Wedge Capital Management L L P NC Cuts Holdings in Xerox Holdings Co. (NYSE:XRX)

Wedge Capital Management L L P NC cut its position in shares of Xerox Holdings Co. (NYSE:XRXGet Rating) by 7.4% during the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 17,830 shares of the information technology services provider’s stock after selling 1,415 shares during the quarter. Wedge Capital Management L L P NC’s holdings in Xerox were worth $265,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in XRX. Quent Capital LLC purchased a new position in Xerox during the fourth quarter worth about $52,000. Fifth Third Bancorp boosted its stake in Xerox by 17.3% in the first quarter. Fifth Third Bancorp now owns 3,676 shares of the information technology services provider’s stock valued at $74,000 after acquiring an additional 542 shares during the last quarter. Captrust Financial Advisors boosted its stake in Xerox by 34.7% in the first quarter. Captrust Financial Advisors now owns 5,521 shares of the information technology services provider’s stock valued at $113,000 after acquiring an additional 1,422 shares during the last quarter. Covestor Ltd boosted its stake in Xerox by 36.3% in the first quarter. Covestor Ltd now owns 6,575 shares of the information technology services provider’s stock valued at $133,000 after acquiring an additional 1,751 shares during the last quarter. Finally, US Bancorp DE boosted its stake in Xerox by 24.4% in the first quarter. US Bancorp DE now owns 8,232 shares of the information technology services provider’s stock valued at $167,000 after acquiring an additional 1,615 shares during the last quarter. 94.58% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on XRX shares. JPMorgan Chase & Co. dropped their target price on shares of Xerox from $16.00 to $14.00 and set an “underweight” rating on the stock in a research note on Thursday, July 14th. Credit Suisse Group started coverage on shares of Xerox in a research note on Tuesday, August 16th. They set an “underperform” rating and a $14.00 price target on the stock. Finally, TheStreet cut shares of Xerox from a “c-” rating to a “d+” rating in a research note on Thursday, July 7th. Four investment analysts have rated the stock with a sell rating and one has assigned a hold rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Reduce” and an average price target of $14.00.

Xerox Stock Performance

Xerox stock opened at $15.36 on Thursday. The firm’s 50 day simple moving average is $16.82 and its 200 day simple moving average is $17.44. The company has a current ratio of 1.20, a quick ratio of 0.98 and a debt-to-equity ratio of 0.71. The firm has a market capitalization of $2.39 billion, a PE ratio of -3.92 and a beta of 1.69. Xerox Holdings Co. has a 1-year low of $13.24 and a 1-year high of $24.14.

Xerox (NYSE:XRXGet Rating) last issued its quarterly earnings results on Tuesday, July 26th. The information technology services provider reported $0.13 EPS for the quarter, topping analysts’ consensus estimates of $0.12 by $0.01. The firm had revenue of $1.75 billion for the quarter, compared to analyst estimates of $1.71 billion. Xerox had a negative net margin of 9.28% and a positive return on equity of 3.66%. The business’s revenue for the quarter was down 2.6% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.47 EPS. As a group, analysts expect that Xerox Holdings Co. will post 1.13 earnings per share for the current fiscal year.

Xerox Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, October 31st. Stockholders of record on Friday, September 30th will be issued a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a dividend yield of 6.51%. The ex-dividend date is Thursday, September 29th. Xerox’s payout ratio is -25.51%.

Xerox Company Profile

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Xerox Holdings Corporation, a workplace technology company, designs, develops, and sells document management systems and solutions in the United States, Europe, Canada, and internationally. It offers workplace solutions, including desktop monochrome, and color and multifunction printers; digital printing presses and light production devices, and solutions; and digital services that leverage workflow automation, personalization and communication software, content management solutions, and digitization services.

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Institutional Ownership by Quarter for Xerox (NYSE:XRX)

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