Lexmark International Inc (NYSE:LXK), a United States printer manufacturer, moved up to the record high in over a year after reporting aims to remove around 13% of its workforce and explore inkjet technology sale.
Shares of Lexmark moved up 14% to settle in New York at $21.62 and marked the major boost since July 2011. Shares of the company have plunged 35% current year.
Lexmark’s printers demand has fell as more customers decide to view documents on mobile gadgets, forcing the corporation to shift its focus to higher-end corporate business and services.
Gartner Inc analyst Federico De Silva stated that selling assets and laying off workers may construct Lexmark an attractive acquisition target for corporation like Xerox Corporation (NYSE:XRX) or Dell Inc (NASDAQ:DELL).
Shifting readers focus to broader market, let’s consider market performance of other stocks that significantly affect same sector. Xerox Corporation (NYSE:XRX) rose +1.10% to settle at $7.38, Canon Inc. (ADR) (NYSE:CAJ) moved up +0.52% to end at $34.51 while Salem Communications Corp (NASDAQ:SALM) plunged -1.80% to finish on Tuesday at $16.90.
Lexmark International Inc (NYSE:LXK) last session volume of 13.20 million shares was higher than its average volume of 2.20 million shares. The stock after opening at $18.86 hit high price of $22.75 and then closed at $21.62 by scoring +13.73%.
LXK generated revenue of 4.01 billion in the following twelve months and earned $236.30 million. The Company showed a positive 5.90% in the net profit margin and as well as in its operating margin which remained 8.52%. Company’s annual sales growth for the past five year was -3.96%.
The LXK past twelve months price to sales ratio was 0.38 and price to cash ratio remained 1.66. As far as the returns are concern, the LXK return on equity was recorded as 15.47% and increased 9.71% return on investment while its return on asset stayed at 6.39%.
The stock showed weekly upbeat performance of +4.19% which was maintained for the month at +24.54%. Likewise the negative performance for the quarter was recorded as -13.86% and for the year was -29.35% while the YTD performance remained at -33.42%.
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