Xerox Holdings Co. (NYSE:XRX – Get Free Report) shares gapped down prior to trading on Thursday following a dissappointing earnings announcement. The stock had previously closed at $16.44, but opened at $15.35. Xerox shares last traded at $17.49, with a volume of 1,558,890 shares changing hands.
The information technology services provider reported $0.43 earnings per share for the quarter, missing analysts’ consensus estimates of $0.52 by ($0.09). Xerox had a return on equity of 11.59% and a net margin of 2.55%. The firm had revenue of $1.77 billion during the quarter, compared to analyst estimates of $1.79 billion. During the same quarter in the previous year, the firm posted $0.89 earnings per share. Xerox’s quarterly revenue was down 8.8% compared to the same quarter last year.
Wall Street Analysts Forecast Growth
A number of equities analysts recently issued reports on XRX shares. Morgan Stanley dropped their target price on shares of Xerox from $13.00 to $12.00 and set an “underweight” rating on the stock in a research report on Wednesday, October 25th. JPMorgan Chase & Co. dropped their target price on shares of Xerox from $16.00 to $15.00 and set an “underweight” rating on the stock in a research report on Wednesday, October 25th. Finally, StockNews.com lowered shares of Xerox from a “buy” rating to a “hold” rating in a research report on Wednesday.
Institutional Investors Weigh In On Xerox
Institutional investors and hedge funds have recently bought and sold shares of the business. FNY Investment Advisers LLC acquired a new position in Xerox during the 4th quarter worth about $25,000. Hexagon Capital Partners LLC lifted its position in Xerox by 87.2% during the 3rd quarter. Hexagon Capital Partners LLC now owns 1,627 shares of the information technology services provider’s stock valued at $26,000 after purchasing an additional 758 shares during the period. Quarry LP acquired a new position in Xerox during the 1st quarter valued at about $29,000. National Bank of Canada FI lifted its position in Xerox by 133.8% during the 2nd quarter. National Bank of Canada FI now owns 3,872 shares of the information technology services provider’s stock valued at $58,000 after purchasing an additional 2,216 shares during the period. Finally, Acadian Asset Management LLC acquired a new position in Xerox during the 2nd quarter valued at about $75,000. Institutional investors own 83.53% of the company’s stock.
Xerox Trading Up 10.2 %
The company has a debt-to-equity ratio of 0.98, a quick ratio of 0.87 and a current ratio of 1.12. The company has a market capitalization of $2.23 billion, a price-to-earnings ratio of 16.74 and a beta of 1.71. The business’s 50-day simple moving average is $16.04 and its 200-day simple moving average is $15.46.
Xerox Company Profile
Xerox Holdings Corporation, a workplace technology company, designs, develops, and sells document management systems and solutions in the Americas, Europe, the Middle East, Africa, India, and internationally. It offers workplace solutions, including desktop monochrome, and color and multifunction printers; digital printing presses and light production devices, and solutions; and digital services that leverage workflow automation, personalization and communication software, content management solutions, and digitization services.