Seven Eight Capital LP boosted its position in Xerox Corp (NYSE:XRX) by 327.0% in the third quarter, according to its most recent filing with the SEC. The institutional investor owned 77,045 shares of the information technology services provider’s stock after purchasing an additional 59,000 shares during the period. Seven Eight Capital LP’s holdings in Xerox were worth $2,079,000 as of its most recent SEC filing.
A number of other hedge funds have also recently modified their holdings of the business. BlackRock Inc. grew its position in Xerox by 1.9% in the 2nd quarter. BlackRock Inc. now owns 15,302,168 shares of the information technology services provider’s stock worth $367,251,000 after purchasing an additional 279,753 shares in the last quarter. Boston Partners grew its position in Xerox by 45.1% in the 2nd quarter. Boston Partners now owns 9,088,855 shares of the information technology services provider’s stock worth $218,133,000 after purchasing an additional 2,824,360 shares in the last quarter. LSV Asset Management grew its position in Xerox by 0.6% in the 2nd quarter. LSV Asset Management now owns 6,328,456 shares of the information technology services provider’s stock worth $151,882,000 after purchasing an additional 36,625 shares in the last quarter. Alps Advisors Inc. grew its position in Xerox by 99.7% in the 2nd quarter. Alps Advisors Inc. now owns 3,248,182 shares of the information technology services provider’s stock worth $94,083,000 after purchasing an additional 1,621,941 shares in the last quarter. Finally, Indus Capital Partners LLC bought a new stake in Xerox in the 2nd quarter worth about $64,974,000. 83.18% of the stock is owned by institutional investors and hedge funds.
XRX has been the subject of a number of recent analyst reports. Citigroup began coverage on shares of Xerox in a research report on Friday, July 20th. They issued a “buy” rating and a $39.00 price objective for the company. Zacks Investment Research upgraded shares of Xerox from a “sell” rating to a “hold” rating in a research note on Thursday, September 20th. JPMorgan Chase & Co. dropped their target price on shares of Xerox from $38.00 to $35.00 and set a “hold” rating on the stock in a research note on Friday, July 27th. Standpoint Research upgraded shares of Xerox from a “hold” rating to a “buy” rating in a research note on Tuesday, July 10th. Finally, ValuEngine cut shares of Xerox from a “sell” rating to a “strong sell” rating in a research note on Tuesday, June 26th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and four have given a buy rating to the company’s stock. The company has a consensus rating of “Hold” and an average price target of $35.90.
XRX opened at $26.40 on Tuesday. The company has a debt-to-equity ratio of 0.89, a quick ratio of 1.50 and a current ratio of 1.84. The stock has a market capitalization of $6.85 billion, a price-to-earnings ratio of 7.59 and a beta of 1.27. Xerox Corp has a twelve month low of $23.52 and a twelve month high of $37.42.
Xerox (NYSE:XRX) last released its earnings results on Thursday, July 26th. The information technology services provider reported $0.80 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.83 by ($0.03). The company had revenue of $2.51 billion during the quarter, compared to analysts’ expectations of $2.49 billion. Xerox had a net margin of 1.22% and a return on equity of 16.63%. The firm’s revenue was down 2.2% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.87 earnings per share. As a group, research analysts anticipate that Xerox Corp will post 3.3 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Thursday, January 31st. Shareholders of record on Monday, December 31st will be paid a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a yield of 3.79%. The ex-dividend date of this dividend is Friday, December 28th. Xerox’s payout ratio is 28.74%.
In related news, insider Herve Tessler sold 16,567 shares of the company’s stock in a transaction that occurred on Friday, August 3rd. The shares were sold at an average price of $26.03, for a total transaction of $431,239.01. Following the sale, the insider now directly owns 34,647 shares in the company, valued at approximately $901,861.41. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Chairman Keith Cozza purchased 50,000 shares of the company’s stock in a transaction that occurred on Friday, July 27th. The shares were acquired at an average price of $25.42 per share, for a total transaction of $1,271,000.00. Following the completion of the purchase, the chairman now directly owns 50,000 shares in the company, valued at approximately $1,271,000. The disclosure for this purchase can be found here. 0.19% of the stock is owned by insiders.
Xerox Company Profile
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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