Cowen Inc. purchased a new position in shares of Xerox Corporation (NYSE:XRX) during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm purchased 47,750 shares of the information technology services provider’s stock, valued at approximately $1,372,000.
A number of other institutional investors and hedge funds also recently made changes to their positions in the business. Columbia Asset Management purchased a new stake in shares of Xerox Corporation during the 2nd quarter worth about $245,000. AXA boosted its stake in shares of Xerox Corporation by 10.9% during the 2nd quarter. AXA now owns 1,438,621 shares of the information technology services provider’s stock worth $41,331,000 after acquiring an additional 141,790 shares in the last quarter. CIBC World Markets Inc. purchased a new stake in shares of Xerox Corporation during the 2nd quarter worth about $10,132,000. IFM Investors Pty Ltd purchased a new stake in shares of Xerox Corporation during the 2nd quarter worth about $360,000. Finally, Intact Investment Management Inc. purchased a new stake in shares of Xerox Corporation during the 2nd quarter worth about $367,000. 83.93% of the stock is currently owned by institutional investors.
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Xerox Corporation (NYSE:XRX) traded up 1.06% on Tuesday, reaching $32.40. 125,312 shares of the company’s stock were exchanged. The firm has a 50 day moving average of $31.81 and a 200-day moving average of $29.43. Xerox Corporation has a 12-month low of $24.86 and a 12-month high of $32.99. The company’s market cap is $8.24 billion.
Xerox Corporation (NYSE:XRX) last announced its quarterly earnings results on Tuesday, August 1st. The information technology services provider reported $0.87 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.84 by $0.03. Xerox Corporation had a net margin of 4.55% and a return on equity of 15.28%. The company had revenue of $2.57 billion for the quarter, compared to the consensus estimate of $2.60 billion. During the same quarter in the prior year, the firm earned $0.26 earnings per share. The company’s revenue for the quarter was down 8.1% compared to the same quarter last year. Equities analysts expect that Xerox Corporation will post $3.36 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Tuesday, October 31st. Shareholders of record on Friday, September 29th will be issued a $0.25 dividend. This represents a $1.00 annualized dividend and a dividend yield of 3.12%. The ex-dividend date is Thursday, September 28th. This is an increase from Xerox Corporation’s previous quarterly dividend of $0.06. Xerox Corporation’s dividend payout ratio is 12.08%.
Several equities research analysts have recently issued reports on the stock. Barclays PLC reissued an “equal weight” rating and set a $35.00 target price (up from $33.00) on shares of Xerox Corporation in a research note on Tuesday. Loop Capital reissued a “buy” rating and set a $38.00 target price (up from $36.00) on shares of Xerox Corporation in a research note on Wednesday, August 2nd. BidaskClub raised shares of Xerox Corporation from a “hold” rating to a “buy” rating in a research note on Friday, August 18th. Credit Suisse Group increased their target price on shares of Xerox Corporation from $32.00 to $34.00 and gave the stock an “outperform” rating in a research note on Wednesday, August 2nd. Finally, Zacks Investment Research raised shares of Xerox Corporation from a “sell” rating to a “hold” rating in a research note on Wednesday, June 28th. Four analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. The company has a consensus rating of “Buy” and an average price target of $37.45.
Xerox Corporation Company Profile
Xerox Corporation is a provider of digital print technology and related solutions. The Company has capabilities in imaging and printing, data analytics, and the development of secure and automated solutions to help customers improve productivity. The Company’s primary offerings span three main areas: Managed Document Services, Workplace Solutions and Graphic Communications.
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