Xerox (NYSE:XRX) Stock Rating Upgraded by StockNews.com

Xerox (NYSE:XRX) was upgraded by StockNews.com from a “hold” rating to a “buy” rating in a report issued on Tuesday.

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

Xerox Stock Performance

Shares of XRX stock opened at $8.62 on Tuesday. The company has a debt-to-equity ratio of 2.11, a current ratio of 1.26 and a quick ratio of 0.95. The firm has a 50-day moving average of $8.94 and a 200-day moving average of $9.75. Xerox has a one year low of $8.02 and a one year high of $19.78. The company has a market cap of $1.07 billion, a P/E ratio of -0.78 and a beta of 1.59.

Xerox (NYSE:XRX) last released its earnings results on Tuesday, October 29th. The information technology services provider reported $0.25 earnings per share 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 for the quarter, compared to the consensus estimate of $1.63 billion. During the same period in the prior year, the company earned $0.46 earnings per share. The firm’s revenue was down 7.5% on a year-over-year basis. Equities research analysts forecast that Xerox will post 1.12 EPS for the current fiscal year.

Hedge Funds Weigh In On Xerox

A number of hedge funds have recently added to or reduced their stakes in XRX. Pacer Advisors Inc. raised its stake in shares of Xerox by 33.2% in the third quarter. Pacer Advisors Inc. now owns 16,969,127 shares of the information technology services provider’s stock worth $176,140,000 after buying an additional 4,228,806 shares during the period. Sound Income Strategies LLC grew its holdings in shares of Xerox by 27.9% in the third quarter. Sound Income Strategies LLC now owns 1,033,506 shares of the information technology services provider’s stock valued at $10,728,000 after purchasing an additional 225,617 shares in the last quarter. Barclays PLC increased its holdings in shares of Xerox by 55.5% in the 3rd quarter. Barclays PLC now owns 469,106 shares of the information technology services provider’s stock worth $4,869,000 after buying an additional 167,500 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. purchased a new stake in Xerox during the third quarter valued at approximately $1,626,000. Finally, Allspring Global Investments Holdings LLC lifted its position in Xerox by 1,960.4% in the third quarter. Allspring Global Investments Holdings LLC now owns 163,163 shares of the information technology services provider’s stock worth $1,694,000 after buying an additional 155,244 shares during the last quarter. 85.36% of the stock is currently owned by hedge funds and other 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.