Re: HRI decided to close out & start a new position in Xerox Corp (XRX) 12.43 -1.05 (-7.79%)
Closed out my small tracking position in HRI and moved those proceeds into XRX.
XRX reported earnings which beat but did have reduced sales YoY (as I expected) but their new Cloud/Digital services are growing. It's been a difficult transition but Carl Icahn is making the needed changes. Many of those legacy assets were spun off to CNDT or 'kitchened sinked' (I have been accumulating a position in that too).
Made a few Buys this AM as stock sold off. Could be a value trap OR a potential small grower as assets are repositioned to cloud/digital/services. Market seems to have already discounted current price for worst case.
I trust Icahn's moves (followed him into many successful turn around companies; NWL being one). Bet is small (I have a much larger bet in CNDT) and have followed XRX transition to a smaller company w/ pretty good cash flows which have stabilized. Last 3 quarterly FCF amounts are positive & YoY much higher!.
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More small adds in TITN, AGCO, TSN, LEG, PYPL, KHC, WPC, KLG, LOCO, JNPR, INMD, K, KR, MMM, HR, XRX
Small sells in; GILD, EMR, MAC, WMB, INTC, NWN (closed out -booked small loss), LEVI, ORCL, LMNR, KSS, SYM, TROX (closed out), HRI(closed out), AU,NRG, EPR, ANDE,
Most Sells were less than 10% of position and always the high cost shares |
