Acadian Asset Management LLC Increases Stake in Conduent Inc (CNDT)

Acadian Asset Management LLC lifted its holdings in Conduent Inc (NYSE:CNDT) by 1,220.6% in the 3rd quarter, according to its most recent filing with the SEC. The firm owned 393,082 shares of the company’s stock after purchasing an additional 363,317 shares during the period. Acadian Asset Management LLC owned about 0.19% of Conduent worth $8,851,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also made changes to their positions in the company. Point72 Hong Kong Ltd lifted its position in Conduent by 170.1% during the second 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 during the last quarter. SG Americas Securities LLC purchased a new stake in Conduent during the second quarter valued at approximately $142,000. BNP Paribas Arbitrage SA lifted its position in Conduent by 416.0% during the second quarter. BNP Paribas Arbitrage SA now owns 7,972 shares of the company’s stock valued at $145,000 after acquiring an additional 6,427 shares during the last quarter. US Bancorp DE lifted its position in Conduent by 67.1% during the second quarter. US Bancorp DE now owns 8,381 shares of the company’s stock valued at $153,000 after acquiring an additional 3,366 shares during the last quarter. Finally, Cerebellum GP LLC purchased a new stake in Conduent during the third quarter valued at approximately $188,000. 91.37% of the stock is owned by hedge funds and other institutional investors.

A number of equities research analysts recently commented on the stock. JPMorgan Chase & Co. raised shares of Conduent from a “neutral” rating to an “overweight” rating and set a $15.00 target price for the company in a research report on Tuesday, August 14th. BMO Capital Markets reissued a “hold” rating on shares of Conduent in a research report on Wednesday, August 8th. Finally, Zacks Investment Research cut shares of Conduent from a “buy” rating to a “hold” rating in a research report on Wednesday, October 10th. One analyst has rated the stock with a sell rating, four have assigned a hold rating and five have issued a buy rating to the company’s stock. Conduent currently has a consensus rating of “Hold” and an average price target of $23.00.

In other Conduent news, President David Amoriell sold 33,903 shares of the firm’s stock in a transaction on Monday, August 20th. The shares were sold at an average price of $21.30, for a total value of $722,133.90. Following the completion of the transaction, the president now owns 83,888 shares of the company’s stock, valued at $1,786,814.40. The transaction was disclosed in a filing with the SEC, which is available at this link. Company insiders own 0.39% of the company’s stock.

NYSE CNDT opened at $19.00 on Tuesday. The firm has a market capitalization of $4.02 billion, a price-to-earnings ratio of 22.35 and a beta of 0.88. Conduent Inc has a 12-month low of $14.95 and a 12-month high of $23.39. The company has a debt-to-equity ratio of 0.57, a current ratio of 2.03 and a quick ratio of 2.03.

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, topping the Zacks’ consensus estimate of $0.22 by $0.07. The business had revenue of $1.39 billion during the quarter, compared to analysts’ expectations of $1.39 billion. Conduent had a net margin of 2.63% and a return on equity of 6.53%. The business’s quarterly revenue was down 7.3% on a year-over-year basis. During the same quarter last year, the company posted $0.16 earnings per share. As a group, equities analysts anticipate that Conduent Inc will post 1.12 earnings per share for the current year.

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Conduent Company Profile

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.

Further Reading: Outstanding Shares

Institutional Ownership by Quarter for Conduent (NYSE:CNDT)

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