Xerox (XRX) Downgraded by JPMorgan Chase to “Neutral”

JPMorgan Chase lowered shares of Xerox (NYSE:XRX) from an overweight rating to a neutral rating in a report released on Monday morning, Marketbeat Ratings reports. The brokerage currently has $40.00 target price on the information technology services provider’s stock.

XRX has been the subject of several other research reports. Zacks Investment Research cut shares of Xerox from a buy rating to a hold rating in a research report on Saturday, April 7th. ValuEngine upgraded shares of Xerox from a hold rating to a buy rating in a research report on Saturday, April 21st. UBS upgraded shares of Xerox from a neutral rating to a buy rating in a research report on Monday, February 5th. Loop Capital reiterated a buy rating on shares of Xerox in a research report on Thursday, February 1st. Finally, Cross Research cut shares of Xerox from a buy rating to a hold rating in a research report on Monday. Five equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. The stock has an average rating of Buy and a consensus price target of $35.81.

Xerox opened at $28.47 on Monday, Marketbeat Ratings reports. Xerox has a 52-week low of $28.31 and a 52-week high of $28.60. The company has a debt-to-equity ratio of 0.86, a quick ratio of 1.39 and a current ratio of 1.71. The firm has a market cap of $7.26 billion, a price-to-earnings ratio of 8.18 and a beta of 1.18.

Xerox (NYSE:XRX) last posted its quarterly earnings data on Thursday, May 3rd. The information technology services provider reported $0.68 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.73 by ($0.05). Xerox had a return on equity of 17.08% and a net margin of 1.74%. The firm had revenue of $2.44 billion for the quarter, compared to analyst estimates of $2.39 billion. During the same period in the prior year, the company posted $0.15 EPS. The firm’s quarterly revenue was down .8% compared to the same quarter last year. analysts expect that Xerox will post 3.49 earnings per share for the current year.

The company also recently disclosed a quarterly dividend, which was paid on Monday, April 30th. Investors of record on Friday, March 30th were given a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a dividend yield of 3.51%. The ex-dividend date was Wednesday, March 28th. Xerox’s dividend payout ratio is currently 28.74%.

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. BlackRock Inc. increased its position in shares of Xerox by 0.7% in the 4th quarter. BlackRock Inc. now owns 15,067,064 shares of the information technology services provider’s stock valued at $439,206,000 after buying an additional 98,850 shares in the last quarter. LSV Asset Management increased its position in shares of Xerox by 0.6% in the 1st quarter. LSV Asset Management now owns 6,291,831 shares of the information technology services provider’s stock valued at $181,078,000 after buying an additional 34,869 shares in the last quarter. Boston Partners bought a new stake in shares of Xerox in the 1st quarter valued at $180,292,000. Dimensional Fund Advisors LP increased its position in shares of Xerox by 1.3% in the 1st quarter. Dimensional Fund Advisors LP now owns 5,245,481 shares of the information technology services provider’s stock valued at $150,967,000 after buying an additional 69,168 shares in the last quarter. Finally, TIAA CREF Investment Management LLC increased its position in shares of Xerox by 31.4% in the 4th quarter. TIAA CREF Investment Management LLC now owns 3,979,223 shares of the information technology services provider’s stock valued at $115,994,000 after buying an additional 951,355 shares in the last quarter. Institutional investors and hedge funds own 88.41% of the company’s stock.

About Xerox

Xerox Corporation designs, develops, and sells document management systems and solutions worldwide. It offers managed document services, including managed print services and multi-channel communication services, as well as a range of digital solutions, such as workflow automation services, content management, and digitization services.

Analyst Recommendations for Xerox (NYSE:XRX)

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