Visionary Asset Management Inc. cut its position in Xerox Corporation (NYSE:XRX) by 76.7% during the second quarter, according to its most recent Form 13F filing with the SEC. The fund owned 92,929 shares of the information technology services provider’s stock after selling 305,407 shares during the period. Visionary Asset Management Inc.’s holdings in Xerox Corporation were worth $2,670,000 at the end of the most recent reporting period.
Other large investors have also recently added to or reduced their stakes in the company. Venturi Wealth Management LLC purchased a new stake in Xerox Corporation during the first quarter worth about $106,000. United Asset Strategies Inc. purchased a new stake in Xerox Corporation during the first quarter worth about $107,000. Cypress Wealth Advisors LLC boosted its stake in Xerox Corporation by 42.8% in the first quarter. Cypress Wealth Advisors LLC now owns 15,035 shares of the information technology services provider’s stock worth $110,000 after buying an additional 4,508 shares during the period. National Asset Management Inc. bought a new position in shares of Xerox Corporation during the first quarter worth approximately $113,000. Finally, Ronald Blue & Co. LLC bought a new position in shares of Xerox Corporation during the first quarter worth approximately $121,000.
Shares of Xerox Corporation (XRX) traded up 0.70% during trading on Friday, reaching $31.66. 1,739,045 shares of the company’s stock were exchanged. Xerox Corporation has a 52-week low of $24.86 and a 52-week high of $32.99. The stock’s market cap is $8.05 billion. The stock’s 50 day moving average price is $30.11 and its 200-day moving average price is $28.99.
Xerox Corporation (NYSE:XRX) last announced its quarterly earnings results on Tuesday, August 1st. The information technology services provider reported $0.87 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.84 by $0.03. The company had revenue of $2.57 billion for the quarter, compared to analysts’ expectations of $2.60 billion. Xerox Corporation had a net margin of 4.55% and a return on equity of 15.28%. Xerox Corporation’s revenue was down 8.1% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.26 EPS. On average, equities research analysts forecast that Xerox Corporation will post $3.36 EPS for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Tuesday, October 31st. Shareholders of record on Friday, September 29th will be given a $0.25 dividend. This is a positive change from Xerox Corporation’s previous quarterly dividend of $0.06. The ex-dividend date is Thursday, September 28th. This represents a $1.00 dividend on an annualized basis and a yield of 3.16%. Xerox Corporation’s payout ratio is 12.08%.
A number of research analysts have recently commented on XRX shares. ValuEngine raised shares of Xerox Corporation from a “buy” rating to a “strong-buy” rating in a research report on Saturday, June 17th. Morgan Stanley dropped their price target on shares of Xerox Corporation from $34.00 to $32.00 and set an “overweight” rating for the company in a research report on Wednesday, April 26th. Credit Suisse Group increased their price target on shares of Xerox Corporation from $32.00 to $34.00 and gave the stock an “outperform” rating in a research report on Wednesday, August 2nd. Loop Capital reissued a “buy” rating and issued a $38.00 price target (up previously from $36.00) on shares of Xerox Corporation in a research report on Wednesday, August 2nd. Finally, Zacks Investment Research raised shares of Xerox Corporation from a “sell” rating to a “hold” rating in a research report on Wednesday, June 28th. Six analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. The company has an average rating of “Buy” and a consensus target price of $37.23.
About Xerox Corporation
Xerox Corporation is engaged in imaging, business process, analytics, automation and user-centric insights. The Company’s segments include Services, Document Technology and Other. The Company’s Services segment includes service offerings, such as BPO and Document Outsourcing (DO). It provides business services in markets across various industries and to government agencies.
Receive News & Ratings for Xerox Corporation Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Xerox Corporation and related companies with MarketBeat.com's FREE daily email newsletter.