Conduent (CNDT) Shares Down 0.9% After Earnings Miss

Shares of Conduent Inc (NYSE:CNDT) were down 0.9% during trading on Thursday after the company announced weaker than expected quarterly earnings. The company traded as low as $12.18 and last traded at $13.50. Approximately 123,362 shares traded hands during trading, a decline of 90% from the average daily volume of 1,248,627 shares. The stock had previously closed at $13.62.

The company reported $0.28 earnings per share for the quarter, missing analysts’ consensus estimates of $0.29 by ($0.01). The company had revenue of $1.30 billion for the quarter, compared to analyst estimates of $1.34 billion. Conduent had a return on equity of 6.53% and a net margin of 2.63%. The firm’s revenue for the quarter was down 11.9% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.22 earnings per share.

A number of analysts have recently weighed in on CNDT shares. Zacks Investment Research cut Conduent from a “buy” rating to a “hold” rating in a research report on Wednesday, October 10th. Morgan Stanley set a $16.00 price target on Conduent and gave the stock a “hold” rating in a research report on Thursday. ValuEngine cut Conduent from a “hold” rating to a “sell” rating in a research report on Thursday. JPMorgan Chase & Co. upgraded Conduent from a “neutral” rating to an “overweight” rating and set a $15.00 target price on the stock in a research report on Tuesday, August 14th. Finally, BMO Capital Markets raised their target price on Conduent from $22.00 to $23.00 and gave the company a “market perform” rating in a research report on Thursday, August 9th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and four have issued a buy rating to the company’s stock. The company has a consensus rating of “Hold” and a consensus price target of $21.57.

In related news, President David Amoriell sold 33,903 shares of the firm’s stock in a transaction that occurred on Monday, August 20th. The stock was sold at an average price of $21.30, for a total value of $722,133.90. Following the sale, the president now directly owns 83,888 shares in the company, valued at approximately $1,786,814.40. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 0.04% of the stock is owned by company insiders.

Institutional investors and hedge funds have recently bought and sold shares of the stock. Point72 Hong Kong Ltd increased its position in Conduent by 170.1% in the 2nd quarter. Point72 Hong Kong Ltd now owns 5,997 shares of the company’s stock valued at $109,000 after acquiring an additional 3,777 shares during the period. Group One Trading L.P. boosted its stake in Conduent by 673.6% during the 3rd quarter. Group One Trading L.P. now owns 6,046 shares of the company’s stock valued at $136,000 after purchasing an additional 7,100 shares in the last quarter. ClariVest Asset Management LLC bought a new position in Conduent during the 3rd quarter valued at $157,000. SG Americas Securities LLC bought a new position in Conduent during the 2nd quarter valued at $142,000. Finally, BNP Paribas Arbitrage SA boosted its stake in Conduent by 416.0% during the 2nd quarter. BNP Paribas Arbitrage SA now owns 7,972 shares of the company’s stock valued at $145,000 after purchasing an additional 6,427 shares in the last quarter. Hedge funds and other institutional investors own 91.37% of the company’s stock.

The company has a quick ratio of 2.03, a current ratio of 2.03 and a debt-to-equity ratio of 0.57. The company has a market cap of $4.06 billion, a PE ratio of 15.34 and a beta of 0.88.

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Conduent Company Profile (NYSE:CNDT)

Conduent Incorporated provides business process services with capabilities in transaction-intensive processing, analytics, and automation in the United States and internationally. It operates in two segments, Commercial Industries and Public Sector. The Commercial Industries segment offers business process services and customized solutions to clients in various industries.

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