Morgan Stanley Issues Pessimistic Forecast for Xerox (NYSE:XRX) Stock Price

Xerox (NYSE:XRX) had its target price reduced by equities research analysts at Morgan Stanley from $10.00 to $8.00 in a report issued on Wednesday, Benzinga reports. The brokerage currently has an “underweight” rating on the information technology services provider’s stock. Morgan Stanley’s target price would indicate a potential downside of 2.08% from the stock’s current price.

Other equities research analysts also recently issued reports about the company. StockNews.com raised Xerox from a “hold” rating to a “buy” rating in a report on Thursday, September 5th. JPMorgan Chase & Co. decreased their price target on Xerox from $11.00 to $8.00 and set an “underweight” rating for the company in a report on Wednesday. Finally, Loop Capital decreased their price target on Xerox from $14.00 to $11.00 and set a “hold” rating for the company in a report on Wednesday, August 14th. Three equities research 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.com, Xerox has a consensus rating of “Hold” and a consensus price target of $9.50.

Xerox Price Performance

XRX stock opened at $8.17 on Wednesday. The company has a market capitalization of $1.02 billion, a P/E ratio of -0.74 and a beta of 1.57. Xerox has a twelve month low of $8.02 and a twelve month high of $19.78. The business has a 50 day simple moving average of $10.37 and a 200-day simple moving average of $11.88. The company has a current ratio of 1.49, a quick ratio of 1.13 and a debt-to-equity ratio of 1.34.

Xerox (NYSE:XRX) last posted its quarterly earnings data on Tuesday, October 29th. The information technology services provider reported $0.25 earnings per share for the quarter, missing the consensus estimate of $0.53 by ($0.28). The firm had revenue of $1.53 billion during the quarter, compared to analyst estimates of $1.63 billion. Xerox had a negative net margin of 1.60% and a positive return on equity of 7.33%. Xerox’s revenue was down 7.5% compared to the same quarter last year. During the same period in the previous year, the company posted $0.46 earnings per share. As a group, equities analysts anticipate that Xerox will post 1.72 EPS for the current year.

Institutional Investors Weigh In On Xerox

Hedge funds and other institutional investors have recently bought and sold shares of the business. CWM LLC increased its position in shares of Xerox by 155.5% in the second quarter. CWM LLC now owns 2,264 shares of the information technology services provider’s stock valued at $26,000 after buying an additional 1,378 shares in the last quarter. EntryPoint Capital LLC purchased a new position in shares of Xerox in the first quarter valued at $45,000. US Bancorp DE increased its position in shares of Xerox by 42.3% in the third quarter. US Bancorp DE now owns 6,353 shares of the information technology services provider’s stock valued at $66,000 after buying an additional 1,888 shares in the last quarter. nVerses Capital LLC purchased a new position in shares of Xerox in the second quarter valued at $78,000. Finally, Plato Investment Management Ltd boosted its stake in shares of Xerox by 45.0% during the 2nd quarter. Plato Investment Management Ltd now owns 9,346 shares of the information technology services provider’s stock worth $109,000 after purchasing an additional 2,899 shares during the last quarter. Institutional investors and hedge funds own 85.36% of the company’s stock.

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.