Earnest Partners LLC trimmed its stake in Xerox Corp (NYSE:XRX) by 8.3% in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 62,354 shares of the information technology services provider’s stock after selling 5,610 shares during the quarter. Earnest Partners LLC’s holdings in Xerox were worth $1,818,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Advisor Partners LLC acquired a new position in shares of Xerox in the fourth quarter worth $204,000. D.A. Davidson & CO. acquired a new position in shares of Xerox in the fourth quarter worth $202,000. Keybank National Association OH acquired a new position in shares of Xerox in the third quarter worth $233,000. Conning Inc. acquired a new position in shares of Xerox in the fourth quarter worth $215,000. Finally, Contravisory Investment Management Inc. raised its holdings in shares of Xerox by 10,970.1% in the fourth quarter. Contravisory Investment Management Inc. now owns 7,417 shares of the information technology services provider’s stock worth $216,000 after acquiring an additional 7,350 shares during the last quarter. 85.74% of the stock is owned by institutional investors.
In other news, insider Carl C. Icahn sold 1,161,404 shares of the company’s stock in a transaction dated Friday, February 2nd. The stock was sold at an average price of $34.49, for a total value of $40,056,823.96. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Carl C. Icahn sold 140,011 shares of the company’s stock in a transaction dated Monday, February 5th. The stock was sold at an average price of $32.50, for a total value of $4,550,357.50. The disclosure for this sale can be found here. 0.29% of the stock is currently owned by insiders.
XRX stock traded down $0.30 during trading on Friday, reaching $27.98. 2,090,390 shares of the stock traded hands, compared to its average volume of 2,316,773. Xerox Corp has a 52-week low of $26.64 and a 52-week high of $37.42. The company has a current ratio of 1.91, a quick ratio of 1.57 and a debt-to-equity ratio of 0.99. The company has a market cap of $7,202.17, a PE ratio of 8.04 and a beta of 1.19.
Xerox (NYSE:XRX) last posted its quarterly earnings results on Wednesday, January 31st. The information technology services provider reported $1.04 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.96 by $0.08. Xerox had a return on equity of 17.13% and a net margin of 1.67%. The firm had revenue of $2.75 billion during the quarter, compared to the consensus estimate of $2.63 billion. During the same quarter in the previous year, the business earned $1.00 earnings per share. The firm’s quarterly revenue was up .5% compared to the same quarter last year. equities analysts forecast that Xerox Corp will post 3.43 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Monday, April 30th. Shareholders of record on Friday, March 30th will be given a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a yield of 3.57%. The ex-dividend date is Wednesday, March 28th. Xerox’s dividend payout ratio (DPR) is presently 28.74%.
XRX has been the subject of several analyst reports. Standpoint Research reiterated a “hold” rating on shares of Xerox in a research note on Wednesday, January 31st. Loop Capital reiterated a “buy” rating on shares of Xerox in a research note on Thursday, February 1st. Zacks Investment Research lowered Xerox from a “hold” rating to a “sell” rating in a research note on Saturday, February 3rd. UBS upgraded Xerox from a “neutral” rating to a “buy” rating in a research note on Monday, February 5th. Finally, JPMorgan Chase dropped their target price on Xerox from $41.00 to $40.00 and set an “overweight” rating for the company in a research note on Tuesday, February 13th. Four equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. Xerox currently has an average rating of “Buy” and a consensus price target of $35.72.
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Xerox Corporation designs, develops, and sells document management systems and solutions worldwide. It offers managed document services, including managed print services and multi-channel communication services, as well as a range of digital solutions, such as workflow automation services, content management, and digitization services.
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