Xerox (XRX) Sets New 12-Month High After Better-Than-Expected Earnings

Xerox Corp (NYSE:XRX)’s share price hit a new 52-week high during mid-day trading on Wednesday following a better than expected earnings announcement. The company traded as high as $34.46 and last traded at $34.53, with a volume of 14625368 shares changing hands. The stock had previously closed at $32.68.

The information technology services provider reported $1.04 EPS for the quarter, topping analysts’ consensus estimates of $0.94 by $0.10. Xerox had a net margin of 5.29% and a return on equity of 17.23%. The business had revenue of $2.75 billion for the quarter, compared to analyst estimates of $2.63 billion. During the same period last year, the firm earned $1.00 earnings per share. Xerox’s revenue for the quarter was up .5% compared to the same quarter last year.

XRX has been the topic of several recent analyst reports. Zacks Investment Research downgraded shares of Xerox from a “hold” rating to a “sell” rating in a research note on Thursday, October 5th. UBS Group reduced their price target on shares of Xerox from $36.00 to $34.50 and set a “neutral” rating on the stock in a research note on Friday, October 27th. Finally, Standpoint Research restated a “hold” rating on shares of Xerox in a research note on Wednesday. Four equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. Xerox currently has an average rating of “Buy” and an average price target of $35.21.

In other Xerox news, EVP Herve Tessler sold 6,000 shares of the business’s stock in a transaction on Monday, November 13th. The shares were sold at an average price of $28.59, for a total transaction of $171,540.00. Following the completion of the sale, the executive vice president now owns 35,878 shares in the company, valued at approximately $1,025,752.02. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 0.29% of the company’s stock.

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Nationwide Fund Advisors boosted its holdings in shares of Xerox by 1.4% in the 3rd quarter. Nationwide Fund Advisors now owns 113,587 shares of the information technology services provider’s stock worth $3,781,000 after buying an additional 1,597 shares during the last quarter. Tredje AP fonden lifted its holdings in Xerox by 2.4% during the third quarter. Tredje AP fonden now owns 79,786 shares of the information technology services provider’s stock valued at $2,676,000 after purchasing an additional 1,898 shares during the last quarter. American Century Companies Inc. lifted its holdings in Xerox by 1.3% during the third quarter. American Century Companies Inc. now owns 169,794 shares of the information technology services provider’s stock valued at $5,652,000 after purchasing an additional 2,237 shares during the last quarter. Gagnon Securities LLC lifted its holdings in Xerox by 11.6% during the third quarter. Gagnon Securities LLC now owns 22,922 shares of the information technology services provider’s stock valued at $763,000 after purchasing an additional 2,378 shares during the last quarter. Finally, Norinchukin Bank The lifted its holdings in Xerox by 16.2% during the third quarter. Norinchukin Bank The now owns 17,220 shares of the information technology services provider’s stock valued at $573,000 after purchasing an additional 2,406 shares during the last quarter. Hedge funds and other institutional investors own 83.26% of the company’s stock.

The stock has a market cap of $8,360.61, a PE ratio of 16.87 and a beta of 1.12. The company has a debt-to-equity ratio of 0.97, a quick ratio of 1.33 and a current ratio of 1.63.

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Xerox Company Profile

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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