Xerox (NYSE:XRX) Trading 6.4% Higher Following Insider Buying Activity

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.

See Also: Most Active Stocks

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat’s editorial team prior to publication. Please send any questions or comments about this story to [email protected]

8 Stocks You Can Count On During Any Crisis

Depending on how you look at it, the economic outlook is getting cloudier or clearer.

The argument for a cloudy economy is easy to make. Multiple times of day we hear about more Americans testing positive for the novel coronavirus. The worldwide number of positive tests exceeds one million. And unfortunately, it will go higher. We just don’t know by how much.

But there are two parts to this ongoing situation. The first is the real-time science experiment as the world attempts to flatten the curve. The other is the very real economic impact. And the numbers of the economic carnage are coming in faster than any significant evidence of a flattening curve.

The number of unemployed now exceeds six million and will only rise. The government is throwing everything including the kitchen sink at the problem. But it’s an experiment in real-time. We won’t know the results for some time.

But even while we wait for a new normal to return, there are ways for you to profit. There are companies that are keeping our economy going now, and have a business model that sets them up well for success after the pandemic is over.

View the “8 Stocks You Can Count On During Any Crisis”.

Customer Reviews

5
0%
4
0%
3
0%
2
0%
1
0%
0
0%
    Showing 0 reviews

Leave A Comment?

You must be logged in to post a comment.

Thanks for submitting your comment!