StockNews.com Downgrades Xerox (NYSE:XRX) to Hold

Xerox (NYSE:XRX) was downgraded by equities researchers at StockNews.com from a “buy” rating to a “hold” rating in a report issued on Wednesday.

A number of other research firms also recently weighed in on XRX. Morgan Stanley dropped their price target on shares of Xerox from $10.00 to $8.00 and set an “underweight” rating on the stock in a research note on Wednesday, October 30th. JPMorgan Chase & Co. cut their price target on Xerox from $11.00 to $8.00 and set an “underweight” rating for the company in a research note on Wednesday, October 30th. Finally, Loop Capital lowered their price target on Xerox from $14.00 to $11.00 and set a “hold” rating for the company in a research note on Wednesday, August 14th. Three equities research analysts have rated the stock with a sell rating and two have assigned a hold rating to the stock. According to data from MarketBeat, the stock has an average rating of “Reduce” and a consensus price target of $9.50.

Xerox Stock Performance

XRX opened at $8.71 on Wednesday. The business has a fifty day simple moving average of $9.45 and a 200-day simple moving average of $10.89. The firm has a market cap of $1.08 billion, a PE ratio of -0.80 and a beta of 1.59. Xerox has a fifty-two week low of $8.02 and a fifty-two week high of $19.78. 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 results on Tuesday, October 29th. The information technology services provider reported $0.25 EPS for the quarter, missing the consensus estimate of $0.51 by ($0.26). The firm had revenue of $1.53 billion during the quarter, compared to analysts’ expectations of $1.63 billion. Xerox had a negative net margin of 21.31% and a positive return on equity of 6.60%. During the same quarter last year, the company posted $0.46 EPS. The firm’s revenue was down 7.5% compared to the same quarter last year. As a group, equities analysts predict that Xerox will post 1.12 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the stock. SummerHaven Investment Management LLC grew its stake in shares of Xerox by 2.4% in the second quarter. SummerHaven Investment Management LLC now owns 47,430 shares of the information technology services provider’s stock worth $551,000 after acquiring an additional 1,110 shares during the last quarter. Los Angeles Capital Management LLC grew its position in Xerox by 5.9% in the 2nd quarter. Los Angeles Capital Management LLC now owns 23,930 shares of the information technology services provider’s stock worth $278,000 after purchasing an additional 1,327 shares during the last quarter. CWM LLC raised its position in shares of Xerox by 155.5% during the second quarter. CWM LLC now owns 2,264 shares of the information technology services provider’s stock valued at $26,000 after buying an additional 1,378 shares during the last quarter. Louisiana State Employees Retirement System lifted its stake in shares of Xerox by 2.7% in the second quarter. Louisiana State Employees Retirement System now owns 57,500 shares of the information technology services provider’s stock valued at $668,000 after buying an additional 1,500 shares during the period. Finally, The Manufacturers Life Insurance Company increased its stake in Xerox by 2.6% during the second quarter. The Manufacturers Life Insurance Company now owns 63,666 shares of the information technology services provider’s stock valued at $740,000 after acquiring an additional 1,627 shares during the period. Institutional investors and hedge funds own 85.36% of the company’s stock.

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.