Olstein Capital Management L.P. increased its position in shares of Conduent Inc (NYSE:CNDT) by 16.9% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 729,750 shares of the company’s stock after acquiring an additional 105,450 shares during the quarter. Conduent comprises approximately 1.5% of Olstein Capital Management L.P.’s investment portfolio, making the stock its 17th biggest holding. Olstein Capital Management L.P. owned about 0.35% of Conduent worth $11,793,000 at the end of the most recent reporting period.
A number of other institutional investors have also recently added to or reduced their stakes in CNDT. The Manufacturers Life Insurance Company raised its stake in Conduent by 6.6% in the second quarter. The Manufacturers Life Insurance Company now owns 8,463 shares of the company’s stock valued at $135,000 after purchasing an additional 527 shares in the last quarter. First Allied Advisory Services Inc. acquired a new position in Conduent in the third quarter valued at about $149,000. Advisory Services Network LLC raised its stake in Conduent by 173.9% in the second quarter. Advisory Services Network LLC now owns 10,913 shares of the company’s stock valued at $174,000 after purchasing an additional 6,929 shares in the last quarter. Financial Consulate Inc. acquired a new position in Conduent in the fourth quarter valued at about $181,000. Finally, QS Investors LLC raised its stake in Conduent by 149.8% in the second quarter. QS Investors LLC now owns 12,460 shares of the company’s stock valued at $199,000 after purchasing an additional 7,472 shares in the last quarter. 89.97% of the stock is currently owned by institutional investors and hedge funds.
Conduent Inc (NYSE:CNDT) opened at $15.51 on Wednesday. The company has a debt-to-equity ratio of 0.60, a quick ratio of 1.74 and a current ratio of 1.74. The company has a market capitalization of $3,279.78 and a PE ratio of -3.20. Conduent Inc has a 52 week low of $14.66 and a 52 week high of $18.15.
CNDT has been the subject of a number of analyst reports. SunTrust Banks reaffirmed a “buy” rating and issued a $20.00 price target on shares of Conduent in a research note on Friday, November 10th. Zacks Investment Research raised Conduent from a “hold” rating to a “buy” rating and set a $18.00 target price for the company in a research note on Thursday, November 9th. Cross Research raised Conduent from a “hold” rating to a “buy” rating in a research note on Tuesday, November 7th. BMO Capital Markets lowered their target price on Conduent from $18.00 to $17.00 and set a “market perform” rating for the company in a research note on Thursday, November 9th. Finally, BidaskClub raised Conduent from a “strong sell” rating to a “sell” rating in a research note on Thursday, November 9th. One analyst has rated the stock with a sell rating, three have given a hold rating and four have assigned a buy rating to the stock. The stock presently has an average rating of “Hold” and an average price target of $19.60.
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Conduent Incorporated is a provider of business process services, including transaction-intensive processing, analytics and automation services. The Company’s segments include Commercial Industries, Healthcare and Public Sector. The Commercial Industries segment provides business process services and customized solutions to clients in a range of industries (other than healthcare).
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