Xerox (NYSE:XRX) Price Target Cut to $11.00

Xerox (NYSE:XRX - Free Report) had its target price reduced by JPMorgan Chase & Co. from $13.00 to $11.00 in a research note issued to investors on Monday morning, Benzinga reports. They currently have an underweight rating on the information technology services provider's stock.

A number of other equities research analysts have also recently issued reports on the stock. StockNews.com raised shares of Xerox from a "hold" rating to a "buy" rating in a report on Thursday, September 5th. Loop Capital reduced their price target on shares of Xerox from $14.00 to $11.00 and set a "hold" rating for the company in a research report on Wednesday, August 14th. Finally, Citigroup started coverage on shares of Xerox in a research note on Friday, June 28th. They issued a "sell" rating and a $11.00 price target on the stock. Three research analysts have rated the stock with a sell rating, one has given a hold rating and one has assigned a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of "Hold" and a consensus price target of $11.25.

Xerox Stock Performance

XRX stock traded down $0.67 during midday trading on Monday, hitting $10.12. 3,613,240 shares of the stock traded hands, compared to its average volume of 2,130,200. Xerox has a 1-year low of $9.51 and a 1-year high of $19.78. The company has a debt-to-equity ratio of 1.34, a current ratio of 1.49 and a quick ratio of 1.13. The stock's fifty day simple moving average is $10.44 and its 200-day simple moving average is $12.26. The firm has a market cap of $1.26 billion, a P/E ratio of -9.70 and a beta of 1.57.

Xerox (NYSE:XRX - Get Free Report) last announced its quarterly earnings results on Thursday, July 25th. The information technology services provider reported $0.29 earnings per share for the quarter, missing the consensus estimate of $0.43 by ($0.14). Xerox had a negative net margin of 1.60% and a positive return on equity of 7.33%. The business had revenue of $1.58 billion during the quarter, compared to analysts' expectations of $1.60 billion. During the same quarter in the prior year, the firm earned $0.44 EPS. Xerox's revenue for the quarter was down 10.0% on a year-over-year basis. On average, analysts expect that Xerox will post 1.79 earnings per share for the current year.

Xerox Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, October 31st. Investors of record on Monday, September 30th will be paid a dividend of $0.25 per share. The ex-dividend date is Monday, September 30th. This represents a $1.00 annualized dividend and a yield of 9.88%. Xerox's dividend payout ratio is presently -95.24%.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of the business. Vanguard Group Inc. lifted its position in Xerox by 1.2% during the fourth quarter. Vanguard Group Inc. now owns 15,981,297 shares of the information technology services provider's stock worth $292,937,000 after buying an additional 190,034 shares in the last quarter. Sound Income Strategies LLC boosted its position in shares of Xerox by 27.9% during the 3rd quarter. Sound Income Strategies LLC now owns 1,033,506 shares of the information technology services provider's stock valued at $10,728,000 after acquiring an additional 225,617 shares during the last quarter. Bridgeway Capital Management LLC grew its holdings in shares of Xerox by 3.5% in the first quarter. Bridgeway Capital Management LLC now owns 986,682 shares of the information technology services provider's stock valued at $17,662,000 after purchasing an additional 33,590 shares during the period. SG Capital Management LLC acquired a new stake in Xerox during the first quarter worth about $8,466,000. Finally, Empowered Funds LLC raised its stake in Xerox by 8.3% during the first quarter. Empowered Funds LLC now owns 446,810 shares of the information technology services provider's stock worth $7,998,000 after purchasing an additional 34,219 shares during the period. 85.36% of the stock is owned by hedge funds and other institutional investors.

About Xerox

Xerox Holdings Corporation, together with its subsidiaries, operates as a workplace technology company that integrates hardware, services, and software for enterprises in the Americas, Europe, the Middle East, Africa, India, and internationally. The company operates through two segments, Print and Other; and FITTLE.