State Board of Administration of Florida Retirement System cut its stake in Xerox Corporation (NYSE:XRX) by 76.3% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 390,835 shares of the information technology services provider’s stock after selling 1,260,965 shares during the period. State Board of Administration of Florida Retirement System owned about 0.15% of Xerox Corporation worth $11,229,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also modified their holdings of the company. Cleararc Capital Inc. increased its position in shares of Xerox Corporation by 1.0% in the first quarter. Cleararc Capital Inc. now owns 20,881 shares of the information technology services provider’s stock valued at $153,000 after buying an additional 207 shares in the last quarter. Xact Kapitalforvaltning AB increased its position in shares of Xerox Corporation by 0.3% in the first quarter. Xact Kapitalforvaltning AB now owns 149,314 shares of the information technology services provider’s stock valued at $1,096,000 after buying an additional 459 shares in the last quarter. Teza Capital Management LLC increased its position in shares of Xerox Corporation by 2.3% in the first quarter. Teza Capital Management LLC now owns 23,866 shares of the information technology services provider’s stock valued at $175,000 after buying an additional 533 shares in the last quarter. Canandaigua National Bank & Trust Co. increased its position in shares of Xerox Corporation by 1.8% in the first quarter. Canandaigua National Bank & Trust Co. now owns 33,141 shares of the information technology services provider’s stock valued at $243,000 after buying an additional 600 shares in the last quarter. Finally, Advantus Capital Management Inc increased its position in shares of Xerox Corporation by 1.0% in the first quarter. Advantus Capital Management Inc now owns 85,826 shares of the information technology services provider’s stock valued at $630,000 after buying an additional 880 shares in the last quarter. 83.91% of the stock is currently owned by institutional investors.

Shares of Xerox Corporation (NYSE XRX) opened at 32.24 on Wednesday. The firm’s market cap is $8.19 billion. Xerox Corporation has a 52 week low of $24.86 and a 52 week high of $32.99. The company has a 50-day moving average price of $30.93 and a 200 day moving average price of $29.26.

Xerox Corporation (NYSE:XRX) last issued its earnings results on Tuesday, August 1st. The information technology services provider reported $0.87 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.84 by $0.03. Xerox Corporation had a net margin of 4.55% and a return on equity of 15.28%. The business had revenue of $2.57 billion for the quarter, compared to analysts’ expectations of $2.60 billion. During the same quarter in the previous year, the firm posted $0.26 EPS. The business’s revenue for the quarter was down 8.1% compared to the same quarter last year. Analysts expect that Xerox Corporation will post $3.36 EPS for the current fiscal year.

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, October 31st. Shareholders of record on Friday, September 29th will be issued a dividend of $0.25 per share. This is a boost from Xerox Corporation’s previous quarterly dividend of $0.06. The ex-dividend date is Thursday, September 28th. This represents a $1.00 dividend on an annualized basis and a yield of 3.10%. Xerox Corporation’s payout ratio is presently 12.08%.

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Several brokerages have commented on XRX. BidaskClub raised Xerox Corporation from a “sell” rating to a “hold” rating in a research report on Thursday, June 29th. ValuEngine downgraded Xerox Corporation from a “buy” rating to a “hold” rating in a research report on Friday, June 2nd. Zacks Investment Research downgraded Xerox Corporation from a “hold” rating to a “sell” rating in a research report on Tuesday, June 20th. Morgan Stanley dropped their price target on Xerox Corporation to $32.00 and set an “overweight” rating on the stock in a research report on Friday, June 16th. Finally, Barclays PLC reaffirmed a “sell” rating and issued a $27.00 price target on shares of Xerox Corporation in a research report on Friday, June 23rd. Five research analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. Xerox Corporation presently has a consensus rating of “Buy” and a consensus target price of $37.23.

About Xerox Corporation

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.

Institutional Ownership by Quarter for Xerox Corporation (NYSE:XRX)

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