State Treasurer State of Michigan lessened its stake in Xerox Corp (NYSE:XRX) by 18.7% in the 2nd quarter, HoldingsChannel.com reports. The institutional investor owned 46,818 shares of the information technology services provider’s stock after selling 10,800 shares during the quarter. State Treasurer State of Michigan’s holdings in Xerox were worth $1,658,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in XRX. Dimensional Fund Advisors LP increased its position in shares of Xerox by 8.2% in the 4th quarter. Dimensional Fund Advisors LP now owns 6,018,846 shares of the information technology services provider’s stock valued at $118,933,000 after buying an additional 454,284 shares in the last quarter. Norges Bank bought a new stake in shares of Xerox in the 4th quarter valued at about $39,355,000. Geode Capital Management LLC raised its holdings in Xerox by 19.1% in the 4th quarter. Geode Capital Management LLC now owns 4,038,170 shares of the information technology services provider’s stock valued at $79,772,000 after acquiring an additional 647,882 shares during the period. Gateway Investment Advisers LLC bought a new position in Xerox in the 1st quarter valued at about $245,000. Finally, DNB Asset Management AS raised its holdings in Xerox by 168.3% in the 1st quarter. DNB Asset Management AS now owns 64,887 shares of the information technology services provider’s stock valued at $2,075,000 after acquiring an additional 40,700 shares during the period. Institutional investors and hedge funds own 88.51% of the company’s stock.

Several research analysts have recently commented on the stock. ValuEngine cut shares of Xerox from a “hold” rating to a “sell” rating in a report on Thursday, August 1st. Zacks Investment Research lowered shares of Xerox from a “hold” rating to a “sell” rating and set a $31.00 target price on the stock. in a research report on Thursday, August 8th. Two equities research analysts have rated the stock with a sell rating, one has issued a hold rating and two have given a buy rating to the stock. Xerox has a consensus rating of “Hold” and an average target price of $35.67.

Shares of NYSE XRX traded up $0.69 during mid-day trading on Tuesday, reaching $28.78. 173,424 shares of the company’s stock traded hands, compared to its average volume of 2,424,010. The company has a market capitalization of $6.33 billion, a PE ratio of 8.32 and a beta of 1.74. The business has a 50-day moving average of $33.75. Xerox Corp has a 1-year low of $18.58 and a 1-year high of $36.58. The company has a debt-to-equity ratio of 0.79, a quick ratio of 1.09 and a current ratio of 1.33.

Xerox (NYSE:XRX) last issued its quarterly earnings data on Tuesday, July 30th. The information technology services provider reported $0.99 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.93 by $0.06. Xerox had a net margin of 5.76% and a return on equity of 18.78%. The firm had revenue of $2.29 billion during the quarter, compared to analysts’ expectations of $2.30 billion. During the same period last year, the company earned $0.80 earnings per share. The business’s revenue was down 8.8% on a year-over-year basis. As a group, sell-side analysts anticipate that Xerox Corp will post 3.89 EPS for the current year.

The company also recently declared a quarterly dividend, which was paid on Wednesday, July 31st. Investors of record on Friday, June 28th were issued a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a yield of 3.47%. The ex-dividend date of this dividend was Thursday, June 27th. Xerox’s dividend payout ratio (DPR) is presently 28.90%.

Xerox Profile

Xerox Corporation designs, develops, and sells document management systems and solutions worldwide. It offers intelligent workplace services, including managed print services; digitization services; and digital solutions, such as workflow automation, personalization and communication software, and content management.

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Institutional Ownership by Quarter for Xerox (NYSE:XRX)

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