Xerox Corp. (XRX) Rating Lowered to Buy at Vetr Inc.
Xerox Corp. (NYSE:XRX) was downgraded by investment analysts at Vetr from a “strong-buy” rating to a “buy” rating in a research note issued to investors on Tuesday. They presently have a $10.47 price objective on the stock. Vetr‘s price target would suggest a potential upside of 5.02% from the company’s current price.
A number of other brokerages have also recently issued reports on XRX. SunTrust Banks Inc. started coverage on shares of Xerox Corp. in a research note on Tuesday, September 13th. They issued a “buy” rating and a $13.00 price objective for the company. Brean Capital reissued a “hold” rating on shares of Xerox Corp. in a research note on Monday, August 1st. Zacks Investment Research cut shares of Xerox Corp. from a “hold” rating to a “sell” rating in a research note on Monday, June 27th. Piper Jaffray Cos. reissued an “overweight” rating on shares of Xerox Corp. in a research note on Saturday, July 2nd. Finally, BMO Capital Markets increased their price objective on shares of Xerox Corp. from $10.00 to $10.50 and gave the stock a “market perform” rating in a research note on Monday, August 1st. Two research analysts have rated the stock with a sell rating, eight have assigned a hold rating and three have issued a buy rating to the company. The stock currently has an average rating of “Hold” and an average price target of $11.10.
Xerox Corp. (NYSE:XRX) opened at 9.97 on Tuesday. The firm has a 50-day moving average of $9.85 and a 200 day moving average of $9.94. Xerox Corp. has a one year low of $8.48 and a one year high of $11.39. The company has a market capitalization of $10.10 billion, a P/E ratio of 26.03 and a beta of 1.29.
Xerox Corp. (NYSE:XRX) last announced its quarterly earnings data on Friday, July 29th. The company reported $0.30 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.25 by $0.05. The firm earned $4.40 billion during the quarter, compared to analysts’ expectations of $4.39 billion. Xerox Corp. had a net margin of 2.49% and a return on equity of 12.36%. The company’s revenue for the quarter was down 69.8% compared to the same quarter last year. During the same period in the prior year, the company posted $0.22 earnings per share. On average, equities analysts forecast that Xerox Corp. will post $1.13 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Monday, October 31st. Investors of record on Friday, September 30th will be given a dividend of $0.0775 per share. The ex-dividend date of this dividend is Wednesday, September 28th. This represents a $0.31 dividend on an annualized basis and a dividend yield of 3.11%. Xerox Corp.’s dividend payout ratio is 75.61%.
In other Xerox Corp. news, Chairman Ursula M. Burns sold 3,317 shares of the stock in a transaction on Monday, August 15th. The shares were sold at an average price of $9.85, for a total transaction of $32,672.45. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Herve Tessler sold 13,000 shares of the stock in a transaction on Wednesday, August 3rd. The shares were sold at an average price of $9.89, for a total transaction of $128,570.00. Following the transaction, the insider now owns 110,319 shares of the company’s stock, valued at approximately $1,091,054.91. The disclosure for this sale can be found here. Corporate insiders own 0.37% of the company’s stock.
Institutional investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. raised its position in Xerox Corp. by 4.9% in the second quarter. Vanguard Group Inc. now owns 91,855,728 shares of the company’s stock valued at $871,711,000 after buying an additional 4,290,807 shares during the period. Macquarie Group Ltd. raised its position in Xerox Corp. by 7.4% in the second quarter. Macquarie Group Ltd. now owns 67,253,384 shares of the company’s stock valued at $638,235,000 after buying an additional 4,645,879 shares during the period. BlackRock Institutional Trust Company N.A. raised its position in Xerox Corp. by 0.6% in the second quarter. BlackRock Institutional Trust Company N.A. now owns 28,942,674 shares of the company’s stock valued at $274,666,000 after buying an additional 173,697 shares during the period. BlackRock Fund Advisors raised its position in Xerox Corp. by 3.2% in the second quarter. BlackRock Fund Advisors now owns 15,846,516 shares of the company’s stock valued at $150,383,000 after buying an additional 492,903 shares during the period. Finally, AQR Capital Management LLC raised its position in Xerox Corp. by 14.4% in the second quarter. AQR Capital Management LLC now owns 12,424,669 shares of the company’s stock valued at $117,911,000 after buying an additional 1,563,358 shares during the period. Institutional investors and hedge funds own 83.90% of the company’s stock.
About Xerox Corp.
Xerox Corporation is engaged in imaging, business process, analytics, automation and user-centric insights. The Company’s segments include Services, Document Technology and Other. The Company’s Services segment comprises two types of service offerings: Business Process Outsourcing (BPO) and Document Outsourcing (DO).
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