Is Xerox Corporation (XRX) Going to Burn These Hedge Funds?

Xerox Corporation (NYSE:XRX) was in 34 hedge funds’ portfolio at the end of the third quarter of 2013. XRX investors should pay attention to a decrease in support from the world’s most elite money managers lately. There were 35 hedge funds in hedge fund experts Insider Monkey’s database with XRX holdings at the end of the previous quarter.

Xerox Corporation (NYSE:XRX)

As WKRB reports, “equities researchers at Argus increased their price target on shares of Xerox Corp. (NYSE:XRX) from $13.00 to $15.00 in a research report issued on Tuesday, AnalystRatings.NET reports. The firm currently has a “buy” rating on the stock.”

With these “truths” under our belt, let’s take a gander at the recent action surrounding Xerox Corporation (NYSE:XRX).

What have hedge funds been doing with Xerox Corporation (NYSE:XRX)?

In preparation for this quarter, a total of 34 of the hedge funds we track held long positions in this stock, a change of -3 percent from one quarter earlier. With hedge funds’ capital changing hands, there exists a select group of notable hedge fund managers who were increasing their holdings substantially.

When looking at the hedgies followed by Insider Monkey, Larry Robbins’s Glenview Capital had the number one position in Xerox Corporation (NYSE:XRX), worth close to $259.1 million, amounting to 2.2 percent of its total 13F portfolio. The second most bullish hedge fund manager is Arrowstreet Capital, managed by Peter Rathjens, Bruce Clarke and John Campbell, which held a $62.7 million position; the fund has 0.4 percent of its 13F portfolio invested in the stock. Some other hedge funds that hold long positions encompass Cliff Asness’s AQR Capital Management, John Osterweis’s Osterweis Capital Management and Youlia Miteva’s Proxima Capital Management.

Judging by the fact that Xerox Corporation (NYSE:XRX) has witnessed falling interest from the aggregate hedge fund industry, it’s safe to say that there were a few fund managers that slashed their entire stakes in third quarter. At the top of the heap, Robert Rodriguez and Steven Romick’s First Pacific Advisors LLC said goodbye to the largest stake of all the hedgies tracked by Insider Monkey, worth an estimated $65.8 million in stock, and Robert Emil Zoellner of Alpine Associates was right behind this move, as the fund said goodbye to about $21.4 million worth. These bearish behaviors are intriguing to say the least, as total hedge fund interest fell by one funds in third quarter.

What have insiders been doing with Xerox Corporation (NYSE:XRX)?

Insider buying is particularly usable when the company in focus has seen transactions within the past half-year. Over the last half-year time period, Xerox Corporation (NYSE:XRX) has experienced zero unique insiders buying, and 5 insider sales (see the details of insider trades here).

Let’s check out hedge fund and insider activity in other stocks similar to Xerox Corporation (NYSE:XRX). These stocks are Wipro Limited (ADR) (NYSE:WIT), ServiceNow Inc (NYSE:NOW), Gartner Inc (NYSE:IT), Rackspace Hosting, Inc. (NYSE:RAX), and Computer Sciences Corporation (NYSE:CSC). This group of stocks are the members of the information technology services industry and their market caps match XRX’s market cap.

Company Name # of Hedge Funds # of Insiders Buying # of Insiders Selling
Wipro Limited (ADR) (NYSE:WIT) 7 0 0
ServiceNow Inc (NYSE:NOW) 23 0 9
Gartner Inc (NYSE:IT) 14 0 7
Rackspace Hosting, Inc. (NYSE:RAX) 25 0 8
Computer Sciences Corporation (NYSE:CSC) 34 0 2

Along with Computer Sciences Corporation, Xerox Corporation was the most widely held IT services industry stock among the hedge funds Insider Monkey tracks.


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