Xerox (NYSE:XRX) Stock Price Down 4.8% Following Analyst Downgrade

Shares of Xerox Holdings Co. (NYSE:XRX - Get Free Report) were down 4.8% during mid-day trading on Monday after JPMorgan Chase & Co. lowered their price target on the stock from $13.00 to $11.00. JPMorgan Chase & Co. currently has an underweight rating on the stock. Xerox traded as low as $10.25 and last traded at $10.27. Approximately 248,071 shares were traded during trading, a decline of 88% from the average daily volume of 2,113,663 shares. The stock had previously closed at $10.79.

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

Institutional Trading of Xerox

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Vanguard Group Inc. lifted its holdings in Xerox by 1.2% during the 4th quarter. Vanguard Group Inc. now owns 15,981,297 shares of the information technology services provider's stock valued at $292,937,000 after purchasing an additional 190,034 shares during the last quarter. Sound Income Strategies LLC increased its position in 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 worth $10,728,000 after purchasing an additional 225,617 shares in the last quarter. Bridgeway Capital Management LLC boosted its holdings in shares of Xerox by 3.5% during the 1st quarter. Bridgeway Capital Management LLC now owns 986,682 shares of the information technology services provider's stock valued at $17,662,000 after acquiring an additional 33,590 shares in the last quarter. SG Capital Management LLC acquired a new stake in shares of Xerox during the first quarter valued at about $8,466,000. Finally, Empowered Funds LLC grew its holdings in Xerox by 8.3% during the 1st quarter. Empowered Funds LLC now owns 446,810 shares of the information technology services provider's stock worth $7,998,000 after acquiring an additional 34,219 shares during the last quarter. 85.36% of the stock is currently owned by institutional investors and hedge funds.

Xerox Trading Down 6.2 %

The company has a market cap of $1.26 billion, a P/E ratio of -9.70 and a beta of 1.57. The firm's 50 day moving average is $10.44 and its two-hundred day moving average is $12.26. The company has a quick ratio of 1.13, a current ratio of 1.49 and a debt-to-equity ratio of 1.34.

Xerox (NYSE:XRX - Get Free Report) last posted its quarterly earnings results on Thursday, July 25th. The information technology services provider reported $0.29 EPS for the quarter, missing analysts' consensus estimates of $0.43 by ($0.14). Xerox had a positive return on equity of 7.33% and a negative net margin of 1.60%. The company had revenue of $1.58 billion during the quarter, compared to analyst estimates of $1.60 billion. During the same quarter in the previous year, the business posted $0.44 earnings per share. The company's revenue for the quarter was down 10.0% compared to the same quarter last year. As a group, equities research analysts anticipate that Xerox Holdings Co. will post 1.79 EPS for the current year.

Xerox Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, October 31st. Stockholders of record on Monday, September 30th will be given a $0.25 dividend. This represents a $1.00 annualized dividend and a dividend yield of 9.88%. The ex-dividend date is Monday, September 30th. Xerox's dividend payout ratio (DPR) is presently -95.24%.

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.