World Asset Management Inc Reduces Stake in Xerox Corp (NYSE:XRX)

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World Asset Management Inc reduced its position in Xerox Corp (NYSE:XRX) by 15.0% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 10,237 shares of the information technology services provider’s stock after selling 1,804 shares during the period. World Asset Management Inc’s holdings in Xerox were worth $157,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in XRX. AQR Capital Management LLC lifted its position in Xerox by 40.2% during the first quarter. AQR Capital Management LLC now owns 8,940,797 shares of the information technology services provider’s stock valued at $162,722,000 after purchasing an additional 2,563,949 shares in the last quarter. Norges Bank purchased a new position in Xerox during the fourth quarter valued at $73,432,000. First Trust Advisors LP lifted its position in Xerox by 528.7% during the second quarter. First Trust Advisors LP now owns 1,575,154 shares of the information technology services provider’s stock valued at $24,084,000 after purchasing an additional 1,324,601 shares in the last quarter. Mason Capital Management LLC purchased a new position in Xerox during the first quarter valued at $21,308,000. Finally, Quinn Opportunity Partners LLC raised its holdings in Xerox by 954.3% during the first quarter. Quinn Opportunity Partners LLC now owns 1,191,037 shares of the information technology services provider’s stock valued at $22,558,000 after acquiring an additional 1,078,065 shares during the period. Institutional investors own 86.87% of the company’s stock.

Shares of XRX stock opened at $16.65 on Friday. The business’s fifty day simple moving average is $16.05 and its 200-day simple moving average is $22.79. The company has a market cap of $3.48 billion, a PE ratio of 3.58 and a beta of 1.62. The company has a current ratio of 1.42, a quick ratio of 1.53 and a debt-to-equity ratio of 0.40. Xerox Corp has a 12-month low of $14.22 and a 12-month high of $39.47.

Xerox (NYSE:XRX) last released its earnings results on Tuesday, July 28th. The information technology services provider reported $0.15 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.07) by $0.22. Xerox had a return on equity of 11.87% and a net margin of 13.35%. The firm had revenue of $1.47 billion for the quarter, compared to the consensus estimate of $1.55 billion. During the same period in the prior year, the firm earned $0.99 EPS. The firm’s revenue was down 35.3% on a year-over-year basis. On average, equities analysts forecast that Xerox Corp will post 1.37 earnings per share for the current year.

The company also recently announced a quarterly dividend, which will be paid on Friday, October 30th. Investors of record on Wednesday, September 30th will be given a $0.25 dividend. This represents a $1.00 annualized dividend and a dividend yield of 6.01%. The ex-dividend date is Tuesday, September 29th. Xerox’s payout ratio is 28.17%.

A number of equities research analysts have commented on XRX shares. Loop Capital cut Xerox from a “buy” rating to a “hold” rating and decreased their price target for the company from $47.00 to $18.00 in a report on Monday, April 27th. JPMorgan Chase & Co. cut Xerox from a “neutral” rating to an “underweight” rating and decreased their price target for the company from $23.00 to $20.00 in a report on Friday, July 24th. ValuEngine raised Xerox from a “sell” rating to a “hold” rating in a report on Thursday, July 2nd. Citigroup reaffirmed a “sell” rating and issued a $13.00 target price on shares of Xerox in a report on Thursday, April 9th. Finally, Credit Suisse Group reduced their price objective on Xerox from $23.00 to $21.00 and set an “outperform” rating on the stock in a research note on Wednesday. Two analysts have rated the stock with a sell rating, three have issued a hold rating, one has issued a buy rating and one has issued a strong buy rating to the company. Xerox has an average rating of “Hold” and a consensus price target of $21.17.

Xerox Profile

Xerox Corporation designs, develops, and sells document management systems and solutions worldwide. It offers intelligent workplace services, including managed print services; digitization services; and digital solutions, such as workflow automation, personalization and communication software, and content management.

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Institutional Ownership by Quarter for Xerox (NYSE:XRX)

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