Xerox (NYSE:XRX) Raised to "Buy" at StockNews.com

Xerox (NYSE:XRX - Get Free Report) was upgraded by investment analysts at StockNews.com from a "hold" rating to a "buy" rating in a research note issued on Tuesday.

Several other research firms have also recently weighed in on XRX. Morgan Stanley cut their price objective on shares of Xerox from $10.00 to $8.00 and set an "underweight" rating for the company in a research report on Wednesday, October 30th. JPMorgan Chase & Co. reduced their price target on shares of Xerox from $11.00 to $8.00 and set an "underweight" rating on the stock in a research report on Wednesday, October 30th. Three research analysts have rated the stock with a sell rating, one has issued a hold rating and one has assigned a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of "Hold" and an average target price of $9.50.

Xerox Price Performance

Shares of NYSE XRX traded down $0.13 during midday trading on Tuesday, reaching $8.54. The company's stock had a trading volume of 2,746,095 shares, compared to its average volume of 2,357,277. The company has a debt-to-equity ratio of 2.61, a quick ratio of 0.95 and a current ratio of 1.11. The company has a market cap of $1.06 billion, a P/E ratio of -0.80 and a beta of 1.59. The business's 50 day moving average price is $8.93 and its two-hundred day moving average price is $9.71. Xerox has a fifty-two week low of $8.02 and a fifty-two week high of $19.48.

Xerox (NYSE:XRX - Get Free Report) last released its earnings results 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). Xerox had a negative net margin of 21.24% and a positive return on equity of 7.57%. The company had revenue of $1.53 billion for the quarter, compared to the consensus estimate of $1.63 billion. During the same quarter in the previous year, the company posted $0.46 earnings per share. The business's revenue was down 7.5% compared to the same quarter last year. On average, analysts forecast that Xerox will post 1.3 EPS for the current fiscal year.

Institutional Investors Weigh In On Xerox

A number of hedge funds have recently made changes to their positions in the stock. Pacer Advisors Inc. lifted its stake in Xerox by 33.2% in the 3rd 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 increased its holdings in shares of Xerox by 2.3% during the third quarter. Geode Capital Management LLC now owns 2,808,775 shares of the information technology services provider's stock worth $29,161,000 after buying an additional 62,947 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its stake 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 acquiring an additional 107,580 shares during the last quarter. Sound Income Strategies LLC grew its position in Xerox by 6.7% during the 4th quarter. Sound Income Strategies LLC now owns 1,102,688 shares of the information technology services provider's stock worth $9,296,000 after acquiring an additional 69,182 shares during the last quarter. Finally, Advisors Asset Management Inc. increased its holdings in Xerox by 9.5% in the 3rd quarter. Advisors Asset Management Inc. now owns 796,609 shares of the information technology services provider's stock worth $8,269,000 after purchasing an additional 69,183 shares in the last quarter. 85.36% of the stock is currently owned by institutional investors and hedge funds.

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.