Xerox Corp (NYSE:XRX) traded up 6.4% during mid-day trading on Monday following insider buying activity. The company traded as high as $17.85 and last traded at $17.83, 6,069,752 shares traded hands during mid-day trading. An increase of 76% from the average session volume of 3,449,448 shares. The stock had previously closed at $16.76.
Specifically, major shareholder Carl C. Icahn bought 706,086 shares of Xerox stock in a transaction that occurred on Wednesday, August 5th. The stock was acquired at an average cost of $16.07 per share, for a total transaction of $11,346,802.02. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, major shareholder Carl C. Icahn bought 650,698 shares of Xerox stock in a transaction that occurred on Friday, August 7th. The shares were acquired at an average price of $16.60 per share, with a total value of $10,801,586.80. The disclosure for this purchase can be found here. Over the last 90 days, insiders have purchased 1,371,784 shares of company stock valued at $22,392,739. 0.33% of the stock is owned by company insiders.
A number of equities analysts have recently issued reports on the company. JPMorgan Chase & Co. cut Xerox from a “neutral” rating to an “underweight” rating and cut their price objective for the stock from $23.00 to $20.00 in a report on Friday, July 24th. Credit Suisse Group cut their price objective on Xerox from $23.00 to $21.00 and set an “outperform” rating for the company in a report on Wednesday, July 29th. ValuEngine upgraded Xerox from a “sell” rating to a “hold” rating in a report on Thursday, July 2nd. Finally, Loop Capital cut Xerox from a “buy” rating to a “hold” rating and cut their price objective for the stock from $47.00 to $18.00 in a report on Monday, April 27th. Two investment analysts have rated the stock with a sell rating, three have assigned a hold rating, one has given a buy rating and one has assigned a strong buy rating to the company. The company presently has a consensus rating of “Hold” and an average price target of $21.17.
The company has a market capitalization of $3.80 billion, a PE ratio of 3.81 and a beta of 1.63. The firm has a fifty day moving average of $15.97 and a two-hundred day moving average of $22.07. The company has a current ratio of 1.42, a quick ratio of 1.18 and a debt-to-equity ratio of 0.40.
Xerox (NYSE:XRX) last issued its earnings results on Tuesday, July 28th. The information technology services provider reported $0.15 earnings per share for the quarter, beating the consensus estimate of ($0.07) by $0.22. The company had revenue of $1.47 billion during the quarter, compared to analysts’ expectations of $1.55 billion. Xerox had a return on equity of 11.87% and a net margin of 13.35%. Xerox’s quarterly revenue was down 35.3% compared to the same quarter last year. During the same period in the prior year, the business posted $0.99 EPS. On average, equities analysts expect that Xerox Corp will post 1.37 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Friday, October 30th. Investors of record on Wednesday, September 30th will be issued a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a yield of 5.61%. The ex-dividend date is Tuesday, September 29th. Xerox’s dividend payout ratio is presently 28.17%.
Hedge funds have recently modified their holdings of the stock. AQR Capital Management LLC raised its position in Xerox by 40.2% during the 1st quarter. AQR Capital Management LLC now owns 8,940,797 shares of the information technology services provider’s stock valued at $162,722,000 after purchasing an additional 2,563,949 shares during the last quarter. Geode Capital Management LLC raised its position in Xerox by 0.3% during the 1st quarter. Geode Capital Management LLC now owns 3,795,954 shares of the information technology services provider’s stock valued at $71,786,000 after purchasing an additional 10,742 shares during the last quarter. First Trust Advisors LP raised its position in Xerox by 528.7% during the 2nd quarter. First Trust Advisors LP now owns 1,575,154 shares of the information technology services provider’s stock valued at $24,084,000 after purchasing an additional 1,324,601 shares during the last quarter. Legal & General Group Plc raised its position in Xerox by 1.2% during the 1st quarter. Legal & General Group Plc now owns 1,448,605 shares of the information technology services provider’s stock valued at $27,436,000 after purchasing an additional 17,696 shares during the last quarter. Finally, Skandinaviska Enskilda Banken AB publ raised its position in Xerox by 213.2% during the 1st quarter. Skandinaviska Enskilda Banken AB publ now owns 1,273,161 shares of the information technology services provider’s stock valued at $24,114,000 after purchasing an additional 866,686 shares during the last quarter. Institutional investors own 86.87% of the company’s stock.
About Xerox (NYSE:XRX)
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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