American International Group Inc. lessened its holdings in shares of Xerox Corporation (NYSE:XRX) by 7.0% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 108,020 shares of the information technology services provider’s stock after selling 8,124 shares during the period. American International Group Inc.’s holdings in Xerox were worth $3,596,000 as of its most recent SEC filing.
Other hedge funds have also made changes to their positions in the company. Seven Eight Capital LP acquired a new position in Xerox during the second quarter worth $154,000. Penserra Capital Management LLC acquired a new position in Xerox during the second quarter worth $164,000. Risk Paradigm Group LLC acquired a new position in Xerox during the second quarter worth $176,000. W.G. Shaheen & Associates DBA Whitney & Co acquired a new position in Xerox during the second quarter worth $231,000. Finally, Keybank National Association OH acquired a new position in Xerox during the third quarter worth $233,000. 84.03% of the stock is currently owned by hedge funds and other institutional investors.
Xerox Corporation (XRX) traded down $0.04 during trading on Friday, reaching $29.56. The company’s stock had a trading volume of 667,349 shares, compared to its average volume of 2,410,805. The company has a debt-to-equity ratio of 0.97, a current ratio of 1.63 and a quick ratio of 1.33. The firm has a market capitalization of $7,545.93, a price-to-earnings ratio of 8.82 and a beta of 1.12. Xerox Corporation has a 12 month low of $25.84 and a 12 month high of $38.56.
Xerox (NYSE:XRX) last posted its earnings results on Thursday, October 26th. The information technology services provider reported $0.89 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.83 by $0.06. Xerox had a return on equity of 17.23% and a net margin of 5.29%. The company had revenue of $2.50 billion for the quarter, compared to analyst estimates of $2.49 billion. During the same quarter in the prior year, the company earned $0.84 earnings per share. Xerox’s revenue was down 5.0% compared to the same quarter last year. equities research analysts anticipate that Xerox Corporation will post 3.38 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 31st. Stockholders of record on Friday, December 29th will be given a $0.25 dividend. The ex-dividend date is Thursday, December 28th. This represents a $1.00 annualized dividend and a dividend yield of 3.38%. Xerox’s dividend payout ratio is currently 48.31%.
In other news, EVP Herve Tessler sold 6,000 shares of the company’s stock in a transaction on Monday, November 13th. The stock was sold at an average price of $28.59, for a total value of $171,540.00. Following the sale, the executive vice president now directly owns 35,878 shares in the company, valued at $1,025,752.02. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.29% of the stock is owned by corporate insiders.
Several analysts have weighed in on XRX shares. ValuEngine raised Xerox from a “hold” rating to a “buy” rating in a report on Friday, September 1st. BidaskClub raised Xerox from a “hold” rating to a “buy” rating in a report on Friday, August 18th. Barclays reissued an “equal weight” rating and issued a $35.00 target price (up previously from $33.00) on shares of Xerox in a report on Tuesday, September 12th. Zacks Investment Research lowered Xerox from a “buy” rating to a “hold” rating in a report on Tuesday, August 22nd. Finally, UBS reissued a “hold” rating and issued a $34.50 target price on shares of Xerox in a report on Tuesday. Four equities research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. The stock presently has a consensus rating of “Buy” and a consensus price target of $35.50.
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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