ARK Investment Management LLC Sells 2,510 Shares of Xerox Holdings Co. (NYSE:XRX)

ARK Investment Management LLC reduced its stake in shares of Xerox Holdings Co. (NYSE:XRX) by 20.3% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 9,874 shares of the information technology services provider’s stock after selling 2,510 shares during the quarter. ARK Investment Management LLC’s holdings in Xerox were worth $181,000 as of its most recent SEC filing.

Several other hedge funds have also recently bought and sold shares of the stock. FNY Investment Advisers LLC acquired a new position in Xerox during the fourth quarter worth $25,000. Sound Income Strategies LLC raised its stake in Xerox by 60.8% during the fourth quarter. Sound Income Strategies LLC now owns 691,989 shares of the information technology services provider’s stock worth $12,684,000 after acquiring an additional 261,737 shares in the last quarter. Diversified Trust Co raised its stake in Xerox by 7.1% during the fourth quarter. Diversified Trust Co now owns 20,497 shares of the information technology services provider’s stock worth $376,000 after acquiring an additional 1,352 shares in the last quarter. Arden Trust Co raised its stake in Xerox by 1.8% during the fourth quarter. Arden Trust Co now owns 36,561 shares of the information technology services provider’s stock worth $670,000 after acquiring an additional 661 shares in the last quarter. Finally, Vanguard Group Inc. raised its stake in Xerox by 10.2% during the third quarter. Vanguard Group Inc. now owns 15,791,263 shares of the information technology services provider’s stock worth $247,765,000 after acquiring an additional 1,464,851 shares in the last quarter. 85.36% of the stock is currently owned by institutional investors and hedge funds.

Xerox Price Performance

Xerox stock opened at $17.75 on Thursday. The business’s 50-day simple moving average is $17.86 and its 200 day simple moving average is $16.16. The stock has a market cap of $2.20 billion, a price-to-earnings ratio of -88.75 and a beta of 1.57. Xerox Holdings Co. has a 12-month low of $12.06 and a 12-month high of $19.78. The company has a quick ratio of 0.91, a current ratio of 1.14 and a debt-to-equity ratio of 1.06.

Xerox (NYSE:XRX) last posted its quarterly earnings results on Thursday, January 25th. The information technology services provider reported $0.43 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.52 by ($0.09). The firm had revenue of $1.77 billion during the quarter, compared to the consensus estimate of $1.79 billion. Xerox had a net margin of 0.01% and a return on equity of 9.41%. Xerox’s revenue was down 8.8% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.89 EPS. As a group, research analysts anticipate that Xerox Holdings Co. will post 2.27 earnings per share for the current year.

Xerox Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, April 30th. Investors of record on Friday, March 29th will be issued a $0.25 dividend. This represents a $1.00 annualized dividend and a yield of 5.63%. The ex-dividend date of this dividend is Wednesday, March 27th. Xerox’s dividend payout ratio is -500.00%.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on the company. StockNews.com lowered Xerox from a “buy” rating to a “hold” rating in a research note on Friday, March 22nd. JPMorgan Chase & Co. raised their target price on Xerox from $16.00 to $18.00 and gave the company an “underweight” rating in a research note on Friday, January 26th.

Xerox Profile

Xerox Holdings Corporation, together with its subsidiaries, operates as a workplace technology company that integrates hardware, services, and software for enterprises in the Americas, Europe, the Middle East, Africa, India, and internationally. The company operates through two segments, Print and Other; and FITTLE.