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

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

A number of other brokerages have also issued reports on XRX. Morgan Stanley reduced their target price on shares of Xerox from $10.00 to $8.00 and set an "underweight" rating on the stock in a research report on Wednesday, October 30th. JPMorgan Chase & Co. reduced their price objective on Xerox from $11.00 to $8.00 and set an "underweight" rating on the stock in a report on Wednesday, October 30th. Three investment 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. Based on data from MarketBeat, the company presently has an average rating of "Hold" and a consensus price target of $9.50.

Xerox Price Performance

NYSE XRX traded down $0.03 during trading hours on Monday, reaching $8.75. 1,849,809 shares of the company's stock were exchanged, compared to its average volume of 2,167,629. The firm has a fifty day moving average of $9.19 and a 200-day moving average of $10.58. Xerox has a one year low of $8.02 and a one year high of $19.78. The stock has a market cap of $1.09 billion, a PE ratio of -0.79 and a beta of 1.59. The company has a current ratio of 1.26, a quick ratio of 0.95 and a debt-to-equity ratio of 2.11.

Xerox (NYSE:XRX - Get Free Report) last announced its earnings results on Tuesday, October 29th. The information technology services provider reported $0.25 EPS for the quarter, missing the consensus estimate of $0.51 by ($0.26). Xerox had a positive return on equity of 6.60% and a negative net margin of 21.31%. The business 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 EPS. Xerox's revenue for the quarter was down 7.5% on a year-over-year basis. On average, equities research analysts predict that Xerox will post 1.12 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Xerox

Hedge funds and other institutional investors have recently bought and sold shares of the business. Pacer Advisors Inc. boosted its holdings in Xerox by 33.2% during the third quarter. Pacer Advisors Inc. now owns 16,969,127 shares of the information technology services provider's stock worth $176,140,000 after buying an additional 4,228,806 shares during the last quarter. Geode Capital Management LLC boosted its stake in Xerox by 2.3% during the 3rd quarter. Geode Capital Management LLC now owns 2,808,775 shares of the information technology services provider's stock worth $29,161,000 after acquiring an additional 62,947 shares during the last quarter. Charles Schwab Investment Management Inc. grew its holdings in Xerox by 6.7% during the third 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 purchasing an additional 107,580 shares during the period. Sound Income Strategies LLC increased its stake in Xerox by 27.9% in the third quarter. Sound Income Strategies LLC now owns 1,033,506 shares of the information technology services provider's stock valued at $10,728,000 after purchasing an additional 225,617 shares in the last quarter. Finally, Advisors Asset Management Inc. raised its holdings 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 worth $8,269,000 after purchasing an additional 69,183 shares during the period. 85.36% of the stock is 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.

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