Conduent (CNDT) Bonds Drop 1% During Trading

An issue of Conduent Inc (NYSE:CNDT) debt fell 1% as a percentage of its face value during trading on Monday. The debt issue has a 10.5% coupon and is set to mature on December 15, 2024. The debt is now trading at $118.00 and was trading at $119.50 one week ago. Price moves in a company’s debt in credit markets sometimes predict parallel moves in its stock price.

A number of equities research analysts recently issued reports on CNDT shares. Needham & Company LLC raised Conduent from a “hold” rating to a “buy” rating and set a $25.00 target price on the stock in a research note on Tuesday, March 6th. Morgan Stanley upped their target price on Conduent from $20.00 to $22.00 and gave the company an “equal weight” rating in a research note on Tuesday, June 12th. Cowen reaffirmed a “hold” rating on shares of Conduent in a research note on Tuesday, February 27th. Zacks Investment Research lowered Conduent from a “strong-buy” rating to a “hold” rating in a research note on Thursday, April 19th. Finally, BMO Capital Markets reaffirmed a “hold” rating on shares of Conduent in a research note on Wednesday, June 13th. One investment analyst has rated the stock with a sell rating, four have given a hold rating and four have assigned a buy rating to the company. The company has a consensus rating of “Hold” and an average price target of $21.71.

CNDT stock opened at $18.08 on Wednesday. Conduent Inc has a 52 week low of $14.95 and a 52 week high of $21.06. The firm has a market cap of $3.84 billion, a PE ratio of 21.27 and a beta of -0.74. The company has a debt-to-equity ratio of 0.56, a current ratio of 1.91 and a quick ratio of 1.91.

Conduent (NYSE:CNDT) last announced its quarterly earnings results on Wednesday, May 9th. The company reported $0.22 EPS for the quarter, hitting analysts’ consensus estimates of $0.22. Conduent had a return on equity of 5.79% and a net margin of 2.33%. The company had revenue of $1.42 billion during the quarter, compared to analyst estimates of $1.42 billion. During the same quarter last year, the firm posted $0.16 earnings per share. The firm’s revenue was down 8.6% on a year-over-year basis. analysts forecast that Conduent Inc will post 1.02 earnings per share for the current fiscal year.

Hedge funds have recently made changes to their positions in the stock. W.G. Shaheen & Associates DBA Whitney & Co purchased a new stake in Conduent in the first quarter worth $121,000. Element Capital Management LLC purchased a new stake in Conduent in the first quarter worth $212,000. Xact Kapitalforvaltning AB purchased a new stake in Conduent in the fourth quarter worth $265,000. First Allied Advisory Services Inc. lifted its stake in Conduent by 26.8% in the first quarter. First Allied Advisory Services Inc. now owns 14,475 shares of the company’s stock worth $270,000 after acquiring an additional 3,063 shares during the period. Finally, Oppenheimer Asset Management Inc. lifted its stake in Conduent by 61.3% in the first quarter. Oppenheimer Asset Management Inc. now owns 16,147 shares of the company’s stock worth $301,000 after acquiring an additional 6,139 shares during the period. 92.30% of the stock is owned by institutional investors.

About Conduent

Conduent Incorporated provides business process services with capabilities in transaction-intensive processing, analytics, and automation in the United States and internationally. It operates in two segments, Commercial Industries and Public Sector. The Commercial Industries segment offers business process services and customized solutions to clients in various industries.

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