TIAA CREF Investment Management LLC lowered its position in Xerox Corporation (NYSE:XRX) by 65.6% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 2,907,373 shares of the information technology services provider’s stock after selling 5,543,959 shares during the quarter. TIAA CREF Investment Management LLC owned approximately 1.14% of Xerox Corporation worth $83,529,000 as of its most recent SEC filing.
Other large investors have also recently made changes to their positions in the company. Venturi Wealth Management LLC bought a new position in Xerox Corporation in the first quarter worth approximately $106,000. Cypress Wealth Advisors LLC grew 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 purchasing an additional 4,508 shares in the last quarter. National Asset Management Inc. bought a new position in Xerox Corporation in the first quarter worth approximately $113,000. Ronald Blue & Co. LLC bought a new position in Xerox Corporation in the first quarter worth approximately $121,000. Finally, Baird Financial Group Inc. grew its stake in Xerox Corporation by 58.3% in the first quarter. Baird Financial Group Inc. now owns 17,207 shares of the information technology services provider’s stock worth $126,000 after purchasing an additional 6,340 shares in the last quarter. 83.93% of the stock is currently owned by institutional investors.
Shares of Xerox Corporation (NYSE XRX) opened at 32.64 on Friday. The firm’s 50-day moving average price is $32.06 and its 200-day moving average price is $29.53. The stock’s market cap is $8.30 billion. Xerox Corporation has a 12-month low of $22.90 and a 12-month high of $32.99.
Xerox Corporation (NYSE:XRX) last released its quarterly earnings results on Tuesday, August 1st. The information technology services provider reported $0.87 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.84 by $0.03. The firm 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%. The business’s revenue for the quarter was down 8.1% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.26 EPS. On average, analysts forecast that Xerox Corporation will post $3.36 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Tuesday, October 31st. Stockholders of record on Friday, September 29th will be given a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a dividend yield of 3.06%. The ex-dividend date of this dividend is Thursday, September 28th. This is a positive change from Xerox Corporation’s previous quarterly dividend of $0.06. Xerox Corporation’s payout ratio is presently 12.08%.
Several research analysts recently issued reports on XRX shares. ValuEngine raised Xerox Corporation from a “buy” rating to a “strong-buy” rating in a research note on Saturday, June 17th. Barclays PLC reissued an “equal weight” rating and issued a $35.00 price objective (up previously from $33.00) on shares of Xerox Corporation in a research note on Tuesday, September 12th. Morgan Stanley reissued an “overweight” rating and issued a $32.00 price objective on shares of Xerox Corporation in a research note on Saturday, June 3rd. Loop Capital reissued a “buy” rating and issued a $38.00 price objective (up previously from $36.00) on shares of Xerox Corporation in a research note on Wednesday, August 2nd. Finally, Credit Suisse Group increased their price objective on Xerox Corporation from $32.00 to $34.00 and gave the stock an “outperform” rating in a research note on Wednesday, August 2nd. Four equities research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. The stock currently has an average rating of “Buy” and an average target price of $35.63.
Xerox Corporation Profile
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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