Xerox (NYSE:XRX) Shares Gap Up – Still a Buy?

Shares of Xerox Holdings Co. (NYSE:XRX) gapped up before the market opened on Monday . The stock had previously closed at $6.36, but opened at $6.50. Xerox shares last traded at $6.30, with a volume of 410,206 shares trading hands.

Wall Street Analysts Forecast Growth

Separately, StockNews.com cut Xerox from a “buy” rating to a “hold” rating in a research note on Wednesday, February 5th. Three analysts have rated the stock with a sell rating and two have issued a hold rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Reduce” and an average price target of $9.50.

Xerox Stock Performance

The firm has a 50 day moving average of $8.15 and a 200-day moving average of $9.09. The stock has a market capitalization of $765.47 million, a PE ratio of -0.57 and a beta of 1.66. The company has a debt-to-equity ratio of 2.61, a quick ratio of 0.84 and a current ratio of 1.11.

Xerox Cuts Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, April 30th. Stockholders of record on Monday, March 31st will be paid a dividend of $0.125 per share. This represents a $0.50 dividend on an annualized basis and a dividend yield of 8.18%. The ex-dividend date is Monday, March 31st. Xerox’s dividend payout ratio (DPR) is presently -4.66%.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the stock. Advisors Asset Management Inc. raised its stake in shares of Xerox by 9.5% in the 3rd quarter. Advisors Asset Management Inc. now owns 796,609 shares of the information technology services provider’s stock valued at $8,269,000 after acquiring an additional 69,183 shares in the last quarter. Empowered Funds LLC grew its holdings in Xerox by 8.2% in the 4th quarter. Empowered Funds LLC now owns 606,748 shares of the information technology services provider’s stock valued at $5,115,000 after buying an additional 46,212 shares during the last quarter. Charles Schwab Investment Management Inc. grew its holdings in Xerox by 6.7% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,719,607 shares of the information technology services provider’s stock valued at $17,850,000 after buying an additional 107,580 shares during the last quarter. Sound Income Strategies LLC grew its holdings in Xerox by 6.7% in the 4th quarter. Sound Income Strategies LLC now owns 1,102,688 shares of the information technology services provider’s stock valued at $9,296,000 after buying an additional 69,182 shares during the last quarter. Finally, Geode Capital Management LLC grew its holdings in Xerox by 2.3% in the 3rd quarter. Geode Capital Management LLC now owns 2,808,775 shares of the information technology services provider’s stock valued at $29,161,000 after buying an additional 62,947 shares during the last quarter. 85.36% of the stock is owned by institutional investors.

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.