StockNews.com Upgrades Xerox (NYSE:XRX) to Buy

Xerox (NYSE:XRX) was upgraded by research analysts at StockNews.com from a “hold” rating to a “buy” rating in a note issued to investors on Thursday.

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

Xerox Stock Performance

Shares of NYSE:XRX opened at $9.23 on Thursday. The company has a quick ratio of 0.95, a current ratio of 1.26 and a debt-to-equity ratio of 2.11. Xerox has a 12-month low of $8.02 and a 12-month high of $19.78. The company’s 50 day moving average price is $8.99 and its two-hundred day moving average price is $10.35. The firm has a market cap of $1.15 billion, a PE ratio of -0.84 and a beta of 1.59.

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

Hedge Funds Weigh In On Xerox

Institutional investors have recently added to or reduced their stakes in the business. Gladius Capital Management LP acquired a new position in shares of Xerox during the third quarter worth approximately $29,000. US Bancorp DE raised its holdings in Xerox by 42.3% during the third quarter. US Bancorp DE now owns 6,353 shares of the information technology services provider’s stock worth $66,000 after buying an additional 1,888 shares during the last quarter. nVerses Capital LLC bought a new position in shares of Xerox in the second quarter valued at $78,000. Plato Investment Management Ltd grew its holdings in shares of Xerox by 45.0% during the second quarter. Plato Investment Management Ltd now owns 9,346 shares of the information technology services provider’s stock valued at $109,000 after buying an additional 2,899 shares during the last quarter. Finally, CWM LLC increased its position in shares of Xerox by 381.3% during the third quarter. CWM LLC now owns 10,897 shares of the information technology services provider’s stock worth $113,000 after acquiring an additional 8,633 shares in the last quarter. 85.36% of the stock is owned by institutional investors and hedge funds.

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.