Xerox Corp. Given Neutral Rating at Zacks (XRX)
Xerox Corp. (NYSE:XRX)‘s stock had its “neutral” rating restated by Zacks in a research report issued to clients and investors on Monday, AmericanBankingNews.com reports. They currently have a $12.00 price target on the stock. Zacks‘ target price suggests a potential upside of 6.76% from the company’s current price.
Zacks‘ analyst wrote, “Xerox reported modest fourth quarter 2013 results as adjusted earnings of $0.29 per share matched with the Zacks Consensus Estimate. Moving forward, Xerox expects to realign its business model to better adapt to the evolving market trends by expanding indirect distribution channel and streamlining its supply chain. Xerox also intends to focus more on vertical markets like healthcare. In addition, it is integrating its Managed Print Services with business process and IT outsourcing capabilities to increase revenues from the Services segment to 66% of total revenue by 2017. However, the presence of a large number of substitutes and strong competition are likely to peg back its profitability to some extent. Nevertheless, we maintain our long-term Neutral recommendation for the stock. “
Shares of Xerox Corp. (NYSE:XRX) traded down 5.69% on Monday, hitting $10.60. The stock had a trading volume of 11,514,406 shares. Xerox Corp. has a 1-year low of $7.75 and a 1-year high of $12.65. The stock’s 50-day moving average is $11.90 and its 200-day moving average is $10.66. The company has a market cap of $13.050 billion and a price-to-earnings ratio of 12.16.
Xerox Corp. (NYSE:XRX) last released its earnings data on Friday, January 24th. The company reported $0.29 EPS for the quarter, meeting the Thomson Reuters consensus estimate of $0.29. The company had revenue of $5.57 billion for the quarter, compared to the consensus estimate of $5.64 billion. During the same quarter in the prior year, the company posted $0.30 earnings per share. The company’s quarterly revenue was down 3.4% on a year-over-year basis. On average, analysts predict that Xerox Corp. will post $1.09 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which is scheduled for Wednesday, April 30th. Investors of record on Monday, March 31st will be paid a dividend of 0.0625 per share. This represents a $0.25 annualized dividend and a dividend yield of 2.22%. The ex-dividend date is Thursday, March 27th. This is an increase from Xerox Corp.’s previous quarterly dividend of $0.06.
A number of other firms have also recently commented on XRX. Analysts at Brean Capital raised their price target on shares of Xerox Corp. from $12.50 to $13.00 in a research note to investors on Monday. They now have a “buy” rating on the stock. Separately, analysts at BMO Capital Markets downgraded shares of Xerox Corp. from an “outperform” rating to a “market perform” rating in a research note to investors on Monday. They now have a $11.50 price target on the stock. They noted that the move was a valuation call. Finally, analysts at Barclays downgraded shares of Xerox Corp. from an “equal weight” rating to an “underweight” rating in a research note to investors on Friday. They now have a $10.00 price target on the stock. They noted that the move was a valuation call. One analyst has rated the stock with a sell rating, five have assigned a hold rating and four have given a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and an average price target of $11.44.
Xerox Corporation,provides a portfolio of business process and information technology (NYSE:XRX) outsourcing support, document technology and solutions.
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