Xerox (NYSE:XRX) Downgraded to Hold Rating by StockNews.com

StockNews.com downgraded shares of Xerox (NYSE:XRX) from a buy rating to a hold rating in a research report report published on Wednesday.

A number of other equities analysts have also recently issued reports on the company. JPMorgan Chase & Co. decreased their target price on Xerox from $11.00 to $8.00 and set an “underweight” rating on the stock in a report on Wednesday, October 30th. Morgan Stanley lowered their price objective on shares of Xerox from $10.00 to $8.00 and set an “underweight” rating on the stock in a research report on Wednesday, October 30th. Three research analysts have rated the stock with a sell rating and two have issued a hold rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Reduce” and an average price target of $9.50.

Xerox Price Performance

Shares of NYSE XRX opened at $7.85 on Wednesday. The company has a market capitalization of $976.30 million, a price-to-earnings ratio of -0.73 and a beta of 1.59. Xerox has a twelve month low of $7.81 and a twelve month high of $19.48. The company has a current ratio of 1.11, a quick ratio of 0.84 and a debt-to-equity ratio of 2.61. The firm has a 50-day moving average of $8.85 and a two-hundred day moving average of $9.59.

Hedge Funds Weigh In On Xerox

A number of large investors have recently made changes to their positions in the business. Pacer Advisors Inc. grew its position in Xerox by 33.2% during the third quarter. Pacer Advisors Inc. now owns 16,969,127 shares of the information technology services provider’s stock valued at $176,140,000 after purchasing an additional 4,228,806 shares in the last quarter. Victory Capital Management Inc. boosted its stake in shares of Xerox by 164.8% during the 4th quarter. Victory Capital Management Inc. now owns 546,536 shares of the information technology services provider’s stock valued at $4,607,000 after buying an additional 340,168 shares during the period. Sound Income Strategies LLC increased its stake in shares of Xerox by 27.9% in the third quarter. Sound Income Strategies LLC now owns 1,033,506 shares of the information technology services provider’s stock worth $10,728,000 after acquiring an additional 225,617 shares during the last quarter. Barclays PLC raised its holdings in shares of Xerox by 55.5% during the third quarter. Barclays PLC now owns 469,106 shares of the information technology services provider’s stock worth $4,869,000 after acquiring an additional 167,500 shares in the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. acquired a new stake in Xerox during the third quarter valued at $1,626,000. 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.