Vident Investment Advisory LLC Takes Position in Conduent Inc. (CNDT)
Vident Investment Advisory LLC bought a new position in shares of Conduent Inc. (NYSE:CNDT) during the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm bought 55,172 shares of the company’s stock, valued at approximately $865,000.
Other hedge funds have also recently added to or reduced their stakes in the company. The Manufacturers Life Insurance Company grew its position in Conduent by 6.6% during the second quarter. The Manufacturers Life Insurance Company now owns 8,463 shares of the company’s stock worth $135,000 after buying an additional 527 shares in the last quarter. Oppenheimer Asset Management Inc. lifted its stake in Conduent by 213.2% during the second quarter. Oppenheimer Asset Management Inc. now owns 8,882 shares of the company’s stock worth $142,000 after purchasing an additional 6,046 shares during the period. First Allied Advisory Services Inc. bought a new position in Conduent during the third quarter worth about $149,000. Stevens Capital Management LP bought a new position in Conduent during the second quarter worth about $161,000. Finally, Pacad Investment Ltd. bought a new position in Conduent during the second quarter worth about $161,000. 88.68% of the stock is currently owned by institutional investors and hedge funds.
Conduent Inc. (NYSE:CNDT) opened at $15.76 on Friday. The company has a market cap of $3,309.24 and a PE ratio of 18.95. The company has a debt-to-equity ratio of 0.60, a quick ratio of 1.74 and a current ratio of 1.74. Conduent Inc. has a one year low of $13.10 and a one year high of $18.15.
Conduent (NYSE:CNDT) last posted its earnings results on Wednesday, November 8th. The company reported $0.22 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.21 by $0.01. Conduent had a negative net margin of 16.18% and a positive return on equity of 5.45%. The company had revenue of $1.48 billion during the quarter, compared to analysts’ expectations of $1.50 billion. During the same quarter in the previous year, the company posted $0.24 earnings per share. Conduent’s quarterly revenue was down 7.3% compared to the same quarter last year. equities analysts expect that Conduent Inc. will post 0.81 EPS for the current year.
A number of research analysts have commented on the stock. BMO Capital Markets restated a “hold” rating and set a $18.00 price target on shares of Conduent in a research note on Thursday, September 28th. SunTrust Banks restated a “buy” rating and set a $20.00 price target on shares of Conduent in a research note on Friday, November 10th. Zacks Investment Research upgraded shares of Conduent from a “hold” rating to a “buy” rating and set a $18.00 price target for the company in a research note on Thursday, November 9th. Cowen restated a “hold” rating on shares of Conduent in a research note on Friday, October 6th. Finally, BidaskClub upgraded shares of Conduent from a “strong sell” rating to a “sell” rating in a research note on Thursday, November 9th. One research analyst has rated the stock with a sell rating, five have given a hold rating and four have assigned a buy rating to the company. The stock presently has a consensus rating of “Hold” and a consensus price target of $18.43.
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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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