Wedge Capital Management L L P NC reduced its stake in Xerox Holdings Co. (NYSE:XRX – Get Rating) by 7.4% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 17,830 shares of the information technology services provider's stock after selling 1,415 shares during the quarter. Wedge Capital Management L L P NC's holdings in Xerox were worth $265,000 at the end of the most recent reporting period.
Several other large investors have also recently bought and sold shares of the stock. Sound Income Strategies LLC increased its holdings in shares of Xerox by 13.3% during the second quarter. Sound Income Strategies LLC now owns 258,048 shares of the information technology services provider's stock worth $3,832,000 after purchasing an additional 30,211 shares during the period. Walleye Capital LLC increased its holdings in shares of Xerox by 20.3% during the first quarter. Walleye Capital LLC now owns 16,506 shares of the information technology services provider's stock worth $333,000 after purchasing an additional 2,783 shares during the period. Icon Advisers Inc. Co. bought a new position in shares of Xerox during the first quarter worth approximately $1,948,000. Toroso Investments LLC increased its holdings in shares of Xerox by 61.6% during the first quarter. Toroso Investments LLC now owns 43,370 shares of the information technology services provider's stock worth $875,000 after purchasing an additional 16,525 shares during the period. Finally, Advisors Asset Management Inc. increased its holdings in shares of Xerox by 5.7% during the first quarter. Advisors Asset Management Inc. now owns 582,977 shares of the information technology services provider's stock worth $11,759,000 after purchasing an additional 31,231 shares during the period. 94.58% of the stock is owned by institutional investors.
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Several research analysts have recently commented on the stock. Credit Suisse Group assumed coverage on shares of Xerox in a report on Tuesday, August 16th. They set an "underperform" rating and a $14.00 target price on the stock. TheStreet cut shares of Xerox from a "c-" rating to a "d+" rating in a research note on Thursday, July 7th. Finally, JPMorgan Chase & Co. decreased their price objective on shares of Xerox from $16.00 to $14.00 and set an "underweight" rating on the stock in a research note on Thursday, July 14th. Four investment analysts have rated the stock with a sell rating and one has issued a hold rating to the stock. According to data from MarketBeat.com, Xerox has a consensus rating of "Reduce" and a consensus target price of $14.00.
Xerox Stock Performance
Shares of Xerox stock opened at $15.36 on Thursday. Xerox Holdings Co. has a fifty-two week low of $13.24 and a fifty-two week 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. The firm has a market capitalization of $2.39 billion, a P/E ratio of -3.92 and a beta of 1.69. The company's 50 day moving average price is $16.82 and its two-hundred day moving average price is $17.44.Xerox (NYSE:XRX – Get Rating) last issued its earnings results on Tuesday, July 26th. The information technology services provider reported $0.13 earnings per share for the quarter, beating analysts' consensus estimates of $0.12 by $0.01. Xerox had a negative net margin of 9.28% and a positive return on equity of 3.66%. The firm had revenue of $1.75 billion for the quarter, compared to analyst estimates of $1.71 billion. During the same quarter last year, the business posted $0.47 earnings per share. The company's quarterly revenue was down 2.6% on a year-over-year basis. On average, equities analysts forecast that Xerox Holdings Co. will post 1.13 earnings per share for the current fiscal year.
Xerox Dividend Announcement
The firm also recently declared a quarterly dividend, which will be paid on Monday, October 31st. Stockholders of record on Friday, September 30th will be issued 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 dividend yield of 6.51%. Xerox's dividend payout ratio (DPR) is presently -25.51%.
Xerox Company 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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