Morgan Stanley Cuts Xerox (NYSE:XRX) Price Target to $8.00

Xerox (NYSE:XRX) had its price target trimmed by Morgan Stanley from $10.00 to $8.00 in a report issued on Wednesday, Benzinga reports. The firm currently has an underweight rating on the information technology services provider’s stock.

A number of other equities research analysts also recently issued reports on XRX. StockNews.com upgraded Xerox from a “hold” rating to a “buy” rating in a research report on Thursday, September 5th. JPMorgan Chase & Co. decreased their price target on shares of Xerox from $11.00 to $8.00 and set an “underweight” rating on the stock in a report on Wednesday. Finally, Loop Capital reduced their target price on Xerox from $14.00 to $11.00 and set a “hold” rating on the stock in a research note on Wednesday, August 14th. Three analysts have rated the stock with a sell rating and two have given a hold rating to the company’s stock. According to data from MarketBeat, Xerox presently has a consensus rating of “Reduce” and an average price target of $9.50.

Xerox Price Performance

Xerox stock opened at $8.29 on Wednesday. The business has a fifty day moving average price of $10.27 and a 200-day moving average price of $11.79. The firm has a market capitalization of $1.03 billion, a P/E ratio of -0.75 and a beta of 1.59. The company has a debt-to-equity ratio of 2.11, a current ratio of 1.26 and a quick ratio of 1.13. Xerox has a one year low of $8.02 and a one year high of $19.78.

Xerox (NYSE:XRX) last announced its quarterly earnings results on Tuesday, October 29th. The information technology services provider reported $0.25 earnings per share for the quarter, missing the consensus estimate of $0.51 by ($0.26). The company had revenue of $1.53 billion for the quarter, compared to the consensus estimate of $1.63 billion. Xerox had a negative net margin of 21.31% and a positive return on equity of 6.60%. The company’s quarterly revenue was down 7.5% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.46 earnings per share. As a group, equities research analysts forecast that Xerox will post 1.55 EPS for the current year.

Xerox Announces Dividend

The business also recently disclosed 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 12.06%. Xerox’s payout ratio is currently -9.06%.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the company. CWM LLC grew its holdings in Xerox by 155.5% in the 2nd quarter. CWM LLC now owns 2,264 shares of the information technology services provider’s stock worth $26,000 after acquiring an additional 1,378 shares during the last quarter. EntryPoint Capital LLC bought a new position in shares of Xerox during the first quarter valued at approximately $45,000. US Bancorp DE lifted its stake in Xerox by 42.3% in the third quarter. US Bancorp DE now owns 6,353 shares of the information technology services provider’s stock worth $66,000 after acquiring an additional 1,888 shares during the period. Plato Investment Management Ltd purchased a new position in Xerox during the 1st quarter valued at $115,000. Finally, nVerses Capital LLC bought a new position in Xerox in the 2nd quarter worth $78,000. 85.36% of the stock is owned by hedge funds and other institutional investors.

About Xerox

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.