Xerox (NYSE:XRX) Shares Down 2.7%

Xerox Holdings Co. (NYSE:XRX)’s share price dropped 2.7% during mid-day trading on Tuesday . The stock traded as low as $10.26 and last traded at $10.29. Approximately 578,995 shares traded hands during mid-day trading, a decline of 73% from the average daily volume of 2,128,526 shares. The stock had previously closed at $10.58.

Analyst Ratings Changes

A number of research firms have recently commented on XRX. StockNews.com upgraded shares of Xerox from a “hold” rating to a “buy” rating in a report on Thursday, September 5th. Loop Capital reduced their target price on Xerox from $14.00 to $11.00 and set a “hold” rating for the company in a report on Wednesday, August 14th. Finally, Citigroup began coverage on Xerox in a research note on Friday, June 28th. They issued a “sell” rating and a $11.00 price target for the company. Three investment analysts have rated the stock with a sell rating, one has issued a hold rating and one has issued a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $12.75.

Xerox Trading Down 1.9 %

The company has a debt-to-equity ratio of 1.34, a current ratio of 1.49 and a quick ratio of 1.13. The stock’s 50-day moving average is $10.69 and its two-hundred day moving average is $13.45. The company has a market cap of $1.29 billion, a P/E ratio of -6.59 and a beta of 1.57.

Xerox (NYSE:XRX) last released its quarterly earnings results on Thursday, July 25th. The information technology services provider reported $0.29 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.43 by ($0.14). The firm had revenue of $1.58 billion during the quarter, compared to analysts’ expectations of $1.60 billion. Xerox had a positive return on equity of 7.33% and a negative net margin of 1.60%. The business’s quarterly revenue was down 10.0% on a year-over-year basis. During the same quarter last year, the business earned $0.44 earnings per share. As a group, equities research analysts predict that Xerox Holdings Co. will post 1.79 earnings per share for the current fiscal year.

Xerox Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, October 31st. Stockholders of record on Monday, September 30th will be given a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a dividend yield of 9.63%. The ex-dividend date of this dividend is Monday, September 30th. Xerox’s payout ratio is currently -63.69%.

Institutional Trading of Xerox

Several large investors have recently added to or reduced their stakes in XRX. Bridgeway Capital Management LLC purchased a new position in shares of Xerox during the 4th quarter worth $17,470,000. Intrinsic Edge Capital Management LLC purchased a new position in Xerox during the fourth quarter valued at $14,832,000. Norges Bank bought a new stake in Xerox during the fourth quarter valued at about $9,435,000. SG Capital Management LLC purchased a new stake in Xerox in the first quarter worth about $8,466,000. Finally, Mizuho Markets Americas LLC raised its stake in shares of Xerox by 282.4% in the second quarter. Mizuho Markets Americas LLC now owns 353,682 shares of the information technology services provider’s stock worth $4,110,000 after buying an additional 261,180 shares during the period. 85.36% of the stock is currently owned by institutional investors.

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.