Pacad Investment Ltd. Invests $161,000 in Conduent Inc (CNDT) Stock
Pacad Investment Ltd. purchased a new position in Conduent Inc (NASDAQ:CNDT) during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The firm purchased 10,110 shares of the company’s stock, valued at approximately $161,000.
A number of other institutional investors and hedge funds also recently modified their holdings of the stock. Frontier Capital Management Co. LLC increased its stake in Conduent by 33.9% in the 2nd quarter. Frontier Capital Management Co. LLC now owns 8,926,287 shares of the company’s stock worth $142,285,000 after purchasing an additional 2,261,783 shares in the last quarter. Marshall Wace North America L.P. grew its stake in Conduent by 2.7% during the 2nd quarter. Marshall Wace North America L.P. now owns 2,869,258 shares of the company’s stock valued at $45,909,000 after acquiring an additional 76,757 shares in the last quarter. Bank of New York Mellon Corp grew its stake in Conduent by 0.6% during the 2nd quarter. Bank of New York Mellon Corp now owns 2,303,920 shares of the company’s stock valued at $36,724,000 after acquiring an additional 14,095 shares in the last quarter. Neuberger Berman Group LLC grew its stake in Conduent by 133.3% during the 2nd quarter. Neuberger Berman Group LLC now owns 1,748,391 shares of the company’s stock valued at $27,869,000 after acquiring an additional 999,084 shares in the last quarter. Finally, Rubric Capital Management LP grew its stake in Conduent by 18.0% during the 2nd quarter. Rubric Capital Management LP now owns 1,179,801 shares of the company’s stock valued at $18,806,000 after acquiring an additional 179,801 shares in the last quarter.
In other Conduent news, EVP David Amoriell sold 106,500 shares of the stock in a transaction dated Wednesday, August 16th. The stock was sold at an average price of $17.01, for a total value of $1,811,565.00. Following the completion of the sale, the executive vice president now directly owns 120,630 shares in the company, valued at $2,051,916.30. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink.
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Several research firms have weighed in on CNDT. Zacks Investment Research cut Conduent from a “buy” rating to a “hold” rating in a research note on Wednesday, August 16th. Needham & Company LLC began coverage on Conduent in a research note on Wednesday. They set a “hold” rating on the stock. Cowen and Company began coverage on Conduent in a research note on Friday, May 19th. They set a “market perform” rating and a $18.00 target price on the stock. Finally, Citigroup Inc. reaffirmed a “buy” rating and set a $25.00 target price (up previously from $17.00) on shares of Conduent in a research note on Friday, June 9th. Seven equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the company. Conduent currently has a consensus rating of “Hold” and a consensus target price of $18.00.
Conduent Inc (NASDAQ:CNDT) opened at 15.96 on Friday. The firm’s 50-day moving average price is $16.18 and its 200 day moving average price is $16.18. Conduent Inc has a 1-year low of $13.10 and a 1-year high of $17.12. The stock’s market cap is $3.35 billion.
Conduent (NASDAQ:CNDT) last announced its quarterly earnings results on Wednesday, August 9th. The company reported $0.16 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.16. Conduent had a negative return on equity of 0.48% and a negative net margin of 0.27%. The company had revenue of $1.50 billion during the quarter, compared to the consensus estimate of $1.50 billion. During the same period in the prior year, the company earned $0.30 earnings per share. The company’s revenue for the quarter was down 7.3% compared to the same quarter last year. Equities research analysts expect that Conduent Inc will post $0.76 EPS for the current year.
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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