Xerox (NYSE:XRX) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued to clients and investors on Saturday.
According to Zacks, “Xerox continues to grow globally through successful acquisitions and disposal of non-core assets. To better adapt to the changing market trends, Xerox is continually expanding indirect distribution channels and streamlining its supply chain and product portfolio. It aims to focus on organic improvements and services for the next few quarters. It is reprioritizing investments and accelerating its restructuring actions to improve revenue and margin. However, the company remains exposed to foreign currency movements due to its international presence. Competitive threat from the availability of a large number of substitutes and technological advancements continue to grow. In fact, in the past six months, the stock has declined 15.5% as against the industry's loss of 10.3%.”
XRX has been the subject of a number of other research reports. JPMorgan Chase lowered their price target on Xerox from $41.00 to $40.00 and set an “overweight” rating for the company in a research report on Tuesday, February 13th. Loop Capital reaffirmed a “buy” rating on shares of Xerox in a research report on Thursday, February 1st. ValuEngine lowered Xerox from a “buy” rating to a “hold” rating in a research report on Monday, April 2nd. Standpoint Research reaffirmed a “hold” rating on shares of Xerox in a research report on Wednesday, January 31st. Finally, UBS raised Xerox from a “neutral” rating to a “buy” rating in a research report on Monday, February 5th. Four analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and an average target price of $35.72.
XRX traded down $0.30 during midday trading on Friday, reaching $27.98. 2,090,390 shares of the company’s stock traded hands, compared to its average volume of 2,316,773. The firm has a market capitalization of $7,202.17, a price-to-earnings ratio of 8.04 and a beta of 1.19. The company has a debt-to-equity ratio of 0.99, a current ratio of 1.91 and a quick ratio of 1.57. Xerox has a 52 week low of $26.64 and a 52 week high of $37.42.
Xerox (NYSE:XRX) last released its quarterly earnings results on Wednesday, January 31st. The information technology services provider reported $1.04 EPS for the quarter, beating analysts’ consensus estimates of $0.96 by $0.08. The business had revenue of $2.75 billion during the quarter, compared to analyst estimates of $2.63 billion. Xerox had a return on equity of 17.13% and a net margin of 1.67%. Xerox’s quarterly revenue was up .5% compared to the same quarter last year. During the same quarter in the prior year, the company posted $1.00 EPS. sell-side analysts expect that Xerox will post 3.43 EPS for the current fiscal year.
In other Xerox news, insider Carl C. Icahn sold 1,161,404 shares of the stock in a transaction on Friday, February 2nd. The stock was sold at an average price of $34.49, for a total transaction of $40,056,823.96. The sale was disclosed in a filing with the SEC, which is available through this link. Also, insider Carl C. Icahn sold 140,011 shares of the stock in a transaction on Monday, February 5th. The shares were 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 owned by company insiders.
Institutional investors and hedge funds have recently modified their holdings of the business. Sciencast Management LP purchased a new stake in Xerox during the 4th quarter valued at $233,000. Neuberger Berman Group LLC boosted its stake in Xerox by 10.0% during the 3rd quarter. Neuberger Berman Group LLC now owns 58,328 shares of the information technology services provider’s stock valued at $1,942,000 after purchasing an additional 5,316 shares during the last quarter. James Investment Research Inc. boosted its stake in shares of Xerox by 8,605.1% in the 4th quarter. James Investment Research Inc. now owns 67,029 shares of the information technology services provider’s stock worth $1,954,000 after buying an additional 66,259 shares during the last quarter. Barings LLC boosted its stake in shares of Xerox by 111.1% in the 4th quarter. Barings LLC now owns 80,193 shares of the information technology services provider’s stock worth $2,338,000 after buying an additional 42,200 shares during the last quarter. Finally, Macquarie Group Ltd. purchased a new position in shares of Xerox in the 3rd quarter worth $627,000. Institutional investors and hedge funds own 85.74% of the company’s stock.
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Xerox Company Profile
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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