Zacks Investment Research upgraded shares of Xerox (NYSE:XRX) from a hold rating to a buy rating in a research note released on Monday, May 28th. Zacks Investment Research currently has $31.00 target price on the information technology services provider’s stock.

According to Zacks, “Xerox Corporation reported mixed first-quarter 2018 results, wherein the company’s bottom line lagged the Zacks Consensus Estimate but the top line surpassed the same. We appreciate Xerox’s continuous efforts to expand its SMB coverage through distribution acquisitions. The company maintained a solid track record of strong margins, which it has been attaining through cost and productivity initiatives. Xerox’s post-sale driven business model supports strong cash flows which in turn help it to make strategic investments and penetrate in markets with higher growth potential. However, the company is grappling with decreased demand for paper-related systems and products while its attempts to leverage the business process outsourcing market failed to lend growth momentum. Xerox terminated its previously announced merger with Fuji Xerox. Shares of Xerox have underperformed its industry in the past year.”

Several other equities research analysts have also recently weighed in on the stock. JPMorgan Chase & Co. lowered their price objective on shares of Xerox from $41.00 to $40.00 and set an overweight rating for the company in a research report on Tuesday, February 13th. UBS Group upgraded shares of Xerox from a neutral rating to a buy rating in a research report on Monday, February 5th. Loop Capital restated a buy rating on shares of Xerox in a research report on Thursday, February 1st. Standpoint Research restated a hold rating on shares of Xerox in a research report on Wednesday, January 31st. Finally, ValuEngine upgraded shares of Xerox from a hold rating to a buy rating in a research report on Saturday, April 21st. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and seven have assigned a buy rating to the company. The stock presently has a consensus rating of Buy and a consensus price target of $35.69.

Xerox traded up $0.16, hitting $27.74, during trading on Monday, Marketbeat.com reports. 1,858,578 shares of the stock traded hands, compared to its average volume of 2,697,619. Xerox has a one year low of $27.11 and a one year high of $37.42. The company has a market capitalization of $7.16 billion, a P/E ratio of 7.97 and a beta of 1.13. The company has a quick ratio of 1.39, a current ratio of 1.71 and a debt-to-equity ratio of 0.86.

Xerox (NYSE:XRX) last announced its quarterly earnings results on Thursday, May 3rd. The information technology services provider reported $0.68 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.73 by ($0.05). The firm had revenue of $2.44 billion for the quarter, compared to the consensus estimate of $2.39 billion. Xerox had a net margin of 1.74% and a return on equity of 17.08%. The company’s revenue for the quarter was down .8% on a year-over-year basis. During the same period in the prior year, the business earned $0.15 earnings per share. research analysts expect that Xerox will post 3.49 earnings per share for the current year.

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, July 31st. Stockholders of record on Friday, June 29th will be given a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a dividend yield of 3.60%. The ex-dividend date of this dividend is Thursday, June 28th. Xerox’s dividend payout ratio is 28.74%.

Several large investors have recently modified their holdings of XRX. Boston Partners acquired a new stake in shares of Xerox during the 1st quarter worth approximately $180,292,000. Polaris Capital Management LLC acquired a new position in Xerox during the first quarter valued at approximately $48,588,000. Lord Abbett & CO. LLC acquired a new position in Xerox during the first quarter valued at approximately $45,026,000. Millennium Management LLC grew its holdings in Xerox by 239.3% during the first quarter. Millennium Management LLC now owns 1,698,526 shares of the information technology services provider’s stock valued at $48,884,000 after purchasing an additional 1,197,972 shares during the period. Finally, TIAA CREF Investment Management LLC grew its holdings in Xerox by 31.4% during the fourth quarter. TIAA CREF Investment Management LLC now owns 3,979,223 shares of the information technology services provider’s stock valued at $115,994,000 after purchasing an additional 951,355 shares during the period. Institutional investors own 83.14% of the company’s stock.

Xerox Company Profile

Xerox Corporation designs, develops, and sells document management systems and solutions worldwide. It offers managed document services, including managed print services and multi-channel communication services, as well as a range of digital solutions, such as workflow automation services, content management, and digitization services.

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Analyst Recommendations for Xerox (NYSE:XRX)

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