Xerox spikes almost 20% after Conduent spinoff

Norwalk-based Xerox named Jeff Jacobson to replace Ursula Burns as CEO after the company completes the spinoff of Conduent

The share price of the company (NYSE:XRX) was up +0.11%, with a high of 8.80 during the day and the volume of Xerox Corporation shares traded was 11250388.

Darwin Deason, one of Xerox's largest shareholders, owning 6.1 percent of shares, sued the company in October in a US district court over the spinoff. The correct version of this piece of content can be viewed at https://www.thecerbatgem.com/2017/01/03/j-p-morgan-chase-co-upgrades-xerox-corporation-xrx-to-overweight.html. The share price is now at -3.18% for the past six months. They now have a United States dollars 11 price target on the stock.

XRX shares were up nearly 18% at $6.77 each, recovering from a new 52-week low of the $6.46 a share earlier today and previously climbing to a session high of $7.00 a share. The company has a 50-day moving average of $9.27 and a 200 day moving average of $9.62. Underperform rating was given by 1 analyst and Outperform rating was given by 11 analyst.

05/11/2015 - Xerox Corporation was upgraded to "hold" by analysts at Zacks. During the last six months the stock slipped -5.10%. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Following the completion of the sale, the insider now owns 96,319 shares in the company, valued at $914,067.31.

Institutional investors have recently made changes to their positions in the stock. Nisa Investment Advisors LLC increased its stake in Xerox Corporation by 14.1% in the second quarter. The Weekly and Monthly Volatility stands at 1.55% and 1.94%. Lingohr & Partner Asset Management GmbH purchased a new stake in Xerox Corporation during the second quarter worth approximately $607,000. This estimate is provided by 10 analysts.

A number of other research firms also recently commented on XRX.

Xerox completed its separation of Conduent as an independent company managing business processes on an outsourced basis, ending a short detour in Xerox history that began in 2010 with the company's acquisition of Affiliated Computer Services.

Xerox said in a news release the spinoff will allow it to focus "on growing its global leadership in digital print technology and services".

In the end, it seems there's little not to like about this spinoff for Xerox shareholders since it positions the company well both financially and from a business standpoint to capitalize on its core growth opportunities.

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