Conduent (CNDT) Trading 11.7% Higher on Better-Than-Expected Earnings

Conduent Inc (NYSE:CNDT)’s share price shot up 11.7% during mid-day trading on Wednesday after the company announced better than expected quarterly earnings. The company traded as high as $18.15 and last traded at $17.86. 7,256,380 shares were traded during trading, an increase of 163% from the average session volume of 2,759,917 shares. The stock had previously closed at $15.99.

The company reported $0.31 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.26 by $0.05. The company had revenue of $1.49 billion for the quarter, compared to the consensus estimate of $1.48 billion. Conduent had a negative net margin of 16.18% and a positive return on equity of 5.45%. The firm’s revenue was down 1.4% compared to the same quarter last year. During the same quarter last year, the firm posted $0.29 EPS.

Several research firms recently commented on CNDT. Zacks Investment Research raised shares of Conduent from a “hold” rating to a “buy” rating and set a $18.00 price target on the stock in a research note on Thursday, February 8th. BMO Capital Markets reduced their price target on shares of Conduent from $18.00 to $17.00 and set a “market perform” rating on the stock in a research note on Thursday, November 9th. Cross Research raised shares of Conduent from a “hold” rating to a “buy” rating in a research note on Tuesday, November 7th. SunTrust Banks reissued a “buy” rating and set a $20.00 target price on shares of Conduent in a research report on Friday, November 10th. Finally, BidaskClub raised shares of Conduent from a “strong sell” rating to a “sell” rating in a research report on Thursday, November 9th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and four have given a buy rating to the company’s stock. The company has a consensus rating of “Hold” and an average target price of $19.60.

A number of hedge funds and other institutional investors have recently bought and sold shares of CNDT. The Manufacturers Life Insurance Company increased its position in Conduent by 6.6% during the 2nd 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 during the period. First Allied Advisory Services Inc. purchased a new position in Conduent during the 3rd quarter valued at about $149,000. Advisory Services Network LLC increased its position in Conduent by 173.9% during the 2nd 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 during the period. Financial Consulate Inc. purchased a new position in Conduent during the 4th quarter valued at about $181,000. Finally, State of Alaska Department of Revenue purchased a new position in Conduent during the 4th quarter valued at about $215,000. 97.94% of the stock is currently owned by institutional investors and hedge funds.

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 $3,760.00 and a PE ratio of -3.70.

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About Conduent

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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