State Treasurer State of Michigan reduced its stake in Xerox Corp (NYSE:XRX) by 2.9% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 57,618 shares of the information technology services provider’s stock after selling 1,700 shares during the period. State Treasurer State of Michigan’s holdings in Xerox were worth $1,843,000 as of its most recent filing with the Securities and Exchange Commission.
Other hedge funds also recently modified their holdings of the company. Legacy Bridge LLC bought a new stake in Xerox during the fourth quarter worth $30,000. Moody National Bank Trust Division bought a new stake in Xerox during the first quarter worth $35,000. CSat Investment Advisory L.P. lifted its stake in Xerox by 56.9% during the fourth quarter. CSat Investment Advisory L.P. now owns 2,013 shares of the information technology services provider’s stock worth $40,000 after purchasing an additional 730 shares during the last quarter. First Mercantile Trust Co. lifted its stake in Xerox by 62.7% during the fourth quarter. First Mercantile Trust Co. now owns 2,570 shares of the information technology services provider’s stock worth $50,000 after purchasing an additional 990 shares during the last quarter. Finally, San Francisco Sentry Investment Group CA lifted its stake in Xerox by 132.8% during the fourth quarter. San Francisco Sentry Investment Group CA now owns 2,828 shares of the information technology services provider’s stock worth $56,000 after purchasing an additional 1,613 shares during the last quarter. Institutional investors and hedge funds own 86.31% of the company’s stock.
Several research firms have weighed in on XRX. Zacks Investment Research upgraded Xerox from a “sell” rating to a “hold” rating in a research note on Saturday, January 26th. Credit Suisse Group began coverage on Xerox in a research note on Thursday, April 11th. They set an “outperform” rating and a $42.00 target price for the company. ValuEngine upgraded Xerox from a “strong sell” rating to a “sell” rating in a research note on Tuesday, January 29th. Standpoint Research cut Xerox from a “buy” rating to a “hold” rating in a research note on Friday, February 22nd. Finally, TheStreet upgraded Xerox from a “c+” rating to a “b-” rating in a research note on Friday, February 22nd. Four investment analysts have rated the stock with a hold rating and two have issued a buy rating to the company. The stock presently has a consensus rating of “Hold” and an average price target of $35.75.
Xerox (NYSE:XRX) last announced its quarterly earnings results on Thursday, April 25th. The information technology services provider reported $0.91 EPS for the quarter, beating the Zacks’ consensus estimate of $0.85 by $0.06. Xerox had a return on equity of 18.02% and a net margin of 4.91%. The company had revenue of $2.21 billion during the quarter, compared to analysts’ expectations of $2.27 billion. During the same period in the prior year, the company earned $0.68 EPS. Xerox’s revenue was down 9.4% compared to the same quarter last year. As a group, equities analysts forecast that Xerox Corp will post 3.89 EPS for the current year.
The company also recently declared a quarterly dividend, which was paid on Tuesday, April 30th. Stockholders of record on Friday, March 29th were paid a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a dividend yield of 3.06%. The ex-dividend date was Thursday, March 28th. Xerox’s payout ratio is 28.90%.
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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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