Stock traders buy large volume of put options on Xerox (NYSE:XRX)

Xerox Holdings Co. (NYSE:XRX – Get Rating) was the target of unusually large options trades on Wednesday. Stock traders bought 1,689 put options on the company. This represents an increase of approximately 1,369% from the typical daily volume of 115 put options.

A number of equity research analysts have commented on the company. Citigroup lowered its price target on Xerox from $17.00 to $15.00 and set a “sell” rating on the stock in a Friday, April 22 report. Morgan Stanley lowered its price target on Xerox from $15.00 to $13.00 and set an “underweight” rating on the stock in a Friday, April 22 report. TheStreet upgraded Xerox from a “b” rating to a “c” rating in a Tuesday, January 25 report. StockNews.com began covering Xerox in a report on Thursday, March 31. They set a “hold” rating on the stock. Finally, Zacks Investment Research moved Xerox from a “buy” rating to a “strong sell” rating and set a price target of $15.00 for the stock. in a report on Tuesday, April 26. Three investment analysts gave the stock a sell rating and one gave the company a hold rating. According to MarketBeat, the company currently has an average rating of “Sell” and a consensus target price of $14.33.

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Separately, major shareholder Carl C. Icahn purchased 1,346,523 shares in a transaction on Friday, April 22. The shares were purchased at an average price of $16.96 per share, for a total transaction of $22,837,030.08. Following the acquisition, the insider now owns 33,461,414 shares of the company, valued at $567,505,581.44. The purchase was disclosed in a filing with the Securities & Exchange Commission, accessible via this hyperlink. Additionally, SVP Naresh Shanker sold 10,700 shares in a trade on Friday, May 13. The shares were sold at an average price of $17.16, for a total value of $183,612.00. As a result of the sale, the senior vice president now owns 11,094 shares of the company, valued at approximately $190,373.04. The disclosure of this sale can be found here. Company insiders own 1.10% of the company’s shares.

Major investors have recently increased or reduced their stakes in the company. Verition Fund Management LLC bought a new position in Xerox in the third quarter worth approximately $9,988,000. Robeco Institutional Asset Management BV increased its position in Xerox by 14.0% in the fourth quarter. Robeco Institutional Asset Management BV now owns 378,138 shares of the IT services provider valued at US$8,560,000 after purchasing an additional 46,557 shares during the period. Covestor Ltd bought a new position in Xerox in the fourth quarter worth approximately $109,000. Trilogy Capital Inc. increased its position in Xerox shares by 32.3% during the fourth quarter. Trilogy Capital Inc. now owns 50,859 shares of the information technology service provider worth $1,151,000 after acquiring 12,423 additional shares in the last quarter. Finally, United Capital Financial Advisers LLC increased its position in Xerox shares by 62.4% during the third quarter. United Capital Financial Advisers LLC now owns 33,837 shares of the information technology service provider worth $682,000 after acquiring 13,000 additional shares in the last quarter. 87.00% of the shares are currently held by institutional investors.

Shares of XRX opened at $17.53 on Thursday. The company has a current ratio of 1.21, a quick ratio of 1.02 and a debt ratio of 0.67. The company has a market capitalization of $2.71 billion, a P/E ratio of -5.14 and a beta of 1.67. The stock’s fifty-day simple moving average is $18.78 and its 200-day simple moving average is $20.21. Xerox has a 12-month low of $16.07 and a 12-month high of $25.53.

Xerox (NYSE:XRX – Get Rating) last released its results on Thursday, April 21. The information technology service provider reported ($0.12) earnings per share for the quarter, missing the consensus estimate of $0.12 per ($0.24). The company posted revenue of $1.67 billion in the quarter, versus $1.63 billion expected by analysts. Xerox posted a positive return on equity of 4.85% and a negative net margin of 7.86%. The company’s quarterly revenue decreased 2.5% from the same quarter last year. During the same period last year, the company posted earnings per share of $0.22. Sell-side analysts expect Xerox to post 1.26 earnings per share for the current year.

The company also recently disclosed a quarterly dividend, which was paid on Monday, May 2. Shareholders of record on Thursday, March 31 received a dividend of $0.25. This represents an annualized dividend of $1.00 and a yield of 5.70%. The ex-dividend date was Wednesday, March 30. Xerox’s dividend payout ratio (DPR) is currently -29.33%.

About Xerox (Get a rating)

Xerox Holdings Corporation, a workplace technology company, designs, develops and sells document management systems and solutions in the United States, Europe, Canada and around the world. It offers solutions for the workplace, including monochrome, color and multifunction desktop printers; digital printing presses and light production devices and solutions; and digital services that leverage workflow automation, personalization and communication software, content management solutions and digitization services.

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