Massachusetts Financial Services Co. MA Reduces Holdings in Conduent Inc (CNDT)

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Massachusetts Financial Services Co. MA lessened its stake in shares of Conduent Inc (NYSE:CNDT) by 62.8% in the 3rd quarter, Holdings Channel reports. The firm owned 52,205 shares of the company’s stock after selling 88,276 shares during the period. Massachusetts Financial Services Co. MA’s holdings in Conduent were worth $1,176,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the business. Point72 Hong Kong Ltd lifted its holdings in shares of 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 last quarter. SG Americas Securities LLC bought a new position in shares of Conduent in the 2nd quarter valued at about $142,000. BNP Paribas Arbitrage SA lifted its holdings in shares of Conduent by 416.0% in the 2nd quarter. BNP Paribas Arbitrage SA now owns 7,972 shares of the company’s stock valued at $145,000 after acquiring an additional 6,427 shares during the last quarter. US Bancorp DE lifted its holdings in shares of Conduent by 67.1% in the 2nd quarter. US Bancorp DE now owns 8,381 shares of the company’s stock valued at $153,000 after acquiring an additional 3,366 shares during the last quarter. Finally, Cerebellum GP LLC bought a new position in shares of Conduent in the 3rd quarter valued at about $188,000. 91.37% of the stock is owned by institutional investors and hedge funds.

A number of research analysts recently commented on the stock. SunTrust Banks lowered their price target on shares of Conduent to $18.00 and set a “buy” rating for the company in a report on Thursday. JPMorgan Chase & Co. downgraded shares of Conduent to a “buy” rating and set a $24.00 price target for the company. in a report on Wednesday, August 15th. BMO Capital Markets reaffirmed a “hold” rating on shares of Conduent in a report on Wednesday, August 8th. ValuEngine lowered shares of Conduent from a “hold” rating to a “sell” rating in a research report on Thursday. Finally, Zacks Investment Research raised shares of Conduent from a “hold” rating to a “buy” rating and set a $22.00 price objective on the stock in a research report on Monday, August 13th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and four have assigned a buy rating to the company’s stock. The company currently has an average rating of “Hold” and an average target price of $21.57.

In related news, President David Amoriell sold 33,903 shares of Conduent stock in a transaction that occurred on Monday, August 20th. The shares were sold at an average price of $21.30, for a total transaction of $722,133.90. Following the transaction, the president now directly owns 83,888 shares of the company’s stock, valued at $1,786,814.40. The sale was disclosed in a filing with the SEC, which is accessible through this link. Company insiders own 0.04% of the company’s stock.

Shares of NYSE:CNDT opened at $13.04 on Friday. The company has a market cap of $2.88 billion, a PE ratio of 15.34 and a beta of 0.88. Conduent Inc has a one year low of $12.18 and a one year high of $23.39. The company has a debt-to-equity ratio of 0.57, a quick ratio of 2.03 and a current ratio of 2.03.

Conduent (NYSE:CNDT) last issued its earnings results on Wednesday, November 7th. The company reported $0.28 EPS for the quarter, missing the Zacks’ consensus estimate of $0.29 by ($0.01). The company had revenue of $1.30 billion for the quarter, compared to analysts’ expectations of $1.34 billion. Conduent had a positive return on equity of 6.80% and a negative net margin of 1.21%. The business’s revenue was down 11.9% compared to the same quarter last year. During the same period last year, the business posted $0.22 earnings per share. Sell-side analysts anticipate that Conduent Inc will post 1.1 earnings per share for the current year.

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About Conduent

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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Institutional Ownership by Quarter for Conduent (NYSE:CNDT)

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