Cowen Inc. trimmed its position in Xerox Corp (NYSE:XRX) by 22.8% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 36,850 shares of the information technology services provider’s stock after selling 10,900 shares during the quarter. Cowen Inc.’s holdings in Xerox were worth $1,227,000 at the end of the most recent reporting period.
Several other hedge funds have also recently modified their holdings of the company. Bank of New York Mellon Corp grew its position in Xerox by 22.4% in the third quarter. Bank of New York Mellon Corp now owns 8,622,287 shares of the information technology services provider’s stock worth $287,036,000 after acquiring an additional 1,578,302 shares in the last quarter. Dimensional Fund Advisors LP grew its position in Xerox by 7.7% in the third quarter. Dimensional Fund Advisors LP now owns 5,065,082 shares of the information technology services provider’s stock worth $168,633,000 after acquiring an additional 361,956 shares in the last quarter. Ameriprise Financial Inc. grew its position in Xerox by 37.5% in the third quarter. Ameriprise Financial Inc. now owns 4,392,867 shares of the information technology services provider’s stock worth $146,243,000 after acquiring an additional 1,197,634 shares in the last quarter. Principal Financial Group Inc. boosted its position in shares of Xerox by 6.8% during the third quarter. Principal Financial Group Inc. now owns 2,331,065 shares of the information technology services provider’s stock valued at $77,600,000 after buying an additional 148,093 shares during the period. Finally, Schwab Charles Investment Management Inc. boosted its position in shares of Xerox by 17.2% during the third quarter. Schwab Charles Investment Management Inc. now owns 1,566,518 shares of the information technology services provider’s stock valued at $52,150,000 after buying an additional 229,627 shares during the period. 84.03% of the stock is currently owned by hedge funds and other institutional investors.
Shares of Xerox Corp (XRX) traded up $0.34 during midday trading on Monday, hitting $29.65. The company had a trading volume of 4,322,600 shares, compared to its average volume of 2,423,176. The company has a quick ratio of 1.33, a current ratio of 1.63 and a debt-to-equity ratio of 0.97. The stock has a market capitalization of $7,548.47, a price-to-earnings ratio of 8.82 and a beta of 1.12. Xerox Corp has a 12-month low of $25.84 and a 12-month high of $37.08.
The company also recently declared a quarterly dividend, which will be paid on Wednesday, January 31st. Investors of record on Friday, December 29th will be issued a $0.25 dividend. The ex-dividend date is Thursday, December 28th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 3.37%. Xerox’s payout ratio is 48.31%.
Several brokerages have issued reports on XRX. ValuEngine upgraded Xerox from a “hold” rating to a “buy” rating in a research report on Friday, September 1st. UBS dropped their target price on Xerox from $36.00 to $34.50 and set a “neutral” rating for the company in a research report on Friday, October 27th. Zacks Investment Research lowered Xerox from a “buy” rating to a “hold” rating in a research report on Tuesday, August 22nd. Finally, Barclays restated an “equal weight” rating and set a $35.00 target price (up previously from $33.00) on shares of Xerox in a research report on Tuesday, September 12th. Four investment analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. Xerox presently has a consensus rating of “Buy” and a consensus price target of $35.50.
In related news, EVP Herve Tessler sold 6,000 shares of the business’s stock in a transaction that occurred on Monday, November 13th. The stock was sold at an average price of $28.59, for a total value of $171,540.00. Following the completion of the sale, the executive vice president now owns 35,878 shares in the company, valued at $1,025,752.02. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.29% of the stock is currently owned by insiders.
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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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