Xerox Corporation (XRX) Shares Sold by Sumitomo Mitsui Asset Management Company LTD
Sumitomo Mitsui Asset Management Company LTD lowered its position in Xerox Corporation (NYSE:XRX) by 75.0% during the second quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 18,758 shares of the information technology services provider’s stock after selling 56,284 shares during the period. Sumitomo Mitsui Asset Management Company LTD’s holdings in Xerox Corporation were worth $538,000 as of its most recent SEC filing.
A number of other hedge funds also recently added to or reduced their stakes in XRX. Paragon Capital Management Ltd bought a new stake in Xerox Corporation during the first quarter worth $245,000. United Asset Strategies Inc. bought a new stake in Xerox Corporation during the first quarter worth $107,000. Cypress Wealth Advisors LLC boosted 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 buying an additional 4,508 shares during the last quarter. National Asset Management Inc. bought a new stake in Xerox Corporation during the first quarter worth $113,000. Finally, Venturi Wealth Management LLC bought a new stake in Xerox Corporation during the first quarter worth $106,000.
Xerox Corporation (NYSE XRX) opened at 32.30 on Thursday. Xerox Corporation has a 12 month low of $24.86 and a 12 month high of $32.54. The stock’s market capitalization is $8.21 billion. The stock’s 50 day moving average is $29.90 and its 200-day moving average is $28.94.
Xerox Corporation (NYSE:XRX) last issued its quarterly earnings data on Tuesday, August 1st. The information technology services provider reported $0.87 EPS for the quarter, topping the Zacks’ consensus estimate of $0.84 by $0.03. The firm had revenue of $2.57 billion during the quarter, compared to the consensus estimate of $2.60 billion. Xerox Corporation had a return on equity of 15.28% and a net margin of 4.55%. The firm’s revenue was down 8.1% on a year-over-year basis. During the same period in the prior year, the business earned $0.26 EPS. On average, equities research analysts expect that Xerox Corporation will post $3.36 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 31st. Investors of record on Friday, September 29th will be paid a dividend of $0.25 per share. This is an increase from Xerox Corporation’s previous quarterly dividend of $0.06. This represents a $1.00 dividend on an annualized basis and a yield of 3.10%. The ex-dividend date of this dividend is Thursday, September 28th. Xerox Corporation’s dividend payout ratio is presently 12.08%.
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A number of analysts have weighed in on the stock. Citigroup Inc. set a $39.00 price objective on shares of Xerox Corporation and gave the stock a “buy” rating in a report on Wednesday, August 2nd. ValuEngine cut shares of Xerox Corporation from a “buy” rating to a “hold” rating in a report on Tuesday, August 1st. Loop Capital reissued a “buy” rating and set a $38.00 price objective (up previously from $36.00) on shares of Xerox Corporation in a report on Wednesday, August 2nd. Credit Suisse Group raised their price objective on shares of Xerox Corporation from $32.00 to $34.00 and gave the stock an “outperform” rating in a report on Wednesday, August 2nd. Finally, Barclays PLC raised shares of Xerox Corporation from an “underweight” rating to an “equal weight” rating and raised their price objective for the stock from $27.00 to $33.00 in a report on Monday, July 24th. Six investment analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. The stock presently has an average rating of “Buy” and an average target price of $37.23.
Xerox Corporation Company Profile
Xerox Corporation is engaged in imaging, business process, analytics, automation and user-centric insights. The Company’s segments include Services, Document Technology and Other. The Company’s Services segment includes service offerings, such as BPO and Document Outsourcing (DO). It provides business services in markets across various industries and to government agencies.
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