Noble Financial started coverage on shares of Xerox (NASDAQ:XRX – Get Free Report) in a note issued to investors on Tuesday, Marketbeat Ratings reports. The brokerage set an “outperform” rating and a $5.00 price target on the information technology services provider’s stock. Noble Financial’s price target suggests a potential upside of 65.84% from the company’s current price.
A number of other research analysts have also recently issued reports on the company. Weiss Ratings reissued a “sell (d-)” rating on shares of Xerox in a research note on Friday, July 24th. Zacks Research upgraded Xerox from a “strong sell” rating to a “hold” rating in a report on Thursday, April 30th. Finally, Citigroup reiterated a “neutral” rating and issued a $3.45 price objective (up from $2.50) on shares of Xerox in a research report on Friday, July 31st. One equities research analyst has rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $4.22.
View Our Latest Stock Report on Xerox
Xerox Trading Up 2.2%
Xerox (NASDAQ:XRX – Get Free Report) last announced its quarterly earnings results on Thursday, July 30th. The information technology services provider reported $0.38 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.06 by $0.32. The company had revenue of $1.92 billion during the quarter, compared to analyst estimates of $1.90 billion. Xerox had a negative net margin of 11.93% and a positive return on equity of 17.61%. The firm’s revenue was up 22.0% on a year-over-year basis. During the same quarter in the previous year, the business earned ($0.64) EPS. As a group, research analysts forecast that Xerox will post 0.19 EPS for the current fiscal year.
Institutional Inflows and Outflows
Several large investors have recently bought and sold shares of the stock. Renaissance Technologies LLC boosted its holdings in shares of Xerox by 926.4% in the 1st quarter. Renaissance Technologies LLC now owns 645,624 shares of the information technology services provider’s stock valued at $833,000 after buying an additional 582,724 shares during the last quarter. First Eagle Investment Management LLC increased its holdings in Xerox by 89.4% during the fourth quarter. First Eagle Investment Management LLC now owns 2,182,500 shares of the information technology services provider’s stock worth $5,173,000 after buying an additional 1,030,000 shares during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. raised its position in Xerox by 104.5% during the fourth quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 1,585,215 shares of the information technology services provider’s stock worth $3,900,000 after acquiring an additional 809,861 shares in the last quarter. BW Gestao de Investimentos Ltda. bought a new stake in Xerox during the fourth quarter worth $1,659,000. Finally, BRC Group Holdings Inc. acquired a new stake in Xerox in the second quarter valued at $35,013,000. 85.36% of the stock is owned by institutional investors and hedge funds.
About Xerox
Xerox Holdings Corporation (NYSE: XRX) is a global provider of document management technology and services. The company designs and manufactures a broad range of multifunction printers, production printers, digital presses and related consumables. In addition to its hardware offerings, Xerox delivers software and workflow automation solutions, managed print services and cloud-based document platforms that help organizations optimize their information-intensive processes.
Founded in 1906 as The Haloid Photographic Company, Xerox pioneered xerographic imaging in the late 1940s, launching the first plain-paper copier in 1959.
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