Xerox Corp Stock Rating Reaffirmed by Morgan Stanley (XRX)
Xerox Corp (NYSE:XRX)‘s stock had its “overweight” rating reaffirmed by analysts at Morgan Stanley in a research report issued to clients and investors on Thursday. They currently have a $15.00 price objective on the stock. Morgan Stanley’s price target would indicate a potential upside of 9.41% from the stock’s previous close.
Xerox Corp (NYSE:XRX) opened at 13.71 on Thursday. Xerox Corp has a 52-week low of $9.55 and a 52-week high of $13.75. The stock’s 50-day moving average is $13.11 and its 200-day moving average is $12.04. The company has a market cap of $15.810 billion and a P/E ratio of 14.89. Xerox Corp also saw a significant growth in short interest in August. As of August 15th, there was short interest totalling 15,882,528 shares, a growth of 25.7% from the July 31st total of 12,638,419 shares. Based on an average daily volume of 7,457,305 shares, the days-to-cover ratio is currently 2.1 days. Currently, 1.5% of the shares of the stock are sold short.
Xerox Corp (NYSE:XRX) last announced its earnings results on Friday, July 25th. The company reported $0.27 earnings per share for the quarter, beating the analysts’ 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 last year, the company posted $0.27 earnings per share. Xerox Corp’s revenue was down 1.8% compared to the same quarter last year. 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. Stockholders 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 1.82%. The ex-dividend date is Friday, September 26th.
Several other analysts have also recently commented on the stock. Analysts at Zacks reiterated a “neutral” rating on shares of Xerox Corp in a research note on Friday, August 1st. They now have a $14.00 price target on the stock. Separately, analysts at Susquehanna raised their price target on shares of Xerox Corp from $14.00 to $16.50 in a research note on Monday, July 28th. Finally, analysts at JPMorgan Chase & Co. upgraded shares of Xerox Corp from an “underweight” rating to a “neutral” rating in a research note on Monday, July 28th. They now have a $14.00 price target on the stock, up previously from $13.00. One equities research analyst has rated the stock with a sell rating, six have given a hold rating and three have assigned a buy rating to the stock. Xerox Corp presently has a consensus rating of “Hold” and an average price target 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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