JPMorgan Chase & Co. Cuts Xerox (NYSE:XRX) Price Target to $17.00

Xerox (NYSE:XRX) had its price objective cut by JPMorgan Chase & Co. from $18.00 to $17.00 in a research note issued to investors on Wednesday, Benzinga reports. They currently have an underweight rating on the information technology services provider’s stock.

Separately, StockNews.com cut Xerox from a buy rating to a hold rating in a report on Wednesday.

Xerox Trading Down 1.3 %

Shares of XRX stock opened at $14.00 on Wednesday. Xerox has a 1 year low of $12.06 and a 1 year high of $19.78. The company has a current ratio of 1.37, a quick ratio of 0.91 and a debt-to-equity ratio of 1.34. The firm’s fifty day simple moving average is $17.23 and its 200 day simple moving average is $16.28. The firm has a market capitalization of $1.74 billion, a P/E ratio of -8.92 and a beta of 1.56.

Xerox (NYSE:XRX) last issued its earnings results on Tuesday, April 23rd. The information technology services provider reported $0.06 EPS for the quarter, missing the consensus estimate of $0.35 by ($0.29). Xerox had a negative net margin of 2.74% and a positive return on equity of 7.77%. The firm had revenue of $1.50 billion during the quarter, compared to analyst estimates of $1.53 billion. During the same quarter in the prior year, the firm posted $0.49 EPS. The firm’s revenue for the quarter was down 12.8% on a year-over-year basis. As a group, sell-side analysts predict that Xerox will post 2.31 EPS for the current year.

Xerox Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, April 30th. Stockholders of record on Friday, March 29th will be paid a $0.25 dividend. The ex-dividend date is Wednesday, March 27th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 7.14%. Xerox’s dividend payout ratio (DPR) is presently -63.69%.

Institutional Trading of Xerox

A number of large investors have recently bought and sold shares of XRX. FNY Investment Advisers LLC acquired a new position in Xerox during the 4th quarter worth approximately $25,000. GAMMA Investing LLC acquired a new stake in shares of Xerox in the 4th quarter valued at approximately $25,000. Hexagon Capital Partners LLC boosted its holdings in shares of Xerox by 87.2% in the 3rd quarter. Hexagon Capital Partners LLC now owns 1,627 shares of the information technology services provider’s stock valued at $26,000 after buying an additional 758 shares during the last quarter. TFO Wealth Partners LLC boosted its holdings in shares of Xerox by 30,127.3% in the 4th quarter. TFO Wealth Partners LLC now owns 3,325 shares of the information technology services provider’s stock valued at $61,000 after buying an additional 3,314 shares during the last quarter. Finally, International Assets Investment Management LLC raised its stake in Xerox by 1,733.2% in the 4th quarter. International Assets Investment Management LLC now owns 4,583 shares of the information technology services provider’s stock valued at $84,000 after acquiring an additional 4,333 shares during the period. 85.36% of the stock is owned by institutional investors.

Xerox Company Profile

Xerox Holdings Corporation, together with its subsidiaries, operates as a workplace technology company that integrates hardware, services, and software for enterprises in the Americas, Europe, the Middle East, Africa, India, and internationally. The company operates through two segments, Print and Other; and FITTLE.