Federated Hermes Inc. Sells 3,228,904 Shares of Xerox Holdings Co. $XRX

Federated Hermes Inc. reduced its position in shares of Xerox Holdings Co. (NASDAQ:XRX) by 97.3% in the third quarter, Holdings Channel reports. The fund owned 90,909 shares of the information technology services provider’s stock after selling 3,228,904 shares during the quarter. Federated Hermes Inc.’s holdings in Xerox were worth $342,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of the business. AQR Capital Management LLC grew its stake in shares of Xerox by 71.7% in the 1st quarter. AQR Capital Management LLC now owns 345,631 shares of the information technology services provider’s stock worth $1,661,000 after buying an additional 144,280 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in Xerox by 4.3% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 69,047 shares of the information technology services provider’s stock worth $333,000 after acquiring an additional 2,838 shares in the last quarter. Goldman Sachs Group Inc. increased its stake in Xerox by 37.7% during the first quarter. Goldman Sachs Group Inc. now owns 1,575,229 shares of the information technology services provider’s stock worth $7,608,000 after acquiring an additional 431,349 shares during the last quarter. Empowered Funds LLC raised its position in Xerox by 2.1% during the first quarter. Empowered Funds LLC now owns 619,381 shares of the information technology services provider’s stock valued at $2,992,000 after purchasing an additional 12,633 shares during the period. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its stake in shares of Xerox by 9.2% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 600,018 shares of the information technology services provider’s stock valued at $2,898,000 after purchasing an additional 50,467 shares during the last quarter. Institutional investors own 85.36% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts recently weighed in on the company. Zacks Research upgraded Xerox from a “strong sell” rating to a “hold” rating in a report on Monday, February 2nd. Citigroup reissued a “neutral” rating and issued a $2.50 target price (down previously from $3.50) on shares of Xerox in a research note on Friday, January 30th. Finally, Weiss Ratings began coverage on shares of Xerox in a report on Wednesday, January 28th. They issued a “sell (d-)” rating for the company. Two investment analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Reduce” and an average target price of $2.50.

Xerox Trading Up 10.4%

XRX opened at $2.34 on Monday. The company has a quick ratio of 0.80, a current ratio of 1.12 and a debt-to-equity ratio of 8.94. The stock’s fifty day moving average is $2.49 and its two-hundred day moving average is $3.24. The company has a market capitalization of $299.61 million, a P/E ratio of -0.28 and a beta of 1.72. Xerox Holdings Co. has a 52 week low of $2.03 and a 52 week high of $8.36.

Xerox (NASDAQ:XRX) last released its quarterly earnings data on Thursday, January 29th. The information technology services provider reported ($0.10) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.15 by ($0.25). The business had revenue of $2.03 billion for the quarter, compared to the consensus estimate of $2.08 billion. Xerox had a negative net margin of 14.65% and a negative return on equity of 8.26%. Xerox’s revenue for the quarter was up 25.7% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.36 earnings per share. Analysts forecast that Xerox Holdings Co. will post 1.07 earnings per share for the current year.

Xerox Profile

Xerox Holdings Corporation (NYSE: XRX) is a global provider of document management technology and services. The company designs and manufactures a broad range of multifunction printers, production printers, digital presses and related consumables. In addition to its hardware offerings, Xerox delivers software and workflow automation solutions, managed print services and cloud-based document platforms that help organizations optimize their information-intensive processes.

Founded in 1906 as The Haloid Photographic Company, Xerox pioneered xerographic imaging in the late 1940s, launching the first plain-paper copier in 1959.