Xerox (NYSE:XRX) Reaches New 1-Year Low After Earnings Miss

Xerox Holdings Co. (NYSE:XRXGet Rating)’s share price reached a new 52-week low during trading on Thursday following a dissappointing earnings announcement. The company traded as low as $15.81 and last traded at $16.75, with a volume of 72377 shares trading hands. The stock had previously closed at $19.85.

The information technology services provider reported ($0.12) EPS for the quarter, missing the Zacks’ consensus estimate of $0.13 by ($0.25). Xerox had a negative net margin of 6.46% and a positive return on equity of 5.76%. The business had revenue of $1.67 billion during the quarter, compared to analysts’ expectations of $1.63 billion. During the same period in the prior year, the business posted $0.22 EPS. The business’s revenue was down 2.5% on a year-over-year basis.

The business also recently disclosed a quarterly dividend, which will be paid on Monday, May 2nd. Shareholders of record on Thursday, March 31st will be paid a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a dividend yield of 5.84%. The ex-dividend date of this dividend is Wednesday, March 30th. Xerox’s dividend payout ratio is presently -35.09%.

A number of research firms have recently issued reports on XRX. Morgan Stanley lowered their target price on Xerox from $15.00 to $13.00 and set an “underweight” rating for the company in a research note on Friday. TheStreet downgraded shares of Xerox from a “b” rating to a “c” rating in a research report on Tuesday, January 25th. Zacks Investment Research raised shares of Xerox from a “sell” rating to a “hold” rating and set a $25.00 target price on the stock in a research report on Tuesday, March 22nd. StockNews.com started coverage on shares of Xerox in a report on Thursday, March 31st. They set a “hold” rating for the company. Finally, Citigroup cut their price objective on shares of Xerox from $17.00 to $15.00 and set a “sell” rating on the stock in a report on Friday. Two analysts have rated the stock with a sell rating and two have issued a hold rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $17.67.

Several large investors have recently modified their holdings of XRX. Point72 Asset Management L.P. bought a new position in Xerox during the 3rd quarter valued at $70,813,000. Norges Bank bought a new stake in shares of Xerox during the 4th quarter worth about $30,236,000. FMR LLC raised its holdings in Xerox by 358.3% during the first quarter. FMR LLC now owns 1,250,108 shares of the information technology services provider’s stock worth $39,979,000 after purchasing an additional 977,310 shares in the last quarter. Allianz Asset Management GmbH lifted its holdings in shares of Xerox by 316.8% in the third quarter. Allianz Asset Management GmbH now owns 1,169,200 shares of the information technology services provider’s stock valued at $23,584,000 after buying an additional 888,651 shares during the period. Finally, Parametric Portfolio Associates LLC lifted its holdings in Xerox by 57.8% in the 4th quarter. Parametric Portfolio Associates LLC now owns 1,409,884 shares of the information technology services provider’s stock valued at $31,920,000 after acquiring an additional 516,368 shares during the last quarter. Institutional investors and hedge funds own 79.52% of the company’s stock.

The firm has a 50 day moving average price of $19.74 and a two-hundred day moving average price of $20.54. The firm has a market capitalization of $2.65 billion, a P/E ratio of -6.01 and a beta of 1.70. The company has a debt-to-equity ratio of 0.81, a quick ratio of 1.42 and a current ratio of 1.66.

Xerox Company Profile (NYSE:XRX)

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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