Conduent Inc (CNDT) Announces Earnings Results
Conduent Inc (NASDAQ:CNDT) issued its quarterly earnings results on Wednesday. The company reported $0.16 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.16, Bloomberg Earnings reports. The company had revenue of $1.50 billion for the quarter, compared to the consensus estimate of $1.50 billion. Conduent had a negative return on equity of 1.22% and a negative net margin of 0.64%. Conduent’s revenue for the quarter was down 7.3% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.30 earnings per share.
Conduent (CNDT) traded up 5.27% during trading on Wednesday, hitting $16.58. The stock had a trading volume of 3,285,495 shares. Conduent has a 12-month low of $13.10 and a 12-month high of $18.15. The stock’s 50 day moving average price is $16.23 and its 200 day moving average price is $16.02. The firm’s market cap is $3.47 billion.
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CNDT has been the topic of a number of recent analyst reports. Zacks Investment Research upgraded Conduent from a “hold” rating to a “buy” rating and set a $18.00 price target on the stock in a research report on Friday, April 28th. Citigroup Inc. reiterated a “buy” rating and set a $25.00 price target (up previously from $17.00) on shares of Conduent in a research report on Friday, June 9th. Finally, Cowen and Company reiterated a “hold” rating and set a $18.00 price target on shares of Conduent in a research report on Friday, July 28th. Five equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and an average price target of $18.00.
In related news, EVP David Amoriell sold 3,889 shares of the company’s stock in a transaction that occurred on Friday, May 19th. The stock was sold at an average price of $16.66, for a total value of $64,790.74. Following the sale, the executive vice president now owns 120,630 shares in the company, valued at approximately $2,009,695.80. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink.
Large investors have recently added to or reduced their stakes in the company. Teacher Retirement System of Texas boosted its stake in Conduent by 0.7% in the second quarter. Teacher Retirement System of Texas now owns 13,816 shares of the company’s stock worth $220,000 after buying an additional 98 shares in the last quarter. Alpha Windward LLC boosted its stake in Conduent by 1.5% in the second quarter. Alpha Windward LLC now owns 34,916 shares of the company’s stock worth $557,000 after buying an additional 524 shares in the last quarter. Nisa Investment Advisors LLC boosted its stake in Conduent by 7.1% in the second quarter. Nisa Investment Advisors LLC now owns 30,135 shares of the company’s stock worth $483,000 after buying an additional 2,000 shares in the last quarter. Sei Investments Co. boosted its stake in Conduent by 20.7% in the second quarter. Sei Investments Co. now owns 14,787 shares of the company’s stock worth $235,000 after buying an additional 2,533 shares in the last quarter. Finally, First Mercantile Trust Co. boosted its stake in Conduent by 56.2% in the second quarter. First Mercantile Trust Co. now owns 14,845 shares of the company’s stock worth $237,000 after buying an additional 5,340 shares in the last quarter.
Conduent Company Profile
Conduent Incorporated is a provider of business process services, including transaction-intensive processing, analytics and automation services. The Company’s segments include Commercial Industries, Healthcare and Public Sector. The Commercial Industries segment provides business process services and customized solutions to clients in a range of industries (other than healthcare).
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