JPMorgan Chase & Co. Cuts Xerox (NYSE:XRX) Price Target to $8.00

Xerox (NYSE:XRX) had its price objective reduced by JPMorgan Chase & Co. from $11.00 to $8.00 in a research note issued to investors on Wednesday, Benzinga reports. JPMorgan Chase & Co. currently has an underweight rating on the information technology services provider’s stock.

XRX has been the subject of a number of other research reports. StockNews.com upgraded shares of Xerox from a “hold” rating to a “buy” rating in a research note on Thursday, September 5th. Loop Capital reduced their target price on shares of Xerox from $14.00 to $11.00 and set a “hold” rating for the company in a research note on Wednesday, August 14th. Three analysts have rated the stock with a sell rating and two have assigned a hold rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Reduce” and a consensus target price of $9.50.

Xerox Stock Up 1.5 %

Shares of NYSE XRX opened at $8.29 on Wednesday. The company has a market capitalization of $1.03 billion, a P/E ratio of -0.75 and a beta of 1.59. Xerox has a 52-week low of $8.02 and a 52-week high of $19.78. The company has a debt-to-equity ratio of 2.11, a quick ratio of 1.13 and a current ratio of 1.26. The company’s 50 day moving average price is $10.27 and its 200-day moving average price is $11.79.

Xerox (NYSE:XRX) last issued its quarterly earnings results on Tuesday, October 29th. The information technology services provider reported $0.25 earnings per share (EPS) 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 analyst estimates of $1.63 billion. Xerox had a positive return on equity of 6.60% and a negative net margin of 21.31%. The firm’s revenue for the quarter was down 7.5% on a year-over-year basis. During the same quarter last year, the firm posted $0.46 EPS. Equities analysts forecast that Xerox will post 1.55 earnings per share for the current year.

Xerox Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, January 31st. Investors of record on Tuesday, December 31st will be issued a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a dividend yield of 12.06%. Xerox’s dividend payout ratio (DPR) is currently -9.06%.

Hedge Funds Weigh In On Xerox

A number of hedge funds and other institutional investors have recently made changes to their positions in XRX. SG Capital Management LLC purchased a new position in shares of Xerox in the 1st quarter worth about $8,466,000. Mizuho Markets Americas LLC lifted its holdings in Xerox by 282.4% during the second quarter. Mizuho Markets Americas LLC now owns 353,682 shares of the information technology services provider’s stock valued at $4,110,000 after purchasing an additional 261,180 shares during the last quarter. Edgestream Partners L.P. purchased a new stake in Xerox during the first quarter valued at about $4,509,000. Acadian Asset Management LLC purchased a new stake in Xerox during the first quarter valued at about $4,066,000. Finally, Sound Income Strategies LLC lifted its holdings in Xerox by 27.9% during 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 during the last quarter. 85.36% of the stock is owned by hedge funds and other 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.