Mackay Shields LLC decreased its stake in shares of Xerox Corp (NYSE:XRX) by 66.5% in the 3rd quarter, HoldingsChannel.com reports. The firm owned 212,885 shares of the information technology services provider’s stock after selling 421,651 shares during the quarter. Mackay Shields LLC’s holdings in Xerox were worth $6,368,000 at the end of the most recent quarter.
A number of other hedge funds also recently modified their holdings of the stock. Advisor Partners LLC increased its position in Xerox by 5.0% during the second quarter. Advisor Partners LLC now owns 7,367 shares of the information technology services provider’s stock worth $261,000 after purchasing an additional 350 shares during the last quarter. CWM LLC increased its position in shares of Xerox by 57.9% in the second quarter. CWM LLC now owns 982 shares of the information technology services provider’s stock worth $35,000 after acquiring an additional 360 shares in the last quarter. Empirical Finance LLC increased its position in shares of Xerox by 1.1% in the second quarter. Empirical Finance LLC now owns 47,186 shares of the information technology services provider’s stock worth $1,671,000 after acquiring an additional 515 shares in the last quarter. Strs Ohio increased its position in shares of Xerox by 4.9% in the second quarter. Strs Ohio now owns 15,020 shares of the information technology services provider’s stock worth $531,000 after acquiring an additional 705 shares in the last quarter. Finally, Gradient Investments LLC increased its position in shares of Xerox by 751.0% in the second quarter. Gradient Investments LLC now owns 834 shares of the information technology services provider’s stock worth $30,000 after acquiring an additional 736 shares in the last quarter. 85.05% of the stock is owned by hedge funds and other institutional investors.
Several equities research analysts have recently issued reports on the stock. ValuEngine lowered shares of Xerox from a “hold” rating to a “sell” rating in a research report on Thursday, August 1st. Credit Suisse Group increased their price objective on shares of Xerox from $42.00 to $43.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 30th. Zacks Investment Research raised shares of Xerox from a “hold” rating to a “strong-buy” rating and set a $36.00 price objective for the company in a research report on Sunday, November 3rd. Finally, JPMorgan Chase & Co. lowered shares of Xerox from a “neutral” rating to an “underweight” rating and set a $31.00 price objective for the company. in a research report on Wednesday, October 30th. Two investment analysts have rated the stock with a sell rating, one has given a hold rating, one has assigned a buy rating and one has assigned a strong buy rating to the stock. Xerox presently has an average rating of “Hold” and a consensus target price of $36.67.
Shares of Xerox stock traded up $1.54 during trading hours on Friday, hitting $38.85. The company’s stock had a trading volume of 4,730,374 shares, compared to its average volume of 2,579,803. Xerox Corp has a 1-year low of $18.58 and a 1-year high of $39.38. The business has a fifty day moving average of $31.02 and a 200 day moving average of $32.01. The company has a market capitalization of $8.17 billion, a PE ratio of 11.23 and a beta of 1.79. The company has a quick ratio of 0.91, a current ratio of 1.11 and a debt-to-equity ratio of 0.66.
Xerox (NYSE:XRX) last released its quarterly earnings data on Tuesday, October 29th. The information technology services provider reported $1.08 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.86 by $0.22. Xerox had a net margin of 7.28% and a return on equity of 19.62%. The company had revenue of $2.20 billion during the quarter, compared to analyst estimates of $2.19 billion. During the same quarter in the prior year, the business earned $0.85 earnings per share. The business’s quarterly revenue was down 6.5% compared to the same quarter last year. On average, sell-side analysts anticipate that Xerox Corp will post 4.05 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Friday, January 31st. Stockholders of record on Tuesday, December 31st will be paid a $0.25 dividend. The ex-dividend date of this dividend is Monday, December 30th. This represents a $1.00 annualized dividend and a dividend yield of 2.57%. Xerox’s dividend payout ratio (DPR) is presently 28.90%.
In other news, EVP Herve Tessler sold 32,200 shares of the company’s stock in a transaction on Tuesday, September 10th. The shares were sold at an average price of $31.22, for a total value of $1,005,284.00. Following the completion of the transaction, the executive vice president now directly owns 11,804 shares in the company, valued at $368,520.88. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 0.19% of the stock is currently owned by corporate insiders.
Xerox Corporation designs, develops, and sells document management systems and solutions worldwide. It offers intelligent workplace services, including managed print services; digitization services; and digital solutions, such as workflow automation, personalization and communication software, and content management.
Featured Story: What are benefits of a growth and income fund?
Want to see what other hedge funds are holding XRX? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Xerox Corp (NYSE:XRX).
Receive News & Ratings for Xerox Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Xerox and related companies with MarketBeat.com's FREE daily email newsletter.