Sound Income Strategies LLC lifted its holdings in shares of Xerox Holdings Co. (NYSE:XRX – Get Rating) by 13.3% in the 2nd quarter, according to its most recent Form 13F filing with the SEC. The firm owned 258,048 shares of the information technology services provider's stock after buying an additional 30,211 shares during the period. Sound Income Strategies LLC owned approximately 0.17% of Xerox worth $3,832,000 at the end of the most recent quarter.
Several other hedge funds have also made changes to their positions in XRX. IndexIQ Advisors LLC raised its holdings in Xerox by 13.7% during the first quarter. IndexIQ Advisors LLC now owns 19,789 shares of the information technology services provider's stock worth $399,000 after purchasing an additional 2,389 shares in the last quarter. Canada Pension Plan Investment Board raised its holdings in Xerox by 106.0% during the fourth quarter. Canada Pension Plan Investment Board now owns 150,000 shares of the information technology services provider's stock worth $3,396,000 after purchasing an additional 77,200 shares in the last quarter. Allianz Asset Management GmbH raised its holdings in Xerox by 5.2% during the fourth quarter. Allianz Asset Management GmbH now owns 1,230,275 shares of the information technology services provider's stock worth $27,853,000 after purchasing an additional 61,075 shares in the last quarter. AlphaCrest Capital Management LLC raised its holdings in Xerox by 46.1% during the first quarter. AlphaCrest Capital Management LLC now owns 64,356 shares of the information technology services provider's stock worth $1,298,000 after purchasing an additional 20,298 shares in the last quarter. Finally, Virginia National Bank purchased a new position in Xerox during the first quarter worth about $298,000. Institutional investors and hedge funds own 94.58% of the company's stock.
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Wall Street Analyst Weigh In
XRX has been the subject of several analyst reports. JPMorgan Chase & Co. cut their price target on shares of Xerox from $16.00 to $14.00 and set an "underweight" rating for the company in a report on Thursday, July 14th. Credit Suisse Group assumed coverage on shares of Xerox in a report on Tuesday, August 16th. They issued an "underperform" rating and a $14.00 target price for the company. Finally, TheStreet cut shares of Xerox from a "c-" rating to a "d+" rating in a report on Thursday, July 7th. Four research analysts have rated the stock with a sell rating and one has assigned a hold rating to the company's stock. According to data from MarketBeat, Xerox presently has a consensus rating of "Reduce" and a consensus target price of $14.00.
Xerox Stock Up 2.5 %
XRX stock opened at $16.22 on Friday. The company's 50 day simple moving average is $16.71 and its 200-day simple moving average is $17.50. The firm has a market capitalization of $2.52 billion, a PE ratio of 19.54 and a beta of 1.69. Xerox Holdings Co. has a 12 month low of $13.24 and a 12 month high of $24.14. The company has a debt-to-equity ratio of 0.71, a current ratio of 1.20 and a quick ratio of 0.98.
Xerox (NYSE:XRX – Get Rating) last released its quarterly earnings results on Tuesday, July 26th. The information technology services provider reported $0.13 EPS for the quarter, beating the consensus estimate of $0.12 by $0.01. The business had revenue of $1.75 billion for the quarter, compared to analyst estimates of $1.71 billion. Xerox had a negative net margin of 9.28% and a positive return on equity of 3.66%. The company's quarterly revenue was down 2.6% on a year-over-year basis. During the same period in the prior year, the business earned $0.47 earnings per share. Equities analysts expect that Xerox Holdings Co. will post 1.13 earnings per share for the current fiscal year.
Xerox Dividend Announcement
The company also recently announced a quarterly dividend, which will be paid on Monday, October 31st. Investors of record on Friday, September 30th will be given a dividend of $0.25 per share. The ex-dividend date is Thursday, September 29th. This represents a $1.00 dividend on an annualized basis and a yield of 6.17%. Xerox's dividend payout ratio (DPR) is currently -25.51%.
Xerox Profile
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Xerox Holdings Corporation, a workplace technology company, designs, develops, and sells document management systems and solutions in the United States, Europe, Canada, and internationally. It offers workplace solutions, including desktop monochrome, and color and multifunction printers; digital printing presses and light production devices, and solutions; and digital services that leverage workflow automation, personalization and communication software, content management solutions, and digitization services.
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