Xerox Corp Receives Neutral Rating from Zacks (XRX)
Xerox Corp (NYSE:XRX)‘s stock had its “neutral” rating restated by Zacks in a research note issued on Friday. They currently have a $14.00 price target on the stock. Zacks‘s price objective points to a potential upside of 5.58% from the stock’s previous close.
Zacks’ analyst wrote, “Xerox reported disappointing second quarter 2014 results as both earnings and revenues decreased year over year, although adjusted earnings marginally beat the Zacks Consensus Estimate by $0.01. Xerox remains committed to its 5-plank strategy that is centered on portfolio management, operational excellence, global growth, cost transformation, and analytics. 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 from 57% at present. 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”
In other Xerox Corp news, SVP Herve Tessler sold 20,769 shares of Xerox Corp stock in a transaction dated Wednesday, July 30th. The stock was sold at an average price of $13.12, for a total value of $272,489.28. The sale was disclosed in a document filed with the SEC, which is available at this link.
Shares of Xerox Corp (NYSE:XRX) traded down 1.73% on Friday, hitting $13.03. The stock had a trading volume of 7,323,919 shares. Xerox Corp has a 1-year low of $9.55 and a 1-year high of $13.38. The stock has a 50-day moving average of $12.67 and a 200-day moving average of $11.7. The company has a market cap of $15.026 billion and a P/E ratio of 14.44. Xerox Corp also saw a significant decline in short interest in July. As of July 15th, there was short interest totalling 13,825,969 shares, a decline of 15.0% from the June 30th total of 16,258,819 shares. Based on an average daily volume of 7,715,032 shares, the days-to-cover ratio is presently 1.8 days. Currently, 1.3% of the shares of the company are sold short.
Xerox Corp (NYSE:XRX) last posted its quarterly earnings results on Friday, July 25th. The company reported $0.27 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.26 by $0.01. The company had revenue of $5.30 billion for the quarter, compared to the consensus estimate of $5.31 billion. During the same quarter in the previous year, the company posted $0.27 earnings per share. The company’s revenue for the quarter was down 1.8% on a year-over-year basis. Analysts expect that Xerox Corp will post $1.11 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which is scheduled for Friday, October 31st. Shareholders of record on Tuesday, September 30th will be paid a dividend of $0.0625 per share. This represents a $0.25 annualized dividend and a dividend yield of 1.89%. The ex-dividend date is Friday, September 26th.
A number of other analysts have also recently weighed in on XRX. Analysts at Susquehanna raised their price target on shares of Xerox Corp from $14.00 to $16.50 in a research note on Monday. Separately, analysts at JPMorgan Chase & Co. upgraded shares of Xerox Corp from an “underweight” rating to a “neutral” rating in a research note on Monday. They now have a $14.00 price target on the stock, up previously from $13.00. Finally, analysts at BMO Capital Markets raised their price target on shares of Xerox Corp from $14.00 to $15.00 in a research note on Monday. They now have a “market perform” rating on the stock. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating and three have assigned a buy rating to the stock. The company presently has an average rating of “Hold” and an average target price of $13.56.
Xerox Corporationprovides services and technology to enable its customers from small businesses to large global enterprises to focus on their core business.
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