Xerox (NYSE:XRX) Raised to Hold at Zacks Research

Zacks Research upgraded shares of Xerox (NYSE:XRX) from a strong sell rating to a hold rating in a report issued on Wednesday,Zacks.com reports.

Separately, Citigroup assumed coverage on Xerox in a report on Monday, August 18th. They issued a “neutral” rating and a $4.50 target price for the company. Two research analysts have rated the stock with a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Reduce” and an average price target of $6.83.

Xerox Stock Up 1.0%

Shares of XRX opened at $3.92 on Wednesday. The company has a debt-to-equity ratio of 2.61, a quick ratio of 0.84 and a current ratio of 1.11. Xerox has a one year low of $3.44 and a one year high of $11.29. The stock has a market capitalization of $493.25 million, a price-to-earnings ratio of -0.36 and a beta of 1.77. The stock has a 50 day moving average price of $4.66 and a 200 day moving average price of $5.06.

Xerox (NYSE:XRX) last issued its earnings results on Thursday, July 31st. The information technology services provider reported ($0.64) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.07 by ($0.71). Xerox had a negative net margin of 21.24% and a positive return on equity of 7.57%. The company’s quarterly revenue was down .1% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.29 earnings per share. Xerox has set its FY 2025 guidance at EPS. Equities research analysts forecast that Xerox will post 1.07 earnings per share for the current fiscal year.

Xerox Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, October 31st. Stockholders of record on Tuesday, September 30th will be paid a $0.025 dividend. This represents a $0.10 annualized dividend and a dividend yield of 2.6%. The ex-dividend date of this dividend is Tuesday, September 30th. Xerox’s dividend payout ratio is -0.87%.

Insider Activity at Xerox

In other Xerox news, Director A. Scott Letier purchased 29,600 shares of the firm’s stock in a transaction dated Friday, August 1st. The shares were acquired at an average price of $3.95 per share, with a total value of $116,920.00. Following the purchase, the director directly owned 58,984 shares in the company, valued at approximately $232,986.80. This trade represents a 100.74% increase in their position. The purchase was disclosed in a document filed with the SEC, which is available at the SEC website. 1.50% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Xerox

Several hedge funds have recently bought and sold shares of XRX. PNC Financial Services Group Inc. raised its position in Xerox by 110.8% in the 1st quarter. PNC Financial Services Group Inc. now owns 5,539 shares of the information technology services provider’s stock valued at $27,000 after purchasing an additional 2,911 shares in the last quarter. Allworth Financial LP raised its position in Xerox by 137.7% in the 1st quarter. Allworth Financial LP now owns 6,014 shares of the information technology services provider’s stock valued at $29,000 after purchasing an additional 3,484 shares in the last quarter. Larson Financial Group LLC raised its position in Xerox by 331.8% in the 1st quarter. Larson Financial Group LLC now owns 6,507 shares of the information technology services provider’s stock valued at $31,000 after purchasing an additional 5,000 shares in the last quarter. Spire Wealth Management acquired a new stake in Xerox in the 2nd quarter valued at about $31,000. Finally, GAMMA Investing LLC raised its position in Xerox by 569.7% in the 1st quarter. GAMMA Investing LLC now owns 7,045 shares of the information technology services provider’s stock valued at $34,000 after purchasing an additional 5,993 shares in the last quarter. Institutional investors and hedge funds own 85.36% of the company’s stock.

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.