BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp Cuts Position in Xerox Corporation (XRX)

BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp cut its position in shares of Xerox Corporation (NYSE:XRX) by 75.5% during the second quarter, according to its most recent disclosure with the SEC. The fund owned 311,229 shares of the information technology services provider’s stock after selling 959,327 shares during the period. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp owned about 0.12% of Xerox Corporation worth $8,942,000 at the end of the most recent reporting period.

Several other large investors have also recently modified their holdings of XRX. Paragon Capital Management Ltd purchased a new stake in shares of Xerox Corporation during the first quarter worth $245,000. JFS Wealth Advisors LLC bought a new position in Xerox Corporation during the second quarter valued at approximately $173,000. United Asset Strategies Inc. bought a new position in Xerox Corporation during the first quarter valued at approximately $107,000. Cypress Wealth Advisors LLC boosted 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 during the last quarter. Finally, National Asset Management Inc. bought a new position in Xerox Corporation during the first quarter valued at approximately $113,000.

Shares of Xerox Corporation (XRX) opened at 31.45 on Friday. Xerox Corporation has a one year low of $24.86 and a one year high of $32.99. The stock’s market capitalization is $7.99 billion. The firm’s 50-day moving average price is $30.54 and its 200-day moving average price is $29.14.

Xerox Corporation (NYSE:XRX) last posted its quarterly earnings results on Tuesday, August 1st. The information technology services provider reported $0.87 EPS for the quarter, topping the Zacks’ consensus estimate of $0.84 by $0.03. The business 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%. The company’s revenue for the quarter was down 8.1% compared to the same quarter last year. During the same period last year, the firm earned $0.26 earnings per share. Equities research analysts anticipate that Xerox Corporation will post $3.35 EPS for the current fiscal year.

The company also recently declared a quarterly dividend, which will be paid on Tuesday, October 31st. Investors of record on Friday, September 29th will be paid a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a yield of 3.18%. This is an increase from Xerox Corporation’s previous quarterly dividend of $0.06. The ex-dividend date is Thursday, September 28th. Xerox Corporation’s dividend payout ratio (DPR) is 12.08%.

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Several research analysts recently commented on the company. Credit Suisse Group boosted their target price on Xerox Corporation from $32.00 to $34.00 and gave the stock an “outperform” rating in a research note on Wednesday, August 2nd. Loop Capital reissued a “buy” rating and set a $38.00 target price (up from $36.00) on shares of Xerox Corporation in a research note on Wednesday, August 2nd. ValuEngine cut Xerox Corporation from a “buy” rating to a “hold” rating in a research note on Tuesday, August 1st. Citigroup Inc. set a $39.00 target price on Xerox Corporation and gave the stock a “buy” rating in a research note on Wednesday, August 2nd. Finally, BidaskClub raised Xerox Corporation from a “hold” rating to a “buy” rating in a research note on Friday. Five analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. Xerox Corporation presently has an average rating of “Buy” and an average target price of $37.23.

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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