Xerox Corp. (NYSE:XRX) was downgraded by equities research analysts at Morgan Stanley from an “equal weight” rating to an “underweight” rating in a research report issued on Monday. They presently have a $9.50 price target on the stock, down from their previous price target of $11.50. Morgan Stanley’s price target would indicate a potential upside of 1.28% from the company’s previous close.
XRX has been the subject of a number of other research reports. Brean Capital reissued a “hold” rating on shares of Xerox Corp. in a research report on Monday, October 31st. BMO Capital Markets increased their target price on shares of Xerox Corp. from $10.00 to $10.50 and gave the stock a “market perform” rating in a research report on Monday, August 1st. Zacks Investment Research downgraded shares of Xerox Corp. from a “buy” rating to a “hold” rating in a research report on Wednesday, October 19th. Vetr downgraded shares of Xerox Corp. from a “strong-buy” rating to a “buy” rating and set a $10.47 target price for the company. in a research report on Tuesday, October 4th. Finally, SunTrust Banks Inc. initiated coverage on shares of Xerox Corp. in a research report on Tuesday, September 13th. They set a “buy” rating and a $13.00 target price for the company. Two analysts have rated the stock with a sell rating, eight have issued a hold rating and three have issued a buy rating to the stock. Xerox Corp. has a consensus rating of “Hold” and an average target price of $10.95.
Shares of Xerox Corp. (NYSE:XRX) opened at 9.38 on Monday. Xerox Corp. has a 12-month low of $8.48 and a 12-month high of $11.39. The stock has a market capitalization of $9.51 billion, a P/E ratio of 15.74 and a beta of 1.22. The stock has a 50 day moving average of $9.56 and a 200 day moving average of $9.70.
Xerox Corp. (NYSE:XRX) last posted its quarterly earnings data on Friday, October 28th. The company reported $0.27 EPS for the quarter, meeting the Zacks’ consensus estimate of $0.27. Xerox Corp. had a net margin of 3.74% and a return on equity of 12.62%. The company earned $4.20 billion during the quarter, compared to the consensus estimate of $4.31 billion. During the same quarter in the prior year, the company posted $0.24 EPS. The company’s quarterly revenue was down 2.8% compared to the same quarter last year. Equities research analysts anticipate that Xerox Corp. will post $1.12 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Tuesday, January 31st. Stockholders of record on Thursday, December 15th will be paid a dividend of $0.0775 per share. This represents a $0.31 annualized dividend and a dividend yield of 3.30%. The ex-dividend date is Tuesday, December 13th. Xerox Corp.’s dividend payout ratio (DPR) is currently 50.00%.
In other news, Chairman Ursula M. Burns sold 74,815 shares of the stock in a transaction that occurred on Thursday, November 3rd. The stock was sold at an average price of $9.51, for a total transaction of $711,490.65. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Herve Tessler sold 14,000 shares of the stock in a transaction that occurred on Tuesday, November 15th. The shares were sold at an average price of $9.49, for a total value of $132,860.00. Following the transaction, the insider now owns 96,319 shares of the company’s stock, valued at $914,067.31. The disclosure for this sale can be found here. Insiders own 0.37% of the company’s stock.
Institutional investors have recently added to or reduced their stakes in the stock. Emerald Acquisition Ltd. acquired a new position in Xerox Corp. during the second quarter valued at approximately $59,249,000. Morgan Stanley boosted its position in Xerox Corp. by 103.2% in the third quarter. Morgan Stanley now owns 11,975,266 shares of the company’s stock valued at $121,310,000 after buying an additional 6,081,485 shares during the period. Macquarie Group Ltd. boosted its position in Xerox Corp. by 7.4% in the second quarter. Macquarie Group Ltd. now owns 67,253,384 shares of the company’s stock valued at $638,235,000 after buying an additional 4,645,879 shares during the period. Vanguard Group Inc. boosted its position in Xerox Corp. by 4.9% in the second quarter. Vanguard Group Inc. now owns 91,855,728 shares of the company’s stock valued at $871,711,000 after buying an additional 4,290,807 shares during the period. Finally, TIAA CREF Investment Management LLC boosted its position in Xerox Corp. by 71.9% in the third quarter. TIAA CREF Investment Management LLC now owns 7,515,731 shares of the company’s stock valued at $76,134,000 after buying an additional 3,143,630 shares during the period. Institutional investors own 85.27% of the company’s stock.
About Xerox Corp.