Xerox (NYSE:XRX) Now Covered by Analysts at Citigroup

Citigroup initiated coverage on shares of Xerox (NYSE:XRX) in a research note released on Monday, Marketbeat Ratings reports. The brokerage issued a neutral rating and a $4.50 price target on the information technology services provider’s stock.

Xerox Stock Performance

Shares of XRX stock opened at $3.86 on Monday. The company’s fifty day simple moving average is $5.10 and its 200-day simple moving average is $5.43. Xerox has a 52 week low of $3.44 and a 52 week high of $11.42. The company has a current ratio of 1.11, a quick ratio of 0.84 and a debt-to-equity ratio of 2.61. The company has a market cap of $485.70 million, a PE ratio of -0.36 and a beta of 1.79.

Xerox (NYSE:XRX) last issued its earnings results on Thursday, July 31st. The information technology services provider reported ($0.64) EPS for the quarter, missing analysts’ consensus estimates of $0.07 by ($0.71). Xerox had a negative net margin of 21.24% and a positive return on equity of 7.57%. The company’s revenue for the quarter was down .1% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.29 earnings per share. As a group, equities research analysts anticipate that Xerox will post 1.07 EPS for the current year.

Xerox Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 31st. Shareholders of record on Tuesday, September 30th will be issued a dividend of $0.025 per share. This represents a $0.10 annualized dividend and a yield of 2.6%. The ex-dividend date of this dividend is Tuesday, September 30th. Xerox’s dividend payout ratio (DPR) is currently -0.87%.

Insider Buying and Selling at Xerox

In other news, CEO Steven John Bandrowczak acquired 22,300 shares of the business’s stock in a transaction that occurred on Friday, May 23rd. The shares were purchased at an average cost of $4.48 per share, for a total transaction of $99,904.00. Following the transaction, the chief executive officer directly owned 382,442 shares in the company, valued at $1,713,340.16. This trade represents a 6.19% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director A. Scott Letier acquired 29,600 shares of the business’s stock in a transaction that occurred on Friday, August 1st. The stock was purchased at an average price of $3.95 per share, for a total transaction of $116,920.00. Following the completion of the transaction, the director owned 58,984 shares in the company, valued at $232,986.80. The trade was a 100.74% increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last 90 days, insiders acquired 117,079 shares of company stock valued at $502,045. Corporate insiders own 1.50% of the company’s stock.

Institutional Trading of Xerox

Hedge funds and other institutional investors have recently made changes to their positions in the stock. PNC Financial Services Group Inc. raised its position in shares of Xerox by 110.8% during the 1st quarter. PNC Financial Services Group Inc. now owns 5,539 shares of the information technology services provider’s stock worth $27,000 after buying an additional 2,911 shares in the last quarter. Spire Wealth Management acquired a new position in shares of Xerox in the 2nd quarter worth approximately $31,000. TD Waterhouse Canada Inc. acquired a new position in shares of Xerox in the 4th quarter worth approximately $51,000. Allworth Financial LP grew its stake in shares of Xerox by 137.7% in the 1st quarter. Allworth Financial LP now owns 6,014 shares of the information technology services provider’s stock worth $29,000 after purchasing an additional 3,484 shares during the last quarter. Finally, Thurston Springer Miller Herd & Titak Inc. acquired a new position in shares of Xerox in the 2nd quarter worth approximately $34,000. 85.36% of the stock is currently owned by institutional investors.

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.