Xerox (NYSE:XRX) Stock Price Down 6.7% - What's Next?

Xerox Holdings Co. (NYSE:XRX - Get Free Report) dropped 6.7% on Wednesday . The company traded as low as $7.00 and last traded at $6.99. Approximately 3,634,249 shares were traded during mid-day trading, an increase of 33% from the average daily volume of 2,729,515 shares. The stock had previously closed at $7.49.

Analyst Upgrades and Downgrades

Separately, StockNews.com lowered Xerox from a "buy" rating to a "hold" rating in a research report on Wednesday, February 5th. Three investment analysts have rated the stock with a sell rating and two have issued a hold rating to the company. Based on data from MarketBeat, the company presently has an average rating of "Reduce" and a consensus price target of $9.50.

Xerox Stock Performance

The firm has a market cap of $824.60 million, a P/E ratio of -0.62 and a beta of 1.59. The business's fifty day simple moving average is $8.54 and its 200-day simple moving average is $9.29. The company has a current ratio of 1.11, a quick ratio of 0.84 and a debt-to-equity ratio of 2.61.

Xerox Cuts Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, April 30th. Shareholders of record on Monday, March 31st will be given a dividend of $0.125 per share. This represents a $0.50 dividend on an annualized basis and a yield of 7.54%. The ex-dividend date of this dividend is Monday, March 31st. Xerox's payout ratio is -4.66%.

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Institutional Investors Weigh In On Xerox

A number of large investors have recently made changes to their positions in the business. Gladius Capital Management LP bought a new position in Xerox in the 3rd quarter worth $29,000. Picton Mahoney Asset Management grew its holdings in shares of Xerox by 330.5% during the 4th quarter. Picton Mahoney Asset Management now owns 3,758 shares of the information technology services provider's stock worth $31,000 after acquiring an additional 2,885 shares during the period. TD Waterhouse Canada Inc. bought a new position in shares of Xerox in the 4th quarter worth approximately $51,000. US Bancorp DE lifted 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 purchasing an additional 1,888 shares during the period. Finally, KBC Group NV lifted its stake in shares of Xerox by 84.5% in the 4th quarter. KBC Group NV now owns 9,223 shares of the information technology services provider's stock valued at $78,000 after purchasing an additional 4,224 shares during the period. 85.36% of the stock is currently owned by 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.