Meeder Asset Management Inc. reduced its stake in Xerox Corporation (NYSE:XRX) by 85.9% during the second quarter, according to its most recent filing with the SEC. The firm owned 31,118 shares of the information technology services provider’s stock after selling 189,158 shares during the period. Meeder Asset Management Inc.’s holdings in Xerox Corporation were worth $894,000 as of its most recent SEC filing.
Other large investors have also recently modified their holdings of the company. Paragon Capital Management Ltd purchased a new stake in shares of Xerox Corporation during the first quarter valued at about $245,000. United Asset Strategies Inc. bought a new position in Xerox Corporation during the first quarter valued at approximately $107,000. Vident Investment Advisory LLC raised its position in Xerox Corporation by 47.8% in the fourth quarter. Vident Investment Advisory LLC now owns 15,011 shares of the information technology services provider’s stock valued at $131,000 after buying an additional 4,852 shares in the last quarter. Cypress Wealth Advisors LLC raised its position in Xerox Corporation by 42.8% in the first quarter. Cypress Wealth Advisors LLC now owns 15,035 shares of the information technology services provider’s stock valued at $110,000 after buying an additional 4,508 shares in the last quarter. Finally, National Asset Management Inc. bought a new position in Xerox Corporation during the first quarter valued at approximately $113,000.
Shares of Xerox Corporation (NYSE XRX) traded up 0.70% during trading on Friday, reaching $31.66. 1,739,045 shares of the company were exchanged. The firm has a 50-day moving average price of $30.00 and a 200-day moving average price of $28.96. Xerox Corporation has a 1-year low of $22.90 and a 1-year high of $32.99. The stock’s market capitalization is $8.05 billion.
Xerox Corporation (NYSE:XRX) last issued its quarterly earnings results on Tuesday, August 1st. The information technology services provider reported $0.87 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.84 by $0.03. Xerox Corporation had a net margin of 4.55% and a return on equity of 15.28%. The company had revenue of $2.57 billion during the quarter, compared to analysts’ expectations of $2.60 billion. During the same quarter last year, the company posted $0.26 EPS. The firm’s revenue was down 8.1% compared to the same quarter last year. Equities research analysts predict that Xerox Corporation will post $3.36 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Tuesday, October 31st. Shareholders of record on Friday, September 29th will be given a $0.25 dividend. This represents a $1.00 annualized dividend and a yield of 3.16%. The ex-dividend date is Thursday, September 28th. This is a boost from Xerox Corporation’s previous quarterly dividend of $0.06. Xerox Corporation’s dividend payout ratio (DPR) is currently 12.08%.
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Several research analysts recently commented on the company. BidaskClub upgraded Xerox Corporation from a “sell” rating to a “hold” rating in a research report on Thursday, June 29th. Morgan Stanley dropped their price target on Xerox Corporation to $32.00 and set an “overweight” rating for the company in a research report on Friday, June 16th. ValuEngine lowered Xerox Corporation from a “buy” rating to a “hold” rating in a research report on Friday, June 2nd. Zacks Investment Research lowered Xerox Corporation from a “hold” rating to a “sell” rating in a research report on Tuesday, June 20th. Finally, Barclays PLC upgraded Xerox Corporation from an “underweight” rating to an “equal weight” rating and boosted their target price for the company from $27.00 to $33.00 in a research report on Monday, July 24th. Six analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. The stock currently has a consensus rating of “Buy” and an average target price of $37.23.
About Xerox Corporation
Xerox Corporation is engaged in imaging, business process, analytics, automation and user-centric insights. The Company’s segments include Services, Document Technology and Other. The Company’s Services segment includes service offerings, such as BPO and Document Outsourcing (DO). It provides business services in markets across various industries and to government agencies.
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