Hilton Capital Management LLC bought a new stake in Conduent Inc (NYSE:CNDT) in the 1st quarter, HoldingsChannel.com reports. The institutional investor bought 5,969 shares of the company’s stock, valued at approximately $83,000.
A number of other institutional investors have also recently bought and sold shares of CNDT. Iridian Asset Management LLC CT raised its position in shares of Conduent by 64.8% during the first quarter. Iridian Asset Management LLC CT now owns 10,310,544 shares of the company’s stock worth $142,595,000 after acquiring an additional 4,054,551 shares during the last quarter. Norges Bank bought a new position in shares of Conduent during the fourth quarter worth about $25,600,000. Victory Capital Management Inc. bought a new position in shares of Conduent during the first quarter worth about $22,559,000. Investment Counselors of Maryland LLC bought a new position in shares of Conduent during the fourth quarter worth about $17,058,000. Finally, Rubric Capital Management LP raised its position in shares of Conduent by 176.3% during the first quarter. Rubric Capital Management LP now owns 1,584,000 shares of the company’s stock worth $21,907,000 after acquiring an additional 1,010,705 shares during the last quarter. Hedge funds and other institutional investors own 89.09% of the company’s stock.
In other Conduent news, major shareholder Carl C. Icahn bought 3,915,417 shares of the firm’s stock in a transaction that occurred on Monday, May 13th. The stock was acquired at an average price of $8.35 per share, with a total value of $32,693,731.95. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, major shareholder Carl C. Icahn bought 211,159 shares of the firm’s stock in a transaction that occurred on Wednesday, May 22nd. The shares were acquired at an average cost of $9.00 per share, with a total value of $1,900,431.00. The disclosure for this purchase can be found here. Insiders have purchased 7,001,674 shares of company stock valued at $59,245,442 in the last ninety days. 0.92% of the stock is currently owned by insiders.
A number of brokerages have recently issued reports on CNDT. BMO Capital Markets restated a “hold” rating and set a $17.00 price objective on shares of Conduent in a research report on Wednesday, February 20th. Zacks Investment Research downgraded Conduent from a “hold” rating to a “sell” rating in a research report on Tuesday, February 26th. JPMorgan Chase & Co. downgraded Conduent from an “overweight” rating to a “neutral” rating and lowered their price objective for the stock from $17.00 to $12.00 in a research report on Thursday, May 9th. Citigroup downgraded Conduent from a “buy” rating to a “neutral” rating and set a $9.50 price objective for the company. in a research report on Thursday, May 9th. Finally, Needham & Company LLC lowered their price objective on Conduent from $25.00 to $14.00 and set a “buy” rating for the company in a research report on Thursday, May 9th. They noted that the move was a valuation call. Two investment analysts have rated the stock with a sell rating, five have issued a hold rating and two have given a buy rating to the stock. The stock presently has a consensus rating of “Hold” and an average target price of $15.50.
NYSE CNDT opened at $9.04 on Friday. Conduent Inc has a one year low of $7.14 and a one year high of $23.39. The company has a market cap of $1.90 billion, a P/E ratio of 8.61 and a beta of 1.72. The company has a quick ratio of 1.28, a current ratio of 1.28 and a debt-to-equity ratio of 0.61.
Conduent (NYSE:CNDT) last released its earnings results on Wednesday, May 8th. The company reported $0.14 EPS for the quarter, missing the consensus estimate of $0.17 by ($0.03). Conduent had a positive return on equity of 6.61% and a negative net margin of 13.14%. The business had revenue of $1.16 billion for the quarter, compared to analyst estimates of $1.17 billion. During the same period in the prior year, the business earned $0.22 EPS. The company’s revenue for the quarter was down 18.5% on a year-over-year basis. As a group, research analysts predict that Conduent Inc will post 0.84 EPS for the current fiscal 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 Europe. It operates through three segments: Commercial Industries, Government Services, and Transportation. The Commercial Industries segment offers business process services and customized solutions to clients in various industries.
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