Zacks Investment Research Downgrades Xerox (XRX) to Hold

Zacks Investment Research cut shares of Xerox (NYSE:XRX) from a buy rating to a hold rating in a research report report published on Saturday.

According to Zacks, “Xerox continues to grow globally through successful acquisitions and disposal of non-core assets. To better adapt to the changing market trends, Xerox is continually expanding indirect distribution channels and streamlining its supply chain and product portfolio. It aims to focus on organic improvements and services for the next few quarters. It is reprioritizing investments and accelerating its restructuring actions to improve revenue and margin. However, the company remains exposed to foreign currency movements due to its international presence. Competitive threat from the availability of a large number of substitutes and technological advancements continue to grow. In fact, in the past six months, the stock has declined 15.5% as against  the industry's loss of 10.3%.”

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A number of other equities research analysts also recently issued reports on the company. JPMorgan Chase reduced their price target on Xerox from $41.00 to $40.00 and set an overweight rating on the stock in a research report on Tuesday, February 13th. UBS raised Xerox from a neutral rating to a buy rating in a research report on Monday, February 5th. Loop Capital reissued a buy rating on shares of Xerox in a research report on Thursday, February 1st. Standpoint Research reissued a hold rating on shares of Xerox in a research report on Wednesday, January 31st. Finally, ValuEngine downgraded Xerox from a buy rating to a hold rating in a research report on Monday, April 2nd. Four research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. The company currently has an average rating of Buy and a consensus price target of $35.72.

Shares of NYSE XRX opened at $27.98 on Friday. The company has a market cap of $7,125.78, a PE ratio of 8.04 and a beta of 1.19. The company has a debt-to-equity ratio of 0.99, a quick ratio of 1.57 and a current ratio of 1.91. Xerox has a 1-year low of $26.64 and a 1-year high of $37.42.

Xerox (NYSE:XRX) last issued its quarterly earnings results on Wednesday, January 31st. The information technology services provider reported $1.04 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.96 by $0.08. The business had revenue of $2.75 billion for the quarter, compared to the consensus estimate of $2.63 billion. Xerox had a return on equity of 17.13% and a net margin of 1.67%. The firm’s quarterly revenue was up .5% compared to the same quarter last year. During the same quarter in the prior year, the business posted $1.00 earnings per share. equities research analysts predict that Xerox will post 3.43 earnings per share for the current year.

The firm also recently announced a quarterly dividend, which will be paid on Monday, April 30th. Shareholders of record on Friday, March 30th will be issued a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a dividend yield of 3.57%. The ex-dividend date is Wednesday, March 28th. Xerox’s dividend payout ratio is presently 28.74%.

In other Xerox news, insider Carl C. Icahn sold 1,161,404 shares of the firm’s stock in a transaction on Friday, February 2nd. The stock was sold at an average price of $34.49, for a total value of $40,056,823.96. The sale was disclosed in a filing with the SEC, which is available at this link. Also, insider Carl C. Icahn sold 140,011 shares of the firm’s stock in a transaction on Monday, February 5th. The shares were sold at an average price of $32.50, for a total value of $4,550,357.50. The disclosure for this sale can be found here. Company insiders own 0.29% of the company’s stock.

Several hedge funds have recently modified their holdings of the business. BlackRock Inc. boosted its holdings in shares of Xerox by 0.7% in the 4th quarter. BlackRock Inc. now owns 15,067,064 shares of the information technology services provider’s stock valued at $439,206,000 after purchasing an additional 98,850 shares in the last quarter. Dimensional Fund Advisors LP boosted its holdings in shares of Xerox by 7.7% during the 3rd quarter. Dimensional Fund Advisors LP now owns 5,065,082 shares of the information technology services provider’s stock valued at $168,633,000 after acquiring an additional 361,956 shares in the last quarter. TIAA CREF Investment Management LLC boosted its holdings in shares of Xerox by 31.4% during the 4th quarter. TIAA CREF Investment Management LLC now owns 3,979,223 shares of the information technology services provider’s stock valued at $115,994,000 after acquiring an additional 951,355 shares in the last quarter. Guggenheim Capital LLC boosted its holdings in shares of Xerox by 13.8% during the 4th quarter. Guggenheim Capital LLC now owns 2,654,855 shares of the information technology services provider’s stock valued at $77,390,000 after acquiring an additional 320,976 shares in the last quarter. Finally, Alps Advisors Inc. boosted its holdings in shares of Xerox by 12.8% during the 4th quarter. Alps Advisors Inc. now owns 1,621,941 shares of the information technology services provider’s stock valued at $47,280,000 after acquiring an additional 184,505 shares in the last quarter. 85.74% of the stock is currently owned by hedge funds and other institutional investors.

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Xerox Company Profile

Xerox Corporation designs, develops, and sells document management systems and solutions worldwide. It offers managed document services, including managed print services and multi-channel communication services, as well as a range of digital solutions, such as workflow automation services, content management, and digitization services.

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