JPMorgan Chase & Co. cut its holdings in Xerox Corporation (NYSE:XRX) by 69.2% during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 2,441,332 shares of the information technology services provider’s stock after selling 5,472,354 shares during the quarter. JPMorgan Chase & Co. owned about 0.96% of Xerox Corporation worth $70,138,000 as of its most recent SEC filing.
Other hedge funds have also made changes to their positions in the company. Penserra Capital Management LLC bought a new position in Xerox Corporation in the second quarter valued at approximately $164,000. JFS Wealth Advisors LLC bought a new position in shares of Xerox Corporation during the second quarter worth $173,000. Paragon Capital Management Ltd boosted its position in shares of Xerox Corporation by 201.7% during the second quarter. Paragon Capital Management Ltd now owns 11,588 shares of the information technology services provider’s stock worth $333,000 after purchasing an additional 7,747 shares in the last quarter. Delta Lloyd Asset Management N.V. bought a new position in shares of Xerox Corporation during the second quarter worth $360,000. Finally, United Asset Strategies Inc. bought a new position in shares of Xerox Corporation during the first quarter worth $107,000. 83.93% of the stock is currently owned by hedge funds and other institutional investors.
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XRX has been the topic of a number of recent analyst reports. Citigroup Inc. set a $39.00 price target on shares of Xerox Corporation and gave the stock a “buy” rating in a research report on Wednesday, August 2nd. Loop Capital initiated coverage on shares of Xerox Corporation in a research report on Monday, July 24th. They set a “buy” rating and a $36.00 price target on the stock. BidaskClub raised shares of Xerox Corporation from a “hold” rating to a “buy” rating in a research report on Friday, August 18th. ValuEngine raised shares of Xerox Corporation from a “hold” rating to a “buy” rating in a research report on Friday, September 1st. Finally, Barclays PLC raised shares of Xerox Corporation from an “underweight” rating to an “equal weight” rating and lifted their price target for the stock from $27.00 to $33.00 in a research report on Monday, July 24th. Four research analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. The stock has a consensus rating of “Buy” and a consensus price target of $37.45.
Shares of Xerox Corporation (NYSE:XRX) opened at 32.06 on Tuesday. The firm’s market capitalization is $8.15 billion. Xerox Corporation has a one year low of $24.86 and a one year high of $32.99. The company’s 50 day moving average is $31.81 and its 200-day moving average is $29.43.
Xerox Corporation (NYSE:XRX) last issued its earnings results on Tuesday, August 1st. The information technology services provider reported $0.87 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.84 by $0.03. The business had revenue of $2.57 billion for the quarter, compared to analyst estimates 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% on a year-over-year basis. During the same period in the prior year, the firm earned $0.26 earnings per share. Equities analysts expect that Xerox Corporation will post $3.36 EPS for the current year.
The business also recently announced a quarterly dividend, which will be paid on Tuesday, October 31st. Investors of record on Friday, September 29th will be paid a dividend of $0.25 per share. The ex-dividend date is Thursday, September 28th. This is a positive change from Xerox Corporation’s previous quarterly dividend of $0.06. This represents a $1.00 annualized dividend and a yield of 3.12%. Xerox Corporation’s dividend payout ratio is currently 12.08%.
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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