Xerox (NYSE:XRX) Upgraded at StockNews.com

StockNews.com upgraded shares of Xerox (NYSE:XRX) from a hold rating to a buy rating in a report issued on Tuesday.

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

Xerox Price Performance

Shares of NYSE XRX opened at $8.67 on Tuesday. The stock has a market capitalization of $1.08 billion, a PE ratio of -0.79 and a beta of 1.59. The business has a fifty day moving average price of $8.94 and a two-hundred day moving average price of $9.74. Xerox has a fifty-two week low of $8.02 and a fifty-two week high of $19.48. The company has a debt-to-equity ratio of 2.11, a current ratio of 1.26 and a quick ratio of 0.95.

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

Hedge Funds Weigh In On Xerox

A number of hedge funds have recently modified their holdings of XRX. Pacer Advisors Inc. boosted its position in shares of Xerox by 33.2% during the 3rd 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. Sound Income Strategies LLC boosted its stake in Xerox by 27.9% during 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 in the last quarter. Barclays PLC increased its stake in Xerox by 55.5% in the third quarter. Barclays PLC now owns 469,106 shares of the information technology services provider’s stock valued at $4,869,000 after purchasing an additional 167,500 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. acquired a new position in shares of Xerox during the third quarter valued at about $1,626,000. Finally, Allspring Global Investments Holdings LLC boosted its position in shares of Xerox by 1,960.4% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 163,163 shares of the information technology services provider’s stock worth $1,694,000 after purchasing an additional 155,244 shares in the last quarter. Institutional investors and hedge funds 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.