Massachusetts Financial Services Co. MA cut its stake in shares of Conduent Inc (NYSE:CNDT) by 62.8% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 52,205 shares of the company’s stock after selling 88,276 shares during the period. Massachusetts Financial Services Co. MA’s holdings in Conduent were worth $1,176,000 as of its most recent SEC filing.
Other institutional investors and hedge funds also recently made changes to their positions in the company. Wallace Capital Management Inc. raised its stake in Conduent by 0.5% during the 2nd quarter. Wallace Capital Management Inc. now owns 1,257,612 shares of the company’s stock valued at $22,851,000 after buying an additional 6,000 shares during the last quarter. Janus Henderson Group PLC purchased a new stake in Conduent during the 2nd quarter valued at $1,294,000. US Bancorp DE raised its stake in Conduent by 67.1% during the 2nd quarter. US Bancorp DE now owns 8,381 shares of the company’s stock valued at $153,000 after buying an additional 3,366 shares during the last quarter. Cubist Systematic Strategies LLC increased its stake in shares of Conduent by 75.3% in the 2nd quarter. Cubist Systematic Strategies LLC now owns 98,569 shares of the company’s stock worth $1,791,000 after purchasing an additional 42,353 shares in the last quarter. Finally, BlackRock Inc. increased its stake in shares of Conduent by 1.3% in the 2nd quarter. BlackRock Inc. now owns 8,069,164 shares of the company’s stock worth $146,617,000 after purchasing an additional 101,665 shares in the last quarter. Institutional investors and hedge funds own 91.37% of the company’s stock.
In other news, President David Amoriell sold 33,903 shares of the company’s 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 directly owns 83,888 shares in the company, valued at approximately $1,786,814.40. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 0.04% of the company’s stock.
NYSE:CNDT opened at $13.04 on Friday. The company has a quick ratio of 2.03, a current ratio of 2.03 and a debt-to-equity ratio of 0.57. The firm has a market capitalization of $2.88 billion, a PE ratio of 15.34 and a beta of 0.88. Conduent Inc has a one year low of $12.18 and a one year high of $23.39.
Conduent (NYSE:CNDT) last posted its quarterly earnings data on Wednesday, November 7th. The company reported $0.28 EPS for the quarter, missing the consensus estimate of $0.29 by ($0.01). The company had revenue of $1.30 billion during the quarter, compared to analysts’ expectations of $1.34 billion. Conduent had a positive return on equity of 6.80% and a negative net margin of 1.21%. The company’s revenue for the quarter was down 11.9% on a year-over-year basis. During the same quarter last year, the company earned $0.22 earnings per share. Sell-side analysts expect that Conduent Inc will post 1.1 EPS for the current fiscal year.
Several equities research analysts have recently commented on the company. JPMorgan Chase & Co. lowered Conduent to a “buy” rating and set a $24.00 price objective for the company. in a research note on Wednesday, August 15th. Zacks Investment Research lowered Conduent from a “buy” rating to a “hold” rating in a research note on Wednesday, October 10th. BMO Capital Markets upped their price objective on Conduent from $22.00 to $23.00 and gave the stock a “market perform” rating in a research note on Thursday, August 9th. SunTrust Banks reduced their price objective on Conduent to $18.00 and set a “buy” rating for the company in a research note on Thursday. Finally, Morgan Stanley set a $16.00 price objective on Conduent and gave the stock a “hold” rating in a research note on Thursday. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and four have given a buy rating to the stock. The company presently has a consensus rating of “Hold” and an average target price of $21.57.
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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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