Conduent Inc (NYSE:CNDT) major shareholder Carl C. Icahn purchased 3,076,378 shares of the company’s stock in a transaction that occurred on Monday, August 12th. The shares were purchased at an average price of $6.43 per share, for a total transaction of $19,781,110.54. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Major shareholders that own more than 10% of a company’s shares are required to disclose their sales and purchases with the SEC.
Shares of CNDT stock opened at $6.68 on Friday. The business’s 50 day moving average is $8.83 and its two-hundred day moving average is $11.26. Conduent Inc has a twelve month low of $5.26 and a twelve month high of $23.39. The company has a market capitalization of $1.35 billion, a P/E ratio of 6.36 and a beta of 1.69. The company has a current ratio of 1.28, a quick ratio of 1.28 and a debt-to-equity ratio of 0.61.
Conduent (NYSE:CNDT) last announced its earnings results on Thursday, August 8th. The company reported $0.13 earnings per share for the quarter, missing the consensus estimate of $0.17 by ($0.04). Conduent had a negative net margin of 35.30% and a positive return on equity of 5.71%. The company had revenue of $1.11 billion during the quarter, compared to analysts’ expectations of $1.10 billion. During the same quarter last year, the business posted $0.29 earnings per share. The company’s revenue for the quarter was down 19.8% compared to the same quarter last year. As a group, equities analysts predict that Conduent Inc will post 0.75 earnings per share for the current fiscal year.
A number of research firms recently issued reports on CNDT. Cowen set a $8.00 price target on Conduent and gave the stock a “hold” rating in a research note on Friday, August 9th. Needham & Company LLC dropped their price target on 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. JPMorgan Chase & Co. upgraded Conduent from a “neutral” rating to an “overweight” rating and set a $8.00 price target on the stock in a research note on Friday, August 9th. Cross Research downgraded Conduent from a “buy” rating to a “hold” rating in a research note on Wednesday, May 8th. Finally, Citigroup downgraded 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. Two equities research analysts have rated the stock with a sell rating, five have issued a hold rating and three have issued a buy rating to the stock. The stock currently has an average rating of “Hold” and a consensus target price of $12.69.
Hedge funds have recently made changes to their positions in the business. Dimensional Fund Advisors LP raised its holdings in Conduent by 12.0% during the 4th quarter. Dimensional Fund Advisors LP now owns 6,108,627 shares of the company’s stock valued at $64,935,000 after buying an additional 653,904 shares during the last quarter. Legal & General Group Plc increased its position in Conduent by 14.8% during the 4th quarter. Legal & General Group Plc now owns 160,604 shares of the company’s stock valued at $1,707,000 after purchasing an additional 20,752 shares during the period. Norges Bank purchased a new position in Conduent during the 4th quarter valued at $25,600,000. Sciencast Management LP purchased a new position in Conduent during the 1st quarter valued at $252,000. Finally, Raymond James Trust N.A. increased its position in Conduent by 16.3% during the 1st quarter. Raymond James Trust N.A. now owns 18,787 shares of the company’s stock valued at $260,000 after purchasing an additional 2,640 shares during the period. Institutional investors own 90.07% of the company’s stock.
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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