Xerox (NYSE:XRX) Given New $17.00 Price Target at JPMorgan Chase & Co.

Xerox (NYSE:XRX) had its price objective lowered by JPMorgan Chase & Co. from $18.00 to $17.00 in a research report sent to investors on Wednesday morning, Benzinga reports. JPMorgan Chase & Co. currently has an underweight rating on the information technology services provider’s stock.

Separately, StockNews.com lowered Xerox from a buy rating to a hold rating in a research note on Wednesday.

Xerox Stock Performance

XRX stock opened at $14.38 on Wednesday. The company has a quick ratio of 0.91, a current ratio of 1.37 and a debt-to-equity ratio of 1.34. The business’s fifty day simple moving average is $17.42 and its two-hundred day simple moving average is $16.30. Xerox has a twelve month low of $12.06 and a twelve month high of $19.78. The firm has a market cap of $1.79 billion, a price-to-earnings ratio of 10.62 and a beta of 1.56.

Xerox (NYSE:XRX) last released its earnings results on Tuesday, April 23rd. The information technology services provider reported $0.06 earnings per share for the quarter, missing analysts’ consensus estimates of $0.35 by ($0.29). Xerox had a positive return on equity of 7.77% and a negative net margin of 2.74%. The business had revenue of $1.50 billion during the quarter, compared to analysts’ expectations of $1.53 billion. During the same quarter in the previous year, the business earned $0.49 EPS. The business’s revenue for the quarter was down 12.8% on a year-over-year basis. Analysts predict that Xerox will post 2.31 earnings per share for the current year.

Xerox Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, April 30th. Stockholders of record on Friday, March 29th will be paid a dividend of $0.25 per share. The ex-dividend date is Wednesday, March 27th. This represents a $1.00 annualized dividend and a dividend yield of 6.95%. Xerox’s dividend payout ratio is currently -63.69%.

Hedge Funds Weigh In On Xerox

Several institutional investors have recently made changes to their positions in XRX. FNY Investment Advisers LLC purchased a new position in Xerox in the fourth quarter valued at about $25,000. GAMMA Investing LLC purchased a new position in Xerox in the fourth quarter valued at about $25,000. Hexagon Capital Partners LLC grew its stake in Xerox by 87.2% in the third quarter. Hexagon Capital Partners LLC now owns 1,627 shares of the information technology services provider’s stock valued at $26,000 after purchasing an additional 758 shares during the last quarter. TFO Wealth Partners LLC grew its stake in Xerox by 30,127.3% in the fourth quarter. TFO Wealth Partners LLC now owns 3,325 shares of the information technology services provider’s stock valued at $61,000 after purchasing an additional 3,314 shares during the last quarter. Finally, International Assets Investment Management LLC grew its stake in Xerox by 1,733.2% in the fourth quarter. International Assets Investment Management LLC now owns 4,583 shares of the information technology services provider’s stock valued at $84,000 after purchasing an additional 4,333 shares during the last quarter. Hedge funds and other institutional investors own 85.36% of the company’s stock.

About Xerox

Xerox Holdings Corporation, together with its subsidiaries, operates as a workplace technology company that integrates hardware, services, and software for enterprises in the Americas, Europe, the Middle East, Africa, India, and internationally. The company operates through two segments, Print and Other; and FITTLE.