Martingale Asset Management L P Decreases Stake in Xerox Holdings Co. (NYSE:XRX)

Martingale Asset Management L P cut its stake in shares of Xerox Holdings Co. (NYSE:XRX) by 34.4% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 35,209 shares of the information technology services provider’s stock after selling 18,476 shares during the quarter. Martingale Asset Management L P’s holdings in Xerox were worth $365,000 at the end of the most recent quarter.

A number of other institutional investors have also recently added to or reduced their stakes in the stock. Advisors Asset Management Inc. boosted its stake in shares of Xerox by 9.5% during the 3rd quarter. Advisors Asset Management Inc. now owns 796,609 shares of the information technology services provider’s stock worth $8,269,000 after acquiring an additional 69,183 shares in the last quarter. AQR Capital Management LLC boosted its position in Xerox by 75.2% during the second quarter. AQR Capital Management LLC now owns 179,118 shares of the information technology services provider’s stock worth $2,081,000 after purchasing an additional 76,886 shares in the last quarter. Royce & Associates LP grew its holdings in Xerox by 16.9% in the third quarter. Royce & Associates LP now owns 742,189 shares of the information technology services provider’s stock valued at $7,704,000 after purchasing an additional 107,127 shares during the last quarter. Sound Income Strategies LLC increased its position 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 valued at $10,728,000 after buying an additional 225,617 shares in the last quarter. Finally, Allspring Global Investments Holdings LLC increased its position in shares of Xerox by 1,960.4% in the third quarter. Allspring Global Investments Holdings LLC now owns 163,163 shares of the information technology services provider’s stock valued at $1,694,000 after buying an additional 155,244 shares in the last quarter. Hedge funds and other institutional investors own 85.36% of the company’s stock.

Xerox Trading Down 5.1 %

Shares of XRX opened at $8.85 on Wednesday. Xerox Holdings Co. has a fifty-two week low of $8.02 and a fifty-two week high of $19.78. The stock has a fifty day moving average of $9.50 and a two-hundred day moving average of $10.94. The company has a debt-to-equity ratio of 2.11, a quick ratio of 0.95 and a current ratio of 1.26. The company has a market capitalization of $1.10 billion, a PE ratio of -0.80 and a beta of 1.59.

Xerox (NYSE:XRX) last released its earnings results on Tuesday, October 29th. The information technology services provider reported $0.25 earnings per share for the quarter, missing the consensus estimate of $0.51 by ($0.26). The business had revenue of $1.53 billion for the quarter, compared to analysts’ expectations of $1.63 billion. Xerox had a positive return on equity of 6.60% and a negative net margin of 21.31%. The business’s quarterly revenue was down 7.5% compared to the same quarter last year. During the same quarter last year, the company posted $0.46 earnings per share. As a group, analysts forecast that Xerox Holdings Co. will post 1.12 EPS for the current year.

Xerox Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, January 31st. Stockholders of record on Tuesday, December 31st will be paid a dividend of $0.25 per share. The ex-dividend date is Tuesday, December 31st. This represents a $1.00 annualized dividend and a dividend yield of 11.30%. Xerox’s dividend payout ratio is presently -9.06%.

Analyst Ratings Changes

Several equities analysts have weighed in on the stock. StockNews.com downgraded shares of Xerox from a “buy” rating to a “hold” rating in a report on Wednesday. Loop Capital cut their price objective on Xerox from $14.00 to $11.00 and set a “hold” rating for the company in a research report on Wednesday, August 14th. Morgan Stanley dropped their price target on Xerox from $10.00 to $8.00 and set an “underweight” rating for the company in a research report on Wednesday, October 30th. Finally, JPMorgan Chase & Co. reduced 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. Three analysts have rated the stock with a sell rating and two have assigned a hold rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Reduce” and an average price target of $9.50.

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.