Xerox Corporation (XRX) Position Lifted by State of Tennessee Treasury Department
State of Tennessee Treasury Department increased its holdings in shares of Xerox Corporation (NYSE:XRX) by 651.1% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 438,562 shares of the information technology services provider’s stock after acquiring an additional 380,173 shares during the period. State of Tennessee Treasury Department owned approximately 0.17% of Xerox Corporation worth $14,600,000 as of its most recent SEC filing.
A number of other hedge funds have also made changes to their positions in the stock. Nomura Holdings Inc. purchased a new stake in Xerox Corporation during the second quarter worth $470,000. Denali Advisors LLC boosted its position in Xerox Corporation by 28.1% during the third quarter. Denali Advisors LLC now owns 54,000 shares of the information technology services provider’s stock worth $1,798,000 after purchasing an additional 11,850 shares in the last quarter. AXA boosted its position in Xerox Corporation by 10.9% during the second quarter. AXA now owns 1,438,621 shares of the information technology services provider’s stock worth $41,331,000 after purchasing an additional 141,790 shares in the last quarter. Cowen Inc. purchased a new stake in Xerox Corporation during the second quarter worth $1,372,000. Finally, Principal Financial Group Inc. boosted its position in Xerox Corporation by 61.1% during the second quarter. Principal Financial Group Inc. now owns 2,182,972 shares of the information technology services provider’s stock worth $62,715,000 after purchasing an additional 828,269 shares in the last quarter. 83.70% of the stock is currently owned by hedge funds and other institutional investors.
Shares of Xerox Corporation (NYSE:XRX) opened at $29.27 on Friday. Xerox Corporation has a 12-month low of $25.84 and a 12-month high of $39.08. The stock has a market capitalization of $7,477.19, a price-to-earnings ratio of 8.74 and a beta of 1.14. The company has a debt-to-equity ratio of 0.97, a current ratio of 1.63 and a quick ratio of 1.33.
Xerox Corporation (NYSE:XRX) last released its earnings results on Thursday, October 26th. The information technology services provider reported $0.89 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.83 by $0.06. Xerox Corporation had a return on equity of 17.23% and a net margin of 5.29%. The firm had revenue of $2.50 billion for the quarter, compared to the consensus estimate of $2.49 billion. During the same period in the prior year, the business posted $0.84 earnings per share. The firm’s revenue for the quarter was down 5.0% compared to the same quarter last year. sell-side analysts anticipate that Xerox Corporation will post 3.38 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Wednesday, January 31st. Investors of record on Friday, December 29th will be given a dividend of $0.25 per share. The ex-dividend date of this dividend is Thursday, December 28th. This represents a $1.00 annualized dividend and a yield of 3.42%. Xerox Corporation’s dividend payout ratio (DPR) is presently 48.31%.
XRX has been the topic of a number of research analyst reports. ValuEngine downgraded Xerox Corporation from a “buy” rating to a “hold” rating in a research report on Tuesday, August 1st. Barclays PLC upgraded Xerox Corporation from an “underweight” rating to an “equal weight” rating and boosted their target price for the stock from $27.00 to $33.00 in a research report on Monday, July 24th. Loop Capital initiated coverage on Xerox Corporation in a research report on Monday, July 24th. They set a “buy” rating and a $36.00 target price on the stock. Zacks Investment Research upgraded Xerox Corporation from a “sell” rating to a “hold” rating in a research report on Tuesday, October 31st. Finally, UBS AG initiated coverage on Xerox Corporation in a research report on Tuesday, October 3rd. They set a “neutral” rating and a $36.00 target price on the stock. Four research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. Xerox Corporation has a consensus rating of “Buy” and a consensus price target of $35.50.
About Xerox Corporation
Xerox Corporation is a provider of digital print technology and related solutions. The Company has capabilities in imaging and printing, data analytics, and the development of secure and automated solutions to help customers improve productivity. The Company’s primary offerings span three main areas: Managed Document Services, Workplace Solutions and Graphic Communications.
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