Investors Buy Large Volume of Put Options on Xerox (NYSE:XRX)

Xerox Holdings Co. (NYSE:XRX - Get Free Report) was the recipient of some unusual options trading on Wednesday. Investors purchased 1,689 put options on the company. This represents an increase of approximately 1,369% compared to the typical daily volume of 115 put options.

Wall Street Analysts Forecast Growth

Separately, StockNews.com lowered Xerox from a "buy" rating to a "hold" rating in a research report on Wednesday, February 5th. Three equities research analysts have rated the stock with a sell rating and two have given a hold rating to the stock. According to MarketBeat, the stock has a consensus rating of "Reduce" and a consensus target price of $9.50.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in XRX. Victory Capital Management Inc. lifted its holdings in Xerox by 10.0% in the 3rd quarter. Victory Capital Management Inc. now owns 206,368 shares of the information technology services provider's stock valued at $2,142,000 after purchasing an additional 18,819 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. purchased a new position in Xerox in the 3rd quarter valued at $1,626,000. Advisors Asset Management Inc. increased its stake in shares of 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 acquiring an additional 69,183 shares during the last quarter. Intech Investment Management LLC acquired a new stake in shares of Xerox in the 3rd quarter worth $498,000. Finally, Pacer Advisors Inc. increased its stake in shares of 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 worth $176,140,000 after acquiring an additional 4,228,806 shares during the last quarter. Hedge funds and other institutional investors own 85.36% of the company's stock.

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Xerox Price Performance

XRX stock traded down $0.13 during midday trading on Friday, reaching $5.51. The stock had a trading volume of 34,290,683 shares, compared to its average volume of 2,437,377. The company's fifty day simple moving average is $7.69 and its 200 day simple moving average is $8.80. The company has a current ratio of 1.11, a quick ratio of 0.84 and a debt-to-equity ratio of 2.61. The company has a market cap of $690.30 million, a price-to-earnings ratio of -0.51 and a beta of 1.66. Xerox has a 52-week low of $5.48 and a 52-week high of $18.18.

Xerox Cuts Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 30th. Shareholders of record on Monday, March 31st will be issued a $0.125 dividend. The ex-dividend date of this dividend is Monday, March 31st. This represents a $0.50 dividend on an annualized basis and a yield of 9.07%. Xerox's payout ratio is currently -4.66%.

Xerox Company Profile

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.