Xerox Corporation (NYSE:XRX) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a report issued on Thursday.

According to Zacks, “Xerox is grappling with decreased demand for paper-related systems and products. A geopolitical impasse due to various conflicts and disruptions may further affect its international operations in key markets. Xerox further narrowed its full-year 2017 guidance, reflecting its one-for-four reverse stock split. The company underperformed the industry year to date. The availability of a large number of substitutes remains another challenge. Moreover, stiff competition has largely affected its profit margins. Earnings estimates for the current quarter and year have decreased significantly over the last three months, representing negative investor sentiments for the company. However, Xerox completed the split of its BPO business from Document Technology and Document Outsourcing businesses to focus on revenue growth, margin expansion and disciplined investments in attractive growing markets.”

XRX has been the topic of a number of other research reports. Barclays PLC restated an “equal weight” rating and set a $35.00 price target (up previously from $33.00) on shares of Xerox Corporation in a research note on Tuesday, September 12th. ValuEngine upgraded Xerox Corporation from a “buy” rating to a “strong-buy” rating in a research note on Saturday, June 17th. Loop Capital restated a “buy” rating and set a $38.00 price target (up previously from $36.00) on shares of Xerox Corporation in a research note on Wednesday, August 2nd. UBS AG started coverage on Xerox Corporation in a research note on Tuesday. They set a “neutral” rating and a $36.00 price target on the stock. Finally, Credit Suisse Group raised their price target on Xerox Corporation from $32.00 to $34.00 and gave the stock an “outperform” rating in a research note on Wednesday, August 2nd. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and ten have issued a buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and an average price target of $35.67.

Shares of Xerox Corporation (NYSE:XRX) opened at 32.85 on Thursday. Xerox Corporation has a 12-month low of $22.90 and a 12-month high of $34.13. The company’s 50 day moving average price is $32.52 and its 200-day moving average price is $29.88. The firm’s market cap is $8.35 billion.

Xerox Corporation (NYSE:XRX) last released its quarterly earnings results on Tuesday, August 1st. The information technology services provider reported $0.87 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.84 by $0.03. The firm had revenue of $2.57 billion for 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 quarterly revenue was down 8.1% compared to the same quarter last year. During the same quarter last year, the business posted $0.26 EPS. On average, equities research analysts anticipate that Xerox Corporation will post $3.36 EPS for the current year.

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A number of institutional investors have recently bought and sold shares of XRX. Jennison Associates lifted its position in Xerox Corporation by 0.3% during the 3rd quarter. Jennison Associates now owns 8,575,893 shares of the information technology services provider’s stock worth $83,443,000 after acquiring an additional 29,294 shares during the period. Detwiler Fenton Investment Management acquired a new stake in shares of Xerox Corporation in the 4th quarter valued at approximately $221,000. Denali Advisors lifted its holdings in shares of Xerox Corporation by 91.8% in the 4th quarter. Denali Advisors now owns 202,000 shares of the information technology services provider’s stock valued at $2,147,000 after buying an additional 96,700 shares during the period. Creative Planning lifted its holdings in shares of Xerox Corporation by 10.0% in the 4th quarter. Creative Planning now owns 24,310 shares of the information technology services provider’s stock valued at $259,000 after buying an additional 2,207 shares during the period. Finally, Capstone Asset Management Company lifted its holdings in shares of Xerox Corporation by 53.4% in the 4th quarter. Capstone Asset Management Company now owns 191,830 shares of the information technology services provider’s stock valued at $2,039,000 after buying an additional 66,765 shares during the period. 84.13% of the stock is owned by institutional investors.

About Xerox Corporation

Xerox Corporation is a provider of digital print technology and related solutions. The Company has capabilities in imaging and printing, data analytics, and the development of secure and automated solutions to help customers improve productivity. The Company’s primary offerings span three main areas: Managed Document Services, Workplace Solutions and Graphic Communications.

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