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Investment Guru Ownership of Xerox Corp.

Xerox Corp: Profit by Cutting Cost Aggresively

October 22, 2009 | About:
(GuruFocus, October 22, 2009) Business equipment vendor Xerox Inc. reported quarterly result this morning. The company reported third-quarter total revenue of $3.7 billion, down 16 percent from third-quarter 2008 including a 2 point negative impact from currency. Net income was$129 million , down 52% from a year ago.

In the press release, the company emphasized that third-quarter operating cash flow was $610 million. Through the third quarter, the company has generated $1.2 billion in operating cash flow, and, as a result, has increased its expectation for the full year to $1.7 billion. Xerox ended the third quarter with a cash balance of $1.2 billion. Total debt was down $938 million through the first three quarters, and the company is on track to reduce total debt by more than $1 billion this year.

The company prides itself of cutting costs aggressively. The company laid off 3,000 people and the CEO vowed to continue to run a tight ship unless the economy turns around:

Watch the video of Bloomberg interview with CEO Ursula Burns:

Guru Ownership

Xerox Corp. is owned by 5 Gurus.

1 Guru Increased Positions in XRX:

Dodge & Cox owns 122,968,904 shares , an increase of 13.36% from the previous quarter. This position accounts for 1.19% of the $66.88 billion portfolio of Dodge & Cox.

4 Gurus Kept Positions in XRX Unchanged or Slightly Adjusted:

Jean-Marie Eveillard owns 80,000 shares , which accounts for 0.01% of the $8.91 billion portfolio of Arnhold & S. Bleichroeder Advisers, LLC.

Charles Brandes owns 30,411,696 shares , which accounts for 1.08% of the $18.33 billion portfolio of Brandes Investment.

David Dreman owns 33,353 shares , which accounts for 0.01% of the $3.12 billion portfolio of Dreman Value Management.

Robert Olstein owns 1,914,700 shares , which accounts for 2.66% of the $467 million portfolio of Olstein Financial Alert Fund.

1 Guru Sold Out XRX: Bill Nygren sold out his holdings in the quarter that ended on 06/30/2009.

There has been no insider trading activity, buying or selling, with the company in the past 6 months.

Rating: 2.4/5 (5 votes)


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GuruFocus has detected 4 Warning Signs with Xerox Corp $XRX.
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