Brokerages expect Conduent Inc (NYSE:CNDT) to announce sales of $1.36 billion for the current fiscal quarter, Zacks Investment Research reports. Two analysts have issued estimates for Conduent’s earnings, with the highest sales estimate coming in at $1.37 billion and the lowest estimate coming in at $1.34 billion. Conduent reported sales of $1.48 billion in the same quarter last year, which indicates a negative year over year growth rate of 8.1%. The firm is expected to report its next earnings report on Wednesday, November 14th.
On average, analysts expect that Conduent will report full-year sales of $5.50 billion for the current financial year, with estimates ranging from $5.47 billion to $5.52 billion. For the next financial year, analysts forecast that the firm will post sales of $5.17 billion, with estimates ranging from $4.78 billion to $5.48 billion. Zacks Investment Research’s sales calculations are a mean average based on a survey of research firms that that provide coverage for Conduent.
Conduent (NYSE:CNDT) last posted its quarterly earnings results on Wednesday, August 8th. The company reported $0.29 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.22 by $0.07. Conduent had a return on equity of 6.53% and a net margin of 2.63%. The company had revenue of $1.39 billion for the quarter, compared to analyst estimates of $1.39 billion. During the same quarter last year, the company earned $0.16 EPS. Conduent’s revenue for the quarter was down 7.3% compared to the same quarter last year.
Several research analysts have weighed in on CNDT shares. Zacks Investment Research upgraded Conduent from a “hold” rating to a “buy” rating and set a $22.00 target price on the stock in a research note on Monday, August 13th. JPMorgan Chase & Co. cut Conduent to a “buy” rating and set a $24.00 price objective for the company. in a report on Wednesday, August 15th. Finally, BMO Capital Markets raised their price target on Conduent from $22.00 to $23.00 and gave the stock a “market perform” rating in a research report on Thursday, August 9th. One analyst has rated the stock with a sell rating, four have issued a hold rating and five have issued a buy rating to the company’s stock. Conduent presently has an average rating of “Hold” and a consensus price target of $23.00.
In other news, President David Amoriell sold 33,903 shares of the stock in a transaction on Monday, August 20th. The stock was sold at an average price of $21.30, for a total value of $722,133.90. Following the completion of the sale, the president now owns 83,888 shares in the company, valued at $1,786,814.40. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 0.04% of the stock is currently owned by corporate insiders.
Institutional investors have recently bought and sold shares of the business. Point72 Hong Kong Ltd lifted its position in Conduent by 170.1% in the 2nd quarter. Point72 Hong Kong Ltd now owns 5,997 shares of the company’s stock valued at $109,000 after acquiring an additional 3,777 shares in the last quarter. SG Americas Securities LLC acquired a new position in Conduent in the 2nd quarter valued at about $142,000. BNP Paribas Arbitrage SA boosted its holdings in Conduent by 416.0% in the 2nd quarter. BNP Paribas Arbitrage SA now owns 7,972 shares of the company’s stock valued at $145,000 after purchasing an additional 6,427 shares during the period. US Bancorp DE boosted its holdings in Conduent by 67.1% in the 2nd quarter. US Bancorp DE now owns 8,381 shares of the company’s stock valued at $153,000 after purchasing an additional 3,366 shares during the period. Finally, Cerebellum GP LLC bought a new stake in Conduent in the 3rd quarter valued at about $188,000. 91.11% of the stock is currently owned by hedge funds and other institutional investors.
NYSE:CNDT traded down $0.01 during mid-day trading on Tuesday, reaching $20.33. 9,369 shares of the stock were exchanged, compared to its average volume of 1,650,431. The company has a market capitalization of $4.35 billion, a PE ratio of 24.14 and a beta of -0.04. The company has a quick ratio of 2.03, a current ratio of 2.03 and a debt-to-equity ratio of 0.57. Conduent has a 1 year low of $14.95 and a 1 year high of $23.39.
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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