Xerox (NYSE:XRX) Stock Price Down 5.7% – Here’s Why

Xerox Holdings Co. (NYSE:XRX) fell 5.7% during mid-day trading on Tuesday . The company traded as low as $8.80 and last traded at $8.80. 436,406 shares changed hands during mid-day trading, a decline of 80% from the average session volume of 2,174,710 shares. The stock had previously closed at $9.33.

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on the stock. Loop Capital cut their target price on shares of Xerox from $14.00 to $11.00 and set a “hold” rating on the stock in a research note on Wednesday, August 14th. Morgan Stanley reduced their price objective on Xerox from $10.00 to $8.00 and set an “underweight” rating on the stock in a research note on Wednesday, October 30th. StockNews.com raised Xerox from a “hold” rating to a “buy” rating in a research report on Tuesday, November 26th. Finally, JPMorgan Chase & Co. cut their target price on shares of Xerox from $11.00 to $8.00 and set an “underweight” rating on the stock in a research note on Wednesday, October 30th. Three research analysts have rated the stock with a sell rating, one has given a hold rating and one has assigned a buy rating to the company. Based on data from MarketBeat, Xerox presently has a consensus rating of “Hold” and an average price target of $9.50.

Xerox Stock Down 5.1 %

The firm’s fifty day moving average is $9.50 and its 200-day moving average is $10.94. The stock has a market capitalization of $1.10 billion, a PE ratio of -0.79 and a beta of 1.59. The company has a quick ratio of 0.95, a current ratio of 1.26 and a debt-to-equity ratio of 2.11.

Xerox (NYSE:XRX) last issued its quarterly earnings data on Tuesday, October 29th. The information technology services provider reported $0.25 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.51 by ($0.26). The firm had revenue of $1.53 billion for the quarter, compared to analyst estimates of $1.63 billion. Xerox had a positive return on equity of 6.60% and a negative net margin of 21.31%. The business’s revenue for the quarter was down 7.5% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.46 earnings per share. On average, equities research analysts predict that Xerox Holdings Co. will post 1.12 earnings per share for the current year.

Xerox Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, January 31st. Shareholders of record on Tuesday, December 31st will be issued a $0.25 dividend. The ex-dividend date of this dividend is Tuesday, December 31st. This represents a $1.00 dividend on an annualized basis and a dividend yield of 11.30%. Xerox’s dividend payout ratio (DPR) is presently -9.06%.

Institutional Investors Weigh In On Xerox

Several hedge funds have recently modified their holdings of the stock. Tidal Investments LLC grew its stake in Xerox by 26.1% in the third quarter. Tidal Investments LLC now owns 68,359 shares of the information technology services provider’s stock worth $710,000 after purchasing an additional 14,164 shares in the last quarter. Geode Capital Management LLC lifted its position in shares of Xerox by 2.3% in the 3rd quarter. Geode Capital Management LLC now owns 2,808,775 shares of the information technology services provider’s stock worth $29,161,000 after buying an additional 62,947 shares during the last quarter. Barclays PLC boosted its holdings in shares of Xerox by 55.5% in the 3rd quarter. Barclays PLC now owns 469,106 shares of the information technology services provider’s stock valued at $4,869,000 after buying an additional 167,500 shares during the period. Stifel Financial Corp grew its position in shares of Xerox by 44.2% during the 3rd quarter. Stifel Financial Corp now owns 152,380 shares of the information technology services provider’s stock valued at $1,582,000 after buying an additional 46,708 shares during the last quarter. Finally, Point72 Asset Management L.P. lifted its holdings in Xerox by 39.2% in the third quarter. Point72 Asset Management L.P. now owns 38,312 shares of the information technology services provider’s stock worth $398,000 after acquiring an additional 10,794 shares during the last quarter. 85.36% of the stock is currently owned by hedge funds and other 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.