Parametric Portfolio Associates LLC Increases Position in Conduent Inc (NYSE:CNDT)

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Parametric Portfolio Associates LLC boosted its position in shares of Conduent Inc (NYSE:CNDT) by 29.0% in the first quarter, Holdings Channel reports. The institutional investor owned 909,719 shares of the company’s stock after acquiring an additional 204,608 shares during the period. Parametric Portfolio Associates LLC’s holdings in Conduent were worth $12,581,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in CNDT. First Trust Advisors LP increased its holdings in Conduent by 54.4% during the 1st quarter. First Trust Advisors LP now owns 572,965 shares of the company’s stock worth $7,924,000 after purchasing an additional 201,873 shares during the period. Connor Clark & Lunn Investment Management Ltd. increased its holdings in Conduent by 55.9% during the 1st quarter. Connor Clark & Lunn Investment Management Ltd. now owns 872,449 shares of the company’s stock worth $12,066,000 after purchasing an additional 312,772 shares during the period. New York State Common Retirement Fund increased its holdings in Conduent by 33.7% during the 1st quarter. New York State Common Retirement Fund now owns 1,134,102 shares of the company’s stock worth $15,685,000 after purchasing an additional 286,123 shares during the period. Raymond James & Associates increased its holdings in Conduent by 30.3% during the 1st quarter. Raymond James & Associates now owns 1,165,529 shares of the company’s stock worth $16,119,000 after purchasing an additional 271,120 shares during the period. Finally, Iridian Asset Management LLC CT increased its holdings in Conduent by 64.8% during the 1st quarter. Iridian Asset Management LLC CT now owns 10,310,544 shares of the company’s stock worth $142,595,000 after purchasing an additional 4,054,551 shares during the period. 89.09% of the stock is owned by institutional investors.

NYSE CNDT traded down $0.13 during midday trading on Wednesday, hitting $8.91. 15,845 shares of the company traded hands, compared to its average volume of 2,677,442. The company has a current ratio of 1.28, a quick ratio of 1.28 and a debt-to-equity ratio of 0.61. The stock has a market capitalization of $1.87 billion, a PE ratio of 8.44 and a beta of 1.73. Conduent Inc has a 52 week low of $7.14 and a 52 week high of $23.39.

Conduent (NYSE:CNDT) last posted its quarterly earnings data on Wednesday, May 8th. The company reported $0.14 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.17 by ($0.03). The business had revenue of $1.16 billion during the quarter, compared to analyst estimates of $1.17 billion. Conduent had a positive return on equity of 6.61% and a negative net margin of 13.14%. The firm’s revenue for the quarter was down 18.5% compared to the same quarter last year. During the same period in the previous year, the business earned $0.22 EPS. On average, equities analysts predict that Conduent Inc will post 0.84 earnings per share for the current fiscal year.

CNDT has been the topic of several recent research reports. Needham & Company LLC dropped their target price on Conduent from $25.00 to $14.00 and set a “buy” rating on the stock in a research report on Thursday, May 9th. They noted that the move was a valuation call. Cross Research cut Conduent from a “buy” rating to a “hold” rating in a research report on Wednesday, May 8th. Zacks Investment Research raised Conduent from a “sell” rating to a “hold” rating in a research report on Monday, April 29th. BMO Capital Markets reaffirmed a “hold” rating and set a $17.00 target price on shares of Conduent in a research report on Wednesday, February 20th. Finally, JPMorgan Chase & Co. cut Conduent from an “overweight” rating to a “neutral” rating and dropped their target price for the company from $17.00 to $12.00 in a research report on Thursday, May 9th. Two investment analysts have rated the stock with a sell rating, five have issued a hold rating and two have assigned a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and a consensus price target of $15.50.

In other Conduent news, major shareholder Carl C. Icahn acquired 3,915,417 shares of the stock in a transaction dated Monday, May 13th. The stock was purchased at an average price of $8.35 per share, with a total value of $32,693,731.95. The acquisition was disclosed in a document filed with the SEC, which is available through this link. Also, major shareholder Carl C. Icahn acquired 1,700,000 shares of the stock in a transaction dated Friday, May 10th. The stock was acquired at an average cost of $8.37 per share, with a total value of $14,229,000.00. The disclosure for this purchase can be found here. Insiders bought a total of 7,001,674 shares of company stock valued at $59,245,442 in the last three months. Insiders own 0.92% of the company’s stock.

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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 Europe. It operates through three segments: Commercial Industries, Government Services, and Transportation. 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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