Bank of New York Mellon Corp Takes $1.31 Million Position in Xerox Holdings Co. $XRX

Key Points

• Bank of New York Mellon acquired 419,462 Xerox shares worth approximately $1.31 million, giving it a 0.32% stake. Institutional investors collectively own 85.36% of Xerox.
• Analyst sentiment remains mixed, with one Buy, two Hold, and one Sell rating; the consensus rating is Hold with a $4.48 price target.
• Xerox reported quarterly revenue of $1.92 billion and adjusted earnings of $0.38 per share, beating estimates, while revenue rose 22% year over year. The company also declared a quarterly dividend of $0.025 per share, yielding about 3.2% annually.

Bank of New York Mellon Corp acquired a new stake in shares of Xerox Holdings Co. (NASDAQ:XRX - Free Report) during the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund acquired 419,462 shares of the information technology services provider's stock, valued at approximately $1,313,000. Bank of New York Mellon Corp owned approximately 0.32% of Xerox as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently bought and sold shares of XRX. AQR Capital Management LLC increased its stake in shares of Xerox by 71.7% during the first quarter. AQR Capital Management LLC now owns 345,631 shares of the information technology services provider's stock valued at $1,661,000 after acquiring an additional 144,280 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in shares of 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 valued at $333,000 after buying an additional 2,838 shares during the period. Goldman Sachs Group Inc. boosted 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 valued at $7,608,000 after buying an additional 431,349 shares in the last quarter. Empowered Funds LLC boosted its stake 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 buying an additional 12,633 shares in the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its position in Xerox by 9.2% in the first 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 worth $2,898,000 after acquiring an additional 50,467 shares in the last quarter. Institutional investors own 85.36% of the company's stock.

Analyst Upgrades and Downgrades

Several research firms recently commented on XRX. Weiss Ratings reissued a "sell (d-)" rating on shares of Xerox in a research note on Friday, July 24th. Needham & Company LLC set a $5.00 target price on Xerox in a report on Tuesday, August 18th. Noble Financial began coverage on Xerox in a research report on Tuesday, August 18th. They set an "outperform" rating and a $5.00 target price on the stock. Finally, Citigroup reiterated a "neutral" rating and issued a $3.45 target price (up from $2.50) on shares of Xerox in a report on Friday, July 31st. One research analyst has rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, Xerox presently has a consensus rating of "Hold" and a consensus target price of $4.48.

Xerox Stock Down 1.9%

Shares of Xerox stock opened at $3.14 on Thursday. The stock has a market capitalization of $412.34 million, a P/E ratio of -0.43 and a beta of 2.42. The company has a quick ratio of 0.85, a current ratio of 1.18 and a debt-to-equity ratio of 12.58. The stock has a 50 day moving average price of $2.96 and a two-hundred day moving average price of $2.48. Xerox Holdings Co. has a 12-month low of $1.19 and a 12-month high of $4.27.

Xerox (NASDAQ:XRX - Get Free Report) last announced its earnings results on Thursday, July 30th. The information technology services provider reported $0.38 earnings per share for the quarter, beating the consensus estimate of $0.06 by $0.32. Xerox had a positive return on equity of 17.61% and a negative net margin of 11.93%.The firm had revenue of $1.92 billion during the quarter, compared to the consensus estimate of $1.90 billion. During the same quarter in the prior year, the company earned ($0.64) EPS. The firm's revenue for the quarter was up 22.0% compared to the same quarter last year. Equities analysts expect that Xerox Holdings Co. will post 0.17 earnings per share for the current year.

Xerox Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, October 30th. Stockholders of record on Wednesday, September 30th will be issued a $0.025 dividend. This represents a $0.10 annualized dividend and a dividend yield of 3.2%. The ex-dividend date of this dividend is Wednesday, September 30th. Xerox's payout ratio is presently -1.36%.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.