BlackRock Advisors LLC Raises Position in Xerox Corp. (XRX)
BlackRock Advisors LLC boosted its position in shares of Xerox Corp. (NYSE:XRX) by 5.5% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 970,620 shares of the company’s stock after buying an additional 50,379 shares during the period. BlackRock Advisors LLC owned approximately 0.10% of Xerox Corp. worth $9,211,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors have also recently made changes to their positions in the stock. CIBC World Markets Inc. purchased a new position in shares of Xerox Corp. during the second quarter worth $101,000. Raymond James Trust N.A. raised its stake in Xerox Corp. by 10.2% in the second quarter. Raymond James Trust N.A. now owns 11,703 shares of the company’s stock valued at $111,000 after buying an additional 1,088 shares during the period. Eaton Vance Management raised its stake in Xerox Corp. by 0.7% in the second quarter. Eaton Vance Management now owns 11,873 shares of the company’s stock valued at $113,000 after buying an additional 88 shares during the period. Ifrah Financial Services Inc. bought a new stake in Xerox Corp. during the second quarter valued at approximately $116,000. Finally, Shelton Capital Management raised its stake in Xerox Corp. by 19.4% in the second quarter. Shelton Capital Management now owns 12,310 shares of the company’s stock valued at $117,000 after buying an additional 2,000 shares during the period. 83.90% of the stock is currently owned by institutional investors and hedge funds.
Xerox Corp. (NYSE:XRX) opened at 9.90 on Monday. The stock has a 50 day moving average price of $9.87 and a 200 day moving average price of $9.94. Xerox Corp. has a 52-week low of $8.48 and a 52-week high of $11.39. The stock has a market cap of $10.03 billion, a P/E ratio of 25.85 and a beta of 1.28.
Xerox Corp. (NYSE:XRX) last issued its quarterly earnings results on Friday, July 29th. The company reported $0.30 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.25 by $0.05. The firm had revenue of $4.40 billion for the quarter, compared to analysts’ expectations of $4.39 billion. Xerox Corp. had a return on equity of 12.36% and a net margin of 2.49%. The firm’s revenue for the quarter was down 69.8% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.22 EPS. On average, equities research analysts forecast that Xerox Corp. will post $1.13 EPS for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Monday, October 31st. Shareholders of record on Friday, September 30th will be given a dividend of $0.0775 per share. This represents a $0.31 annualized dividend and a yield of 3.13%. The ex-dividend date is Wednesday, September 28th. Xerox Corp.’s payout ratio is 75.61%.
Several analysts recently commented on the company. Vetr lowered Xerox Corp. from a “strong-buy” rating to a “hold” rating and set a $9.96 target price on the stock. in a report on Tuesday, September 13th. BMO Capital Markets raised their target price on Xerox Corp. from $10.00 to $10.50 and gave the stock a “market perform” rating in a report on Monday, August 1st. Barclays PLC reaffirmed an “underweight” rating and set a $11.00 target price (up from $10.00) on shares of Xerox Corp. in a report on Tuesday, August 2nd. Brean Capital reaffirmed a “hold” rating on shares of Xerox Corp. in a report on Monday, August 1st. Finally, Zacks Investment Research lowered Xerox Corp. from a “hold” rating to a “sell” rating in a report on Monday, June 27th. Two equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and three have assigned a buy rating to the company. Xerox Corp. currently has an average rating of “Hold” and an average target price of $11.10.
In other news, Chairman Ursula M. Burns sold 3,317 shares of the business’s stock in a transaction that occurred on Monday, August 15th. The stock was sold at an average price of $9.85, for a total transaction of $32,672.45. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Herve Tessler sold 13,000 shares of the business’s stock in a transaction that occurred on Wednesday, August 3rd. The stock was sold at an average price of $9.89, for a total value of $128,570.00. Following the sale, the insider now directly owns 110,319 shares in the company, valued at approximately $1,091,054.91. The disclosure for this sale can be found here. Company insiders own 0.37% of the company’s stock.
Xerox Corp. Company Profile
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 comprises two types of service offerings: Business Process Outsourcing (BPO) and Document Outsourcing (DO).
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