Xerox (NYSE:XRX) Given New $17.00 Price Target at JPMorgan Chase & Co.

Xerox (NYSE:XRX) had its target price trimmed by JPMorgan Chase & Co. from $18.00 to $17.00 in a research note published on Wednesday morning, Benzinga reports. The firm currently has an underweight rating on the information technology services provider’s stock.

Separately, StockNews.com lowered shares of Xerox from a buy rating to a hold rating in a research report on Wednesday.

Xerox Stock Performance

NYSE XRX opened at $14.38 on Wednesday. The firm has a market cap of $1.79 billion, a price-to-earnings ratio of 10.62 and a beta of 1.56. The company has a fifty day moving average price of $17.42 and a 200-day moving average price of $16.30. The company has a debt-to-equity ratio of 1.34, a current ratio of 1.37 and a quick ratio of 0.91. Xerox has a 1 year low of $12.06 and a 1 year high of $19.78.

Xerox (NYSE:XRX) last posted its quarterly earnings results on Tuesday, April 23rd. The information technology services provider reported $0.06 earnings per share for the quarter, missing the consensus estimate of $0.35 by ($0.29). The company had revenue of $1.50 billion for the quarter, compared to the consensus estimate of $1.53 billion. Xerox had a negative net margin of 2.74% and a positive return on equity of 7.77%. Xerox’s quarterly revenue was down 12.8% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.49 EPS. As a group, equities research analysts predict that Xerox will post 2.31 EPS for the current fiscal year.

Xerox Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, April 30th. Shareholders of record on Friday, March 29th will be given a dividend of $0.25 per share. The ex-dividend date is Wednesday, March 27th. This represents a $1.00 annualized dividend and a yield of 6.95%. Xerox’s payout ratio is presently -63.69%.

Institutional Investors Weigh In On Xerox

Hedge funds have recently made changes to their positions in the business. Vanguard Group Inc. lifted its holdings in shares of Xerox by 10.2% in the 3rd quarter. Vanguard Group Inc. now owns 15,791,263 shares of the information technology services provider’s stock worth $247,765,000 after acquiring an additional 1,464,851 shares during the last quarter. American Century Companies Inc. increased its stake in shares of Xerox by 520.9% in the third quarter. American Century Companies Inc. now owns 378,129 shares of the information technology services provider’s stock worth $5,933,000 after buying an additional 317,233 shares during the period. Public Sector Pension Investment Board purchased a new position in shares of Xerox in the third quarter worth $2,194,000. State of Alaska Department of Revenue increased its stake in shares of Xerox by 402.9% in the third quarter. State of Alaska Department of Revenue now owns 70,433 shares of the information technology services provider’s stock worth $1,105,000 after buying an additional 56,427 shares during the period. Finally, Principal Financial Group Inc. increased its stake in shares of Xerox by 43.6% in the third quarter. Principal Financial Group Inc. now owns 659,221 shares of the information technology services provider’s stock worth $10,343,000 after buying an additional 200,124 shares during the period. 85.36% of the stock is currently owned by institutional investors.

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.