Xerox (NYSE:XRX) Downgraded to Hold Rating by StockNews.com

Xerox (NYSE:XRX) was downgraded by stock analysts at StockNews.com from a “buy” rating to a “hold” rating in a note issued to investors on Friday.

Several other equities analysts have also weighed in on the company. JPMorgan Chase & Co. reduced their price objective on Xerox from $11.00 to $8.00 and set an “underweight” rating on the stock in a research note on Wednesday, October 30th. Morgan Stanley dropped their price objective on shares of Xerox from $10.00 to $8.00 and set an “underweight” rating for the company in a research report on Wednesday, October 30th. Three research analysts have rated the stock with a sell rating and two have assigned a hold rating to the company. Based on data from MarketBeat.com, Xerox has an average rating of “Reduce” and an average price target of $9.50.

Xerox Price Performance

XRX traded up $0.34 during trading on Friday, reaching $9.34. 2,345,693 shares of the stock were exchanged, compared to its average volume of 2,412,518. The company has a debt-to-equity ratio of 2.11, a current ratio of 1.26 and a quick ratio of 0.95. The business’s 50 day moving average price is $8.79 and its two-hundred day moving average price is $9.87. Xerox has a 1 year low of $8.02 and a 1 year high of $19.78. The company has a market capitalization of $1.16 billion, a price-to-earnings ratio of -0.85 and a beta of 1.59.

Xerox (NYSE:XRX) last announced its earnings results on Tuesday, October 29th. The information technology services provider reported $0.25 EPS for the quarter, missing analysts’ consensus estimates of $0.51 by ($0.26). Xerox had a negative net margin of 21.31% and a positive return on equity of 6.60%. The company had revenue of $1.53 billion for the quarter, compared to analyst estimates of $1.63 billion. During the same quarter last year, the company posted $0.46 EPS. Xerox’s quarterly revenue was down 7.5% compared to the same quarter last year. As a group, equities research analysts anticipate that Xerox will post 1.12 earnings per share for the current year.

Institutional Inflows and Outflows

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