Russell Investments Group Ltd. Purchases Shares of 61,975 Conduent Incorporated (NASDAQ:CNDT)

Russell Investments Group Ltd. purchased a new stake in shares of Conduent Incorporated (NASDAQ:CNDT) in the 4th quarter, Holdings Channel reports. The fund purchased 61,975 shares of the company’s stock, valued at approximately $226,000.

Other hedge funds have also added to or reduced their stakes in the company. Principal Financial Group Inc. lifted its holdings in shares of Conduent by 39.2% during the third quarter. Principal Financial Group Inc. now owns 25,470 shares of the company’s stock worth $89,000 after buying an additional 7,174 shares in the last quarter. Assenagon Asset Management S.A. lifted its holdings in shares of Conduent by 155.0% during the third quarter. Assenagon Asset Management S.A. now owns 310,555 shares of the company’s stock worth $1,081,000 after buying an additional 188,753 shares in the last quarter. AMH Equity Ltd lifted its holdings in shares of Conduent by 86.3% during the third quarter. AMH Equity Ltd now owns 1,490,000 shares of the company’s stock worth $5,185,000 after buying an additional 690,000 shares in the last quarter. Atalaya Capital Management LP lifted its holdings in shares of Conduent by 278.8% during the third quarter. Atalaya Capital Management LP now owns 578,585 shares of the company’s stock worth $2,013,000 after buying an additional 425,847 shares in the last quarter. Finally, Barclays PLC lifted its holdings in shares of Conduent by 18.2% during the third quarter. Barclays PLC now owns 97,081 shares of the company’s stock worth $338,000 after buying an additional 14,928 shares in the last quarter. Institutional investors and hedge funds own 77.28% of the company’s stock.

Conduent Stock Down 3.8 %

CNDT stock opened at $3.54 on Thursday. The company has a market cap of $724.21 million, a PE ratio of -3.93 and a beta of 1.60. The business has a 50-day simple moving average of $3.40 and a 200 day simple moving average of $3.37. Conduent Incorporated has a 52 week low of $2.40 and a 52 week high of $4.08. The company has a quick ratio of 1.87, a current ratio of 1.87 and a debt-to-equity ratio of 1.54.

Conduent (NASDAQ:CNDT) last posted its quarterly earnings results on Wednesday, May 1st. The company reported ($0.09) EPS for the quarter, beating analysts’ consensus estimates of ($0.15) by $0.06. The business had revenue of $921.00 million during the quarter, compared to the consensus estimate of $896.00 million. Conduent had a negative return on equity of 2.50% and a negative net margin of 5.13%. Sell-side analysts anticipate that Conduent Incorporated will post 1.66 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on CNDT. Noble Financial began coverage on Conduent in a report on Thursday, March 14th. They set an “outperform” rating and a $9.00 target price for the company. StockNews.com downgraded Conduent from a “buy” rating to a “hold” rating in a research note on Wednesday.

Conduent Profile

Conduent Incorporated provides digital business solutions and services for the commercial, government, and transportation spectrum in the United States, Europe, and internationally. It operates through three segments: Commercial, Government Services, and Transportation. The Commercial segment offers business process services and customized solutions to clients in various industries; and customer experience management, business operations, healthcare claims and administration, and human capital solutions.