Financial Consulate Inc. acquired a new stake in shares of Conduent Inc (NYSE:CNDT) during the second quarter, according to its most recent Form 13F filing with the SEC. The fund acquired 10,370 shares of the company’s stock, valued at approximately $99,000.
A number of other institutional investors also recently modified their holdings of CNDT. Oppenheimer Asset Management Inc. grew its position in shares of Conduent by 11.3% in the 1st quarter. Oppenheimer Asset Management Inc. now owns 11,490 shares of the company’s stock worth $159,000 after buying an additional 1,163 shares during the period. Boyar Asset Management Inc. grew its position in shares of Conduent by 1.0% in the 1st quarter. Boyar Asset Management Inc. now owns 130,118 shares of the company’s stock worth $1,800,000 after buying an additional 1,254 shares during the period. Raymond James Trust N.A. grew its position in shares of Conduent by 16.3% in the 1st quarter. Raymond James Trust N.A. now owns 18,787 shares of the company’s stock worth $260,000 after buying an additional 2,640 shares during the period. Redwood Investment Management LLC grew its position in shares of Conduent by 4.1% in the 1st quarter. Redwood Investment Management LLC now owns 71,414 shares of the company’s stock worth $988,000 after buying an additional 2,819 shares during the period. Finally, Stifel Financial Corp grew its position in shares of Conduent by 4.4% in the 4th quarter. Stifel Financial Corp now owns 76,219 shares of the company’s stock worth $816,000 after buying an additional 3,225 shares during the period. 88.69% of the stock is currently owned by institutional investors and hedge funds.
Conduent stock traded down $0.04 during mid-day trading on Friday, reaching $9.04. The stock had a trading volume of 2,510,823 shares, compared to its average volume of 2,071,247. The firm has a market cap of $1.91 billion, a P/E ratio of 8.61 and a beta of 1.69. The company’s 50-day moving average price is $9.26. Conduent Inc has a one year low of $7.14 and a one year high of $23.39. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.28 and a quick ratio of 1.28.
Conduent (NYSE:CNDT) last announced its quarterly earnings results on Wednesday, May 8th. The company reported $0.14 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.17 by ($0.03). The firm had revenue of $1.16 billion during the quarter, compared to the consensus estimate of $1.17 billion. Conduent had a positive return on equity of 6.61% and a negative net margin of 13.14%. The business’s revenue for the quarter was down 18.5% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.22 EPS. On average, analysts forecast that Conduent Inc will post 0.84 EPS for the current year.
CNDT has been the topic of a number of recent research reports. Zacks Investment Research downgraded shares of Conduent from a “buy” rating to a “hold” rating in a research report on Tuesday, July 30th. Citigroup cut shares of Conduent from a “buy” rating to a “neutral” rating and set a $9.50 price target on the stock. in a research note on Thursday, May 9th. Cross Research cut shares of Conduent from a “buy” rating to a “hold” rating in a research note on Wednesday, May 8th. JPMorgan Chase & Co. cut shares of Conduent from an “overweight” rating to a “neutral” rating and dropped their price target for the stock from $17.00 to $12.00 in a research note on Thursday, May 9th. Finally, Needham & Company LLC dropped their price target on shares of Conduent from $25.00 to $14.00 and set a “buy” rating on the stock in a research note on Thursday, May 9th. They noted that the move was a valuation call. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating and two have given a buy rating to the company’s stock. Conduent presently has a consensus rating of “Hold” and a consensus target price of $13.93.
In related news, major shareholder Carl C. Icahn bought 1,700,000 shares of the stock in a transaction on Friday, May 10th. The shares were acquired at an average price of $8.37 per share, for a total transaction of $14,229,000.00. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, major shareholder Carl C. Icahn bought 211,159 shares of the stock in a transaction on Wednesday, May 22nd. The shares were bought at an average price of $9.00 per share, for a total transaction of $1,900,431.00. The disclosure for this purchase can be found here. In the last quarter, insiders purchased 7,001,674 shares of company stock worth $59,245,442. 0.92% of the stock is currently owned by company insiders.
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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