Xerox (NYSE:XRX) Shares Down 4.3% – Here’s What Happened

Xerox Holdings Co. (NYSE:XRX)’s stock price fell 4.3% during trading on Wednesday . The company traded as low as $8.83 and last traded at $8.76. 203,364 shares traded hands during mid-day trading, a decline of 91% from the average session volume of 2,376,585 shares. The stock had previously closed at $9.15.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on XRX shares. StockNews.com upgraded shares of Xerox from a “hold” rating to a “buy” rating in a research note on Tuesday. JPMorgan Chase & Co. lowered their price objective on Xerox from $11.00 to $8.00 and set an “underweight” rating on the stock in a research report on Wednesday, October 30th. Finally, Morgan Stanley reduced their price objective on shares of Xerox from $10.00 to $8.00 and set an “underweight” rating for the company in a research note on Wednesday, October 30th. Three investment analysts have rated the stock with a sell rating, one has given a hold rating and one has issued a buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Hold” and an average target price of $9.50.

Xerox Trading Down 8.0 %

The company has a quick ratio of 0.95, a current ratio of 1.26 and a debt-to-equity ratio of 2.11. The stock has a market cap of $1.05 billion, a PE ratio of -0.76 and a beta of 1.59. The stock has a 50-day moving average of $8.94 and a 200 day moving average of $9.75.

Xerox (NYSE:XRX) last announced its 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). Xerox had a negative net margin of 21.31% and a positive return on equity of 6.60%. The business had revenue of $1.53 billion for the quarter, compared to analysts’ expectations of $1.63 billion. During the same quarter last year, the business earned $0.46 EPS. The company’s quarterly revenue was down 7.5% on a year-over-year basis. As a group, sell-side analysts anticipate that Xerox Holdings Co. will post 1.12 earnings per share for the current year.

Xerox Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, January 31st. Stockholders of record on Tuesday, December 31st will be paid a $0.25 dividend. This represents a $1.00 annualized dividend and a dividend yield of 11.88%. The ex-dividend date is Tuesday, December 31st. Xerox’s dividend payout ratio is currently -9.06%.

Institutional Trading of Xerox

Several hedge funds have recently made changes to their positions in the company. Empowered Funds LLC boosted its position in shares of Xerox by 8.2% during the fourth quarter. Empowered Funds LLC now owns 606,748 shares of the information technology services provider’s stock worth $5,115,000 after buying an additional 46,212 shares during the period. Vest Financial LLC purchased a new stake in Xerox during the fourth quarter worth about $97,000. Yousif Capital Management LLC lifted its position in shares of Xerox by 2.8% during the fourth quarter. Yousif Capital Management LLC now owns 53,816 shares of the information technology services provider’s stock worth $454,000 after purchasing an additional 1,486 shares in the last quarter. Prism Advisors Inc. purchased a new position in shares of Xerox in the fourth quarter valued at approximately $103,000. Finally, KBC Group NV grew its holdings in shares of Xerox by 84.5% in the fourth quarter. KBC Group NV now owns 9,223 shares of the information technology services provider’s stock valued at $78,000 after purchasing an additional 4,224 shares in the last quarter. Hedge funds and other institutional investors own 85.36% of the company’s stock.

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.