Xerox Corporation (NYSE:XRX) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a report issued on Thursday.

According to Zacks, “Xerox is grappling with decreased demand for paper-related systems and products. A geopolitical impasse due to various conflicts and disruptions may further affect its international operations in key markets. Xerox further narrowed its full-year 2017 guidance, reflecting its one-for-four reverse stock split. The company underperformed the industry year to date. The availability of a large number of substitutes remains another challenge. Moreover, stiff competition has largely affected its profit margins. Earnings estimates for the current quarter and year have decreased significantly over the last three months, representing negative investor sentiments for the company. However, Xerox completed the split of its BPO business from Document Technology and Document Outsourcing businesses to focus on revenue growth, margin expansion and disciplined investments in attractive growing markets.”

XRX has been the topic of a number of other reports. Morgan Stanley reduced their price target on shares of Xerox Corporation to $32.00 and set an “overweight” rating on the stock in a research note on Friday, June 16th. Credit Suisse Group boosted their price target on shares of Xerox Corporation from $32.00 to $34.00 and gave the company an “outperform” rating in a research note on Wednesday, August 2nd. BidaskClub raised shares of Xerox Corporation from a “sell” rating to a “hold” rating in a research note on Thursday, June 29th. ValuEngine raised shares of Xerox Corporation from a “hold” rating to a “buy” rating in a research note on Friday, September 1st. Finally, Loop Capital reissued a “buy” rating and issued a $38.00 price target (up from $36.00) on shares of Xerox Corporation in a research note on Wednesday, August 2nd. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and ten have given a buy rating to the company. The company presently has a consensus rating of “Buy” and a consensus price target of $35.67.

Shares of Xerox Corporation (XRX) opened at 32.92 on Thursday. Xerox Corporation has a 52-week low of $22.90 and a 52-week high of $34.13. The stock’s market capitalization is $8.37 billion. The company has a 50-day moving average of $32.57 and a 200-day moving average of $29.93.

Xerox Corporation (NYSE:XRX) last released its quarterly 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. The business had revenue of $2.57 billion for the quarter, compared to the consensus estimate of $2.60 billion. Xerox Corporation had a net margin of 4.55% and a return on equity of 15.28%. The business’s revenue was down 8.1% on a year-over-year basis. During the same period in the previous year, the firm earned $0.26 EPS. Equities research analysts anticipate that Xerox Corporation will post $3.36 EPS for the current year.

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Several large investors have recently made changes to their positions in XRX. BlackRock Inc. increased its position in shares of Xerox Corporation by 1,831.5% in the 1st quarter. BlackRock Inc. now owns 69,513,636 shares of the information technology services provider’s stock valued at $510,230,000 after purchasing an additional 65,914,755 shares during the last quarter. Gotham Asset Management LLC increased its position in shares of Xerox Corporation by 2,304.7% in the 1st quarter. Gotham Asset Management LLC now owns 3,606,346 shares of the information technology services provider’s stock valued at $26,471,000 after purchasing an additional 3,456,374 shares during the last quarter. Dimensional Fund Advisors LP increased its position in shares of Xerox Corporation by 25.0% in the 1st quarter. Dimensional Fund Advisors LP now owns 16,726,444 shares of the information technology services provider’s stock valued at $122,775,000 after purchasing an additional 3,341,049 shares during the last quarter. Bank of America Corp DE increased its position in shares of Xerox Corporation by 108.1% in the 1st quarter. Bank of America Corp DE now owns 4,426,429 shares of the information technology services provider’s stock valued at $32,489,000 after purchasing an additional 2,299,573 shares during the last quarter. Finally, Geode Capital Management LLC increased its position in shares of Xerox Corporation by 17.5% in the 1st quarter. Geode Capital Management LLC now owns 12,632,535 shares of the information technology services provider’s stock valued at $92,637,000 after purchasing an additional 1,881,180 shares during the last quarter. 84.13% of the stock is currently owned by institutional investors.

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.

Analyst Recommendations for Xerox Corporation (NYSE:XRX)

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