Millennium Management LLC boosted its holdings in Xerox Corp (NYSE:XRX) by 239.3% during the 1st quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 1,698,526 shares of the information technology services provider’s stock after acquiring an additional 1,197,972 shares during the quarter. Millennium Management LLC owned 0.67% of Xerox worth $48,884,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors have also made changes to their positions in the stock. BlackRock Inc. lifted its position in 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 acquiring an additional 98,850 shares in the last quarter. LSV Asset Management lifted its position in shares of Xerox by 0.6% during the 1st quarter. LSV Asset Management now owns 6,291,831 shares of the information technology services provider’s stock worth $181,078,000 after buying an additional 34,869 shares in the last quarter. Boston Partners bought a new position in shares of Xerox during the 1st quarter worth approximately $180,292,000. Dimensional Fund Advisors LP lifted its position in shares of Xerox by 1.3% during the 1st quarter. Dimensional Fund Advisors LP now owns 5,245,481 shares of the information technology services provider’s stock worth $150,967,000 after buying an additional 69,168 shares in the last quarter. Finally, TIAA CREF Investment Management LLC lifted its position in shares of Xerox by 31.4% during the 4th quarter. TIAA CREF Investment Management LLC now owns 3,979,223 shares of the information technology services provider’s stock worth $115,994,000 after buying an additional 951,355 shares in the last quarter. 83.11% of the stock is currently owned by institutional investors and hedge funds.
Shares of XRX stock opened at $26.40 on Friday. The company has a quick ratio of 1.39, a current ratio of 1.71 and a debt-to-equity ratio of 0.86. Xerox Corp has a 12-month low of $26.31 and a 12-month high of $37.42. The company has a market cap of $6.95 billion, a PE ratio of 7.59 and a beta of 1.13.
Xerox (NYSE:XRX) last issued its quarterly earnings results on Thursday, May 3rd. The information technology services provider reported $0.68 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ 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 company had revenue of $2.44 billion for the quarter, compared to analysts’ expectations of $2.39 billion. During the same quarter in the previous year, the business earned $0.15 EPS. The company’s revenue for the quarter was down .8% on a year-over-year basis. equities analysts forecast that Xerox Corp will post 3.49 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Tuesday, July 31st. Stockholders of record on Friday, June 29th will be paid a dividend of $0.25 per share. The ex-dividend date of this dividend is Thursday, June 28th. This represents a $1.00 annualized dividend and a dividend yield of 3.79%. Xerox’s payout ratio is currently 28.74%.
Several equities analysts have commented on the stock. Cross Research cut shares of Xerox from a “buy” rating to a “hold” rating in a research report on Monday, May 14th. Loop Capital dropped their target price on shares of Xerox to $40.00 and set a “buy” rating on the stock in a research report on Wednesday, May 16th. Zacks Investment Research raised shares of Xerox from a “hold” rating to a “buy” rating and set a $32.00 target price on the stock in a research report on Monday, May 7th. ValuEngine cut shares of Xerox from a “hold” rating to a “sell” rating in a research report on Thursday, May 31st. Finally, JPMorgan Chase & Co. cut shares of Xerox from an “overweight” rating to a “neutral” rating and set a $40.00 target price on the stock. in a research report on Monday, May 14th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and six have issued a buy rating to the company. The stock currently has a consensus rating of “Hold” and an average target price of $36.21.
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.
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