Xerox (NYSE:XRX) Hits New 52-Week Low on Disappointing Earnings

Xerox Holdings Co. (NYSE:XRX)’s share price hit a new 52-week low on Tuesday after the company announced weaker than expected quarterly earnings. The company traded as low as $8.53 and last traded at $8.57, with a volume of 899267 shares trading hands. The stock had previously closed at $10.28.

The information technology services provider reported $0.25 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.53 by ($0.28). The company 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 7.33% and a negative net margin of 1.60%. The firm’s quarterly revenue was down 7.5% on a year-over-year basis. During the same quarter last year, the company posted $0.46 earnings per share.

Analyst Ratings Changes

Several brokerages have recently issued reports on XRX. JPMorgan Chase & Co. lowered their price target on shares of Xerox from $11.00 to $8.00 and set an “underweight” rating for the company in a report on Wednesday. Morgan Stanley decreased their price objective on Xerox from $10.00 to $8.00 and set an “underweight” rating for the company in a report on Wednesday. StockNews.com upgraded Xerox from a “hold” rating to a “buy” rating in a report on Thursday, September 5th. Finally, Loop Capital decreased their price objective on Xerox from $14.00 to $11.00 and set a “hold” rating for the company in a report on Wednesday, August 14th. Three analysts have rated the stock with a sell rating, one has assigned a hold rating and one has given a buy rating to the company’s stock. According to data from MarketBeat, Xerox has a consensus rating of “Hold” and a consensus target price of $9.50.

Institutional Trading of Xerox

A number of large investors have recently bought and sold shares of XRX. Allspring Global Investments Holdings LLC grew its holdings in Xerox by 21.3% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 18,079 shares of the information technology services provider’s stock worth $324,000 after acquiring an additional 3,177 shares during the period. Janney Montgomery Scott LLC grew its holdings in Xerox by 36.9% during the 1st quarter. Janney Montgomery Scott LLC now owns 36,721 shares of the information technology services provider’s stock worth $657,000 after acquiring an additional 9,896 shares during the period. Capstone Investment Advisors LLC grew its holdings in Xerox by 60.2% during the 1st quarter. Capstone Investment Advisors LLC now owns 24,741 shares of the information technology services provider’s stock worth $443,000 after acquiring an additional 9,298 shares during the period. StoneX Group Inc. grew its holdings in Xerox by 21.0% during the 1st quarter. StoneX Group Inc. now owns 35,149 shares of the information technology services provider’s stock worth $638,000 after acquiring an additional 6,098 shares during the period. Finally, WBI Investments LLC acquired a new stake in Xerox during the 1st quarter worth about $931,000. 85.36% of the stock is currently owned by institutional investors and hedge funds.

Xerox Stock Performance

The company has a debt-to-equity ratio of 1.34, a quick ratio of 1.13 and a current ratio of 1.49. The stock has a fifty day simple moving average of $10.37 and a two-hundred day simple moving average of $11.88. The stock has a market capitalization of $1.02 billion, a price-to-earnings ratio of -7.84 and a beta of 1.57.

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.