JPMorgan Chase & Co. Trims Xerox (XRX) Target Price to $40.00

Xerox (NYSE:XRX) had its target price lowered by analysts at JPMorgan Chase & Co. from $41.00 to $40.00 in a research note issued on Tuesday. The firm currently has an “overweight” rating on the information technology services provider’s stock. JPMorgan Chase & Co.’s target price indicates a potential upside of 36.80% from the stock’s previous close.

A number of other brokerages have also recently weighed in on XRX. Zacks Investment Research upgraded Xerox from a “sell” rating to a “hold” rating in a report on Tuesday, October 31st. UBS Group reduced their target price on Xerox from $36.00 to $34.50 and set a “neutral” rating on the stock in a report on Friday, October 27th. Standpoint Research reiterated a “hold” rating on shares of Xerox in a report on Wednesday, January 31st. Finally, Loop Capital reiterated a “buy” rating on shares of Xerox in a report on Thursday, February 1st. Two analysts have rated the stock with a hold rating and ten have given a buy rating to the company. The stock currently has a consensus rating of “Buy” and a consensus price target of $35.72.

Shares of Xerox (NYSE:XRX) traded down $0.71 during trading hours on Tuesday, hitting $29.24. The stock had a trading volume of 432,321 shares, compared to its average volume of 3,045,953. The stock has a market capitalization of $7,539.09, a P/E ratio of 46.41 and a beta of 1.13. The company has a debt-to-equity ratio of 0.99, a quick ratio of 1.57 and a current ratio of 1.91. Xerox has a twelve month low of $26.64 and a twelve month high of $37.42.

Xerox (NYSE:XRX) last announced its quarterly earnings data on Wednesday, January 31st. The information technology services provider reported $1.04 EPS for the quarter, beating the Zacks’ consensus estimate of $0.96 by $0.08. The business had revenue of $2.75 billion during the quarter, compared to the consensus estimate of $2.63 billion. Xerox had a return on equity of 17.13% and a net margin of 1.67%. The business’s revenue for the quarter was up .5% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.00 earnings per share. research analysts forecast that Xerox will post 3.43 earnings per share for the current year.

In other Xerox news, insider Carl C. Icahn sold 1,161,404 shares of the business’s stock in a transaction dated Friday, February 2nd. The stock was sold at an average price of $34.49, for a total transaction of $40,056,823.96. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Carl C. Icahn sold 140,011 shares of the business’s stock in a transaction dated Monday, February 5th. The stock was sold at an average price of $32.50, for a total value of $4,550,357.50. The disclosure for this sale can be found here. Insiders own 0.29% of the company’s stock.

Several institutional investors and hedge funds have recently modified their holdings of the business. Concert Wealth Management Inc. increased its position in shares of Xerox by 0.6% during the third quarter. Concert Wealth Management Inc. now owns 10,375 shares of the information technology services provider’s stock worth $104,000 after acquiring an additional 59 shares during the last quarter. Eaton Vance Management increased its position in shares of Xerox by 0.7% during the second quarter. Eaton Vance Management now owns 11,873 shares of the information technology services provider’s stock worth $113,000 after acquiring an additional 88 shares during the last quarter. Sigma Planning Corp increased its position in shares of Xerox by 0.5% during the third quarter. Sigma Planning Corp now owns 21,243 shares of the information technology services provider’s stock worth $215,000 after acquiring an additional 105 shares during the last quarter. Wilbanks Smith & Thomas Asset Management LLC increased its position in shares of Xerox by 0.9% during the third quarter. Wilbanks Smith & Thomas Asset Management LLC now owns 13,101 shares of the information technology services provider’s stock worth $133,000 after acquiring an additional 123 shares during the last quarter. Finally, Tdam USA Inc. increased its position in shares of Xerox by 0.5% during the second quarter. Tdam USA Inc. now owns 27,343 shares of the information technology services provider’s stock worth $259,000 after acquiring an additional 139 shares during the last quarter. Institutional investors own 82.53% of the company’s stock.

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Xerox Company Profile

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.

Analyst Recommendations for Xerox (NYSE:XRX)

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