Conduent (NYSE:CNDT) Shares Down 6.2%

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Conduent Inc (NYSE:CNDT)’s stock price traded down 6.2% on Thursday . The stock traded as low as $8.98 and last traded at $8.99, 3,402,483 shares traded hands during trading. An increase of 25% from the average session volume of 2,719,969 shares. The stock had previously closed at $9.58.

Several equities analysts have weighed in on the company. Needham & Company LLC reaffirmed a “buy” rating and set a $26.00 target price (down previously from $27.00) on shares of Nlight in a research note on Thursday, May 9th. Citigroup raised Copa from a “neutral” rating to a “buy” rating in a research note on Thursday, May 9th. Cross Research cut Conduent from a “buy” rating to a “hold” rating in a research note on Wednesday, May 8th. JPMorgan Chase & Co. cut Aeroports de Paris from an “overweight” rating to a “neutral” rating in a research note on Thursday, May 9th. Finally, Zacks Investment Research cut ExlService from a “hold” rating to a “sell” rating in a research note on Wednesday. One research analyst has rated the stock with a sell rating, five have given a hold rating and three have issued a buy rating to the company. The stock presently has an average rating of “Hold” and an average target price of $13.93.

The stock has a market capitalization of $2.02 billion, a price-to-earnings ratio of 8.56 and a beta of 1.70. The company’s 50 day moving average is $9.23. 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 quarterly earnings results on Wednesday, May 8th. The company reported $0.14 EPS for the quarter, missing the Thomson Reuters’ 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 negative net margin of 13.14% and a positive return on equity of 6.61%. The company’s quarterly revenue was down 18.5% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.22 EPS. As a group, sell-side analysts forecast that Conduent Inc will post 0.84 earnings per share for the current fiscal year.

In related news, major shareholder Carl C. Icahn bought 1,700,000 shares of Conduent stock in a transaction that occurred on Friday, May 10th. The stock was purchased at an average cost of $8.37 per share, for a total transaction of $14,229,000.00. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, major shareholder Carl C. Icahn bought 3,915,417 shares of Conduent stock in a transaction that occurred on Monday, May 13th. The stock was bought at an average price of $8.35 per share, with a total value of $32,693,731.95. The disclosure for this purchase can be found here. In the last three months, insiders purchased 7,001,674 shares of company stock valued at $59,245,442. 0.92% of the stock is currently owned by company insiders.

Institutional investors and hedge funds have recently bought and sold shares of the stock. Howe & Rusling Inc. acquired a new stake in Conduent in the 1st quarter worth approximately $60,000. Hilton Capital Management LLC acquired a new stake in Conduent in the 1st quarter worth approximately $83,000. Bessemer Group Inc. acquired a new stake in Conduent in the 4th quarter worth approximately $71,000. MAI Capital Management acquired a new stake in Conduent in the 1st quarter worth approximately $149,000. Finally, Oppenheimer Asset Management Inc. lifted its holdings in 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 purchasing an additional 1,163 shares during the last quarter. Hedge funds and other institutional investors own 89.07% of the company’s stock.

About Conduent (NYSE:CNDT)

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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