Morgan Stanley Issues Pessimistic Forecast for Xerox (NYSE:XRX) Stock Price

Xerox (NYSE:XRX - Free Report) had its target price reduced by Morgan Stanley from $10.00 to $8.00 in a report issued on Wednesday morning, Benzinga reports. They currently have an underweight rating on the information technology services provider's stock.

XRX has been the subject of several other reports. StockNews.com upgraded shares of Xerox from a "hold" rating to a "buy" rating in a research note on Thursday, September 5th. JPMorgan Chase & Co. dropped their price target on Xerox from $11.00 to $8.00 and set an "underweight" rating on the stock in a research note on Wednesday. Finally, Loop Capital dropped their target price on Xerox from $14.00 to $11.00 and set a "hold" rating on the stock in a research report on Wednesday, August 14th. Three research analysts have rated the stock with a sell rating, one has given a hold rating and one has given a buy rating to the company's stock. According to MarketBeat, the stock presently has an average rating of "Hold" and an average price target of $9.50.

Xerox Stock Down 3.1 %

Shares of XRX stock traded down $0.26 during mid-day trading on Wednesday, hitting $8.23. The stock had a trading volume of 5,933,692 shares, compared to its average volume of 2,201,084. The firm has a market capitalization of $1.02 billion, a P/E ratio of -7.84 and a beta of 1.57. The company has a debt-to-equity ratio of 1.34, a current ratio of 1.49 and a quick ratio of 1.13. Xerox has a 12-month low of $8.02 and a 12-month high of $19.78. The firm's 50-day moving average is $10.37 and its two-hundred day moving average is $11.88.

Xerox (NYSE:XRX - Get Free Report) last announced its quarterly earnings results on Tuesday, October 29th. The information technology services provider reported $0.25 earnings per share for the quarter, missing the consensus estimate of $0.53 by ($0.28). The business had revenue of $1.53 billion during the quarter, compared to analysts' expectations of $1.63 billion. Xerox had a positive return on equity of 7.33% and a negative net margin of 1.60%. Xerox's revenue for the quarter was down 7.5% on a year-over-year basis. During the same period in the previous year, the company posted $0.46 EPS. On average, analysts predict that Xerox will post 1.72 earnings per share for the current fiscal year.

Xerox Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, October 31st. Stockholders of record on Monday, September 30th will be issued a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a dividend yield of 12.15%. The ex-dividend date of this dividend is Monday, September 30th. Xerox's payout ratio is -95.24%.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of XRX. CWM LLC boosted its position in shares of Xerox by 155.5% during the 2nd quarter. CWM LLC now owns 2,264 shares of the information technology services provider's stock valued at $26,000 after acquiring an additional 1,378 shares during the last quarter. EntryPoint Capital LLC acquired a new position in Xerox in the 1st quarter valued at about $45,000. US Bancorp DE grew its stake in shares of Xerox by 42.3% in the 3rd quarter. US Bancorp DE now owns 6,353 shares of the information technology services provider's stock valued at $66,000 after buying an additional 1,888 shares during the period. nVerses Capital LLC acquired a new stake in shares of Xerox during the 2nd quarter worth approximately $78,000. Finally, Plato Investment Management Ltd raised its position in shares of Xerox by 45.0% during the 2nd quarter. Plato Investment Management Ltd now owns 9,346 shares of the information technology services provider's stock valued at $109,000 after buying an additional 2,899 shares during the period. 85.36% of the stock is owned by hedge funds and other institutional investors.

Xerox Company Profile

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.