the current fiscal year.
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The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 31st. Shareholders of record on Friday, September 29th will be paid a dividend of $0.25 per share. The ex-dividend date is Thursday, September 28th. This represents a $1.00 annualized dividend and a yield of 3.10%. This is a boost from Xerox Corporation’s previous quarterly dividend of $0.06. Xerox Corporation’s dividend payout ratio is presently 12.08%.
A number of hedge funds have recently made changes to their positions in the stock. UBS Asset Management Americas Inc. boosted its stake in shares of Xerox Corporation by 10.2% in the fourth quarter. UBS Asset Management Americas Inc. now owns 4,666,950 shares of the information technology services provider’s stock valued at $40,743,000 after buying an additional 431,945 shares during the last quarter. Teachers Advisors LLC boosted its stake in shares of Xerox Corporation by 17.9% in the fourth quarter. Teachers Advisors LLC now owns 6,590,474 shares of the information technology services provider’s stock valued at $57,535,000 after buying an additional 1,001,042 shares during the last quarter. Kentucky Retirement Systems purchased a new stake in shares of Xerox Corporation during the fourth quarter valued at about $539,000. Kentucky Retirement Systems Insurance Trust Fund purchased a new stake in shares of Xerox Corporation during the fourth quarter valued at about $241,000. Finally, Chevy Chase Trust Holdings Inc. boosted its stake in shares of Xerox Corporation by 3.3% in the first quarter. Chevy Chase Trust Holdings Inc. now owns 745,886 shares of the information technology services provider’s stock valued at $5,475,000 after buying an additional 23,591 shares during the last quarter.
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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