Xerox (NYSE:XRX) Upgraded to “Sell” at ValuEngine

ValuEngine upgraded shares of Xerox (NYSE:XRX) from a strong sell rating to a sell rating in a research report report published on Thursday, ValuEngine reports.

XRX has been the subject of several other reports. JPMorgan Chase & Co. raised Xerox from an underweight rating to a neutral rating and increased their price objective for the stock from $31.00 to $38.00 in a research note on Tuesday. Zacks Investment Research raised Xerox from a hold rating to a strong-buy rating and set a $36.00 price objective for the company in a research note on Sunday, November 3rd. Finally, Credit Suisse Group increased their price objective on Xerox from $42.00 to $43.00 and gave the stock an outperform rating in a research note on Wednesday, October 30th. One investment analyst has rated the stock with a sell rating, two have given a hold rating, one has issued a buy rating and one has assigned a strong buy rating to the stock. The stock has an average rating of Hold and a consensus target price of $39.00.

Shares of NYSE XRX traded up $0.29 during mid-day trading on Thursday, hitting $38.94. 2,240,427 shares of the company traded hands, compared to its average volume of 2,578,066. Xerox has a 1 year low of $18.58 and a 1 year high of $39.38. The stock has a market capitalization of $8.10 billion, a price-to-earnings ratio of 11.25 and a beta of 1.79. The company has a quick ratio of 0.91, a current ratio of 1.11 and a debt-to-equity ratio of 0.66. The business has a 50 day moving average of $32.05 and a two-hundred day moving average of $32.15.

Xerox (NYSE:XRX) last announced its earnings results on Tuesday, October 29th. The information technology services provider reported $1.08 EPS for the quarter, beating the consensus estimate of $0.86 by $0.22. Xerox had a return on equity of 19.62% and a net margin of 7.28%. The business had revenue of $2.20 billion during the quarter, compared to the consensus estimate of $2.19 billion. During the same period in the prior year, the business posted $0.85 earnings per share. Xerox’s revenue was down 6.5% compared to the same quarter last year. As a group, research analysts anticipate that Xerox will post 3.88 EPS for the current year.

The company also recently announced a quarterly dividend, which will be paid on Friday, January 31st. Shareholders of record on Tuesday, December 31st will be given a $0.25 dividend. This represents a $1.00 annualized dividend and a yield of 2.57%. The ex-dividend date is Monday, December 30th. Xerox’s payout ratio is currently 28.90%.

In other Xerox news, EVP Herve Tessler sold 32,200 shares of the company’s stock in a transaction dated Tuesday, September 10th. The stock was sold at an average price of $31.22, for a total value of $1,005,284.00. Following the transaction, the executive vice president now directly owns 11,804 shares of the company’s stock, valued at approximately $368,520.88. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Corporate insiders own 0.19% of the company’s stock.

A number of hedge funds have recently modified their holdings of the business. CNA Financial Corp increased its position in Xerox by 41.0% in the 3rd quarter. CNA Financial Corp now owns 71,597 shares of the information technology services provider’s stock worth $2,141,000 after purchasing an additional 20,833 shares during the last quarter. Tower Research Capital LLC TRC acquired a new position in Xerox in the 3rd quarter worth about $1,463,000. Symmetry Partners LLC increased its position in Xerox by 13.5% in the 3rd quarter. Symmetry Partners LLC now owns 14,115 shares of the information technology services provider’s stock worth $422,000 after purchasing an additional 1,677 shares during the last quarter. Cullen Frost Bankers Inc. increased its position in Xerox by 118.2% in the 3rd quarter. Cullen Frost Bankers Inc. now owns 22,062 shares of the information technology services provider’s stock worth $661,000 after purchasing an additional 11,949 shares during the last quarter. Finally, IFM Investors Pty Ltd increased its position in Xerox by 43.2% in the 3rd quarter. IFM Investors Pty Ltd now owns 18,715 shares of the information technology services provider’s stock worth $560,000 after purchasing an additional 5,644 shares during the last quarter. 84.88% of the stock is currently owned by institutional investors.

About Xerox

Xerox Corporation designs, develops, and sells document management systems and solutions worldwide. It offers intelligent workplace services, including managed print services; digitization services; and digital solutions, such as workflow automation, personalization and communication software, and content management.

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