Xerox Corporation (NYSE:XRX) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research report issued to clients and investors on Tuesday, October 31st.
According to Zacks, “Xerox is grappling with decreased demand for paper-related systems and products. A geopolitical impasse due to various conflicts and disruptions may further affect its international operations in key markets. The company underperformed the industry year to date. The availability of a large number of substitutes remains another challenge. Moreover, stiff competition has largely affected its profit margins. However, Xerox beat third-quarter 2017 earnings estimate on lower operating expenses. The company is reprioritizing investments and accelerating its restructuring actions and services to improve revenue and margin. Xerox has decided to execute a three-year strategic transformation program that targets incremental savings of $600 million across all segments. The company also remains committed to its 5-plank strategy that is centered on portfolio management, global growth, cost transformation, operational excellence and analytics.”
Several other equities analysts have also recently weighed in on XRX. Barclays PLC reaffirmed an “equal weight” rating and set a $35.00 price target (up from $33.00) on shares of Xerox Corporation in a research note on Tuesday, September 12th. UBS AG assumed coverage on shares of Xerox Corporation in a research note on Tuesday, October 3rd. They set a “neutral” rating and a $36.00 price target for the company. Loop Capital reissued a “buy” rating and issued a $38.00 price objective (up previously from $36.00) on shares of Xerox Corporation in a report on Wednesday, August 2nd. Credit Suisse Group increased their price objective on Xerox Corporation from $32.00 to $34.00 and gave the company an “outperform” rating in a report on Wednesday, August 2nd. Finally, ValuEngine downgraded Xerox Corporation from a “buy” rating to a “hold” rating in a report on Tuesday, August 1st. Four research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. The stock presently has an average rating of “Buy” and a consensus price target of $35.50.
Shares of Xerox Corporation (XRX) opened at $29.17 on Tuesday. The company has a debt-to-equity ratio of 0.97, a current ratio of 1.63 and a quick ratio of 1.33. The company has a market capitalization of $7,426.27, a PE ratio of 8.68 and a beta of 1.14. Xerox Corporation has a 52 week low of $25.84 and a 52 week high of $39.08.
Xerox Corporation (NYSE:XRX) last announced its quarterly earnings results on Thursday, October 26th. The information technology services provider reported $0.89 EPS for the quarter, beating analysts’ consensus estimates of $0.83 by $0.06. Xerox Corporation had a return on equity of 17.23% and a net margin of 5.29%. The company had revenue of $2.50 billion during the quarter, compared to analysts’ expectations of $2.49 billion. During the same period in the prior year, the business posted $0.84 EPS. Xerox Corporation’s revenue was down 5.0% on a year-over-year basis. sell-side analysts predict that Xerox Corporation will post 3.38 earnings per share for the current year.
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Several institutional investors have recently bought and sold shares of XRX. Principal Financial Group Inc. lifted its stake in shares of Xerox Corporation by 1.6% in the first quarter. Principal Financial Group Inc. now owns 1,354,703 shares of the information technology services provider’s stock worth $9,943,000 after acquiring an additional 20,936 shares during the period. Amalgamated Bank lifted its stake in Xerox Corporation by 6.5% in the first quarter. Amalgamated Bank now owns 68,214 shares of the information technology services provider’s stock valued at $501,000 after buying an additional 4,175 shares during the period. Bank of Nova Scotia increased its holdings in shares of Xerox Corporation by 868.0% during the first quarter. Bank of Nova Scotia now owns 196,636 shares of the information technology services provider’s stock valued at $1,443,000 after acquiring an additional 176,322 shares in the last quarter. NN Investment Partners Holdings N.V. increased its holdings in shares of Xerox Corporation by 8.6% during the second quarter. NN Investment Partners Holdings N.V. now owns 33,853 shares of the information technology services provider’s stock valued at $973,000 after acquiring an additional 2,694 shares in the last quarter. Finally, Mn Services Vermogensbeheer B.V. increased its holdings in shares of Xerox Corporation by 52.5% during the second quarter. Mn Services Vermogensbeheer B.V. now owns 35,055 shares of the information technology services provider’s stock valued at $1,007,000 after acquiring an additional 12,074 shares in the last quarter. 83.70% of the stock is currently owned by institutional investors.
About Xerox Corporation
Xerox Corporation is a provider of digital print technology and related solutions. The Company has capabilities in imaging and printing, data analytics, and the development of secure and automated solutions to help customers improve productivity. The Company’s primary offerings span three main areas: Managed Document Services, Workplace Solutions and Graphic Communications.
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