JPMorgan Chase & Co. reduced its holdings in shares of Xerox Holdings Co. (NYSE:XRX - Free Report) by 24.8% in the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 595,153 shares of the information technology services provider's stock after selling 196,466 shares during the quarter. JPMorgan Chase & Co. owned approximately 0.48% of Xerox worth $6,178,000 as of its most recent filing with the SEC.
Other hedge funds have also made changes to their positions in the company. Pacer Advisors Inc. increased its stake in Xerox by 33.2% in the third quarter. Pacer Advisors Inc. now owns 16,969,127 shares of the information technology services provider's stock valued at $176,140,000 after purchasing an additional 4,228,806 shares during the last quarter. Geode Capital Management LLC boosted its holdings in shares of Xerox by 2.3% in the 3rd quarter. Geode Capital Management LLC now owns 2,808,775 shares of the information technology services provider's stock valued at $29,161,000 after buying an additional 62,947 shares in the last quarter. Charles Schwab Investment Management Inc. grew its position in shares of Xerox by 6.7% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,719,607 shares of the information technology services provider's stock valued at $17,850,000 after buying an additional 107,580 shares during the last quarter. Sound Income Strategies LLC raised its stake 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 acquiring an additional 225,617 shares in the last quarter. Finally, Advisors Asset Management Inc. lifted its position in Xerox by 9.5% in the third quarter. Advisors Asset Management Inc. now owns 796,609 shares of the information technology services provider's stock valued at $8,269,000 after acquiring an additional 69,183 shares during the last quarter. Hedge funds and other institutional investors own 85.36% of the company's stock.
Xerox Stock Performance
Xerox stock traded down $0.15 during mid-day trading on Thursday, reaching $9.00. 1,650,485 shares of the company were exchanged, compared to its average volume of 2,419,093. The firm has a market cap of $1.12 billion, a PE ratio of -0.82 and a beta of 1.59. The company has a debt-to-equity ratio of 2.11, a quick ratio of 0.95 and a current ratio of 1.26. The firm's 50-day simple moving average is $8.78 and its two-hundred day simple moving average is $9.87. Xerox Holdings Co. has a twelve month low of $8.02 and a twelve month high of $19.78.
Xerox (NYSE:XRX - Get Free Report) last posted its quarterly earnings data on Tuesday, October 29th. The information technology services provider reported $0.25 earnings per share for the quarter, missing analysts' consensus estimates of $0.51 by ($0.26). The firm had revenue of $1.53 billion during the quarter, compared to analysts' expectations of $1.63 billion. Xerox had a negative net margin of 21.31% and a positive return on equity of 6.60%. The business's quarterly revenue was down 7.5% on a year-over-year basis. During the same quarter last year, the business earned $0.46 earnings per share. Equities analysts predict that Xerox Holdings Co. will post 1.12 earnings per share for the current fiscal year.
Xerox Dividend Announcement
The company also recently disclosed a quarterly dividend, which will be paid on Friday, January 31st. Investors of record on Tuesday, December 31st will be given a $0.25 dividend. The ex-dividend date of this dividend is Tuesday, December 31st. This represents a $1.00 dividend on an annualized basis and a yield of 11.11%. Xerox's payout ratio is currently -9.06%.
Analysts Set New Price Targets
A number of analysts have recently commented on the company. JPMorgan Chase & Co. cut their target price on Xerox from $11.00 to $8.00 and set an "underweight" rating on the stock in a research report on Wednesday, October 30th. Morgan Stanley reduced their price objective on Xerox from $10.00 to $8.00 and set an "underweight" rating for the company in a research note on Wednesday, October 30th. Finally, StockNews.com upgraded shares of Xerox from a "hold" rating to a "buy" rating in a research report on Thursday, December 26th. Three 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 data from MarketBeat.com, Xerox presently has a consensus rating of "Hold" and a consensus price target of $9.50.
Read Our Latest Stock Analysis on Xerox
About Xerox
(
Free Report)
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.
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