Xerox (NYSE:XRX) Receives New Coverage from Analysts at Citigroup

Citigroup assumed coverage on shares of Xerox (NYSE:XRX) in a research report report published on Friday morning, MarketBeat reports. The brokerage issued a sell rating and a $11.00 target price on the information technology services provider’s stock.

XRX has been the subject of a number of other reports. StockNews.com upgraded Xerox from a hold rating to a buy rating in a research note on Wednesday, June 19th. JPMorgan Chase & Co. dropped their price target on Xerox from $18.00 to $17.00 and set an underweight rating for the company in a research note on Wednesday, April 24th.

Xerox Trading Down 5.5 %

Shares of XRX stock opened at $11.62 on Friday. The stock’s fifty day moving average price is $13.73 and its two-hundred day moving average price is $16.24. The company has a market cap of $1.44 billion, a PE ratio of 8.85 and a beta of 1.63. Xerox has a fifty-two week low of $11.50 and a fifty-two week high of $19.78. The company has a debt-to-equity ratio of 1.34, a quick ratio of 1.07 and a current ratio of 1.37.

Xerox (NYSE:XRX) last issued its earnings results on Tuesday, April 23rd. The information technology services provider reported $0.06 earnings per share for the quarter, missing analysts’ consensus estimates of $0.35 by ($0.29). The business had revenue of $1.50 billion during the quarter, compared to analyst estimates of $1.53 billion. Xerox had a negative net margin of 2.74% and a positive return on equity of 7.77%. The company’s revenue for the quarter was down 12.8% compared to the same quarter last year. During the same period in the prior year, the business posted $0.49 EPS. Equities analysts predict that Xerox will post 2.05 EPS for the current fiscal year.

Xerox Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, July 31st. Investors of record on Friday, June 28th will be given a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a yield of 8.61%. The ex-dividend date is Friday, June 28th. Xerox’s dividend payout ratio is currently -63.69%.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the stock. Vanguard Group Inc. raised its position in Xerox by 10.2% during the 3rd quarter. Vanguard Group Inc. now owns 15,791,263 shares of the information technology services provider’s stock worth $247,765,000 after purchasing an additional 1,464,851 shares during the last quarter. Caxton Associates LP raised its position in Xerox by 277.8% during the 4th quarter. Caxton Associates LP now owns 191,860 shares of the information technology services provider’s stock worth $3,517,000 after purchasing an additional 141,079 shares during the last quarter. American Century Companies Inc. raised its position in shares of Xerox by 520.9% in the 3rd quarter. American Century Companies Inc. now owns 378,129 shares of the information technology services provider’s stock worth $5,933,000 after acquiring an additional 317,233 shares in the last quarter. Public Sector Pension Investment Board bought a new position in shares of Xerox in the 3rd quarter worth about $2,194,000. Finally, Franklin Resources Inc. raised its position in shares of Xerox by 127.3% in the 4th quarter. Franklin Resources Inc. now owns 132,811 shares of the information technology services provider’s stock worth $2,434,000 after acquiring an additional 74,382 shares in the last quarter. 85.36% of the stock is 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.