Insider Buying: Conduent Inc (NYSE:CNDT) Major Shareholder Acquires 1,941,101 Shares of Stock

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Conduent Inc (NYSE:CNDT) major shareholder Carl C. Icahn bought 1,941,101 shares of the stock in a transaction dated Wednesday, August 14th. The stock was bought at an average cost of $6.57 per share, for a total transaction of $12,753,033.57. The purchase was disclosed in a document filed with the SEC, which is available through this hyperlink. Large shareholders that own more than 10% of a company’s shares are required to disclose their sales and purchases with the SEC.

Conduent stock opened at $6.64 on Friday. The company has a market cap of $1.39 billion, a price-to-earnings ratio of 6.32 and a beta of 1.69. The firm’s fifty day moving average is $8.78 and its 200 day moving average is $11.24. The company has a quick ratio of 1.28, a current ratio of 1.32 and a debt-to-equity ratio of 0.92. Conduent Inc has a 52-week low of $5.26 and a 52-week high of $23.39.

Conduent (NYSE:CNDT) last released its quarterly earnings results on Thursday, August 8th. The company reported $0.13 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.17 by ($0.04). The business had revenue of $1.11 billion for the quarter, compared to analysts’ expectations of $1.10 billion. Conduent had a negative net margin of 35.30% and a positive return on equity of 6.35%. Conduent’s revenue for the quarter was down 19.8% compared to the same quarter last year. During the same period in the previous year, the company earned $0.29 EPS. On average, equities research analysts anticipate that Conduent Inc will post 0.64 earnings per share for the current fiscal year.

Several equities analysts have recently commented on the stock. Needham & Company LLC lowered their target price on shares of Conduent from $25.00 to $14.00 and set a “buy” rating on the stock in a report on Thursday, May 9th. They noted that the move was a valuation call. Cowen set a $8.00 price target on shares of Conduent and gave the company a “hold” rating in a research note on Friday, August 9th. Citigroup downgraded shares of Conduent from a “buy” rating to a “neutral” rating and set a $9.50 price target on the stock. in a research note on Thursday, May 9th. JPMorgan Chase & Co. raised shares of Conduent from a “neutral” rating to an “overweight” rating and set a $8.00 price target on the stock in a research note on Friday, August 9th. Finally, Cross Research downgraded shares of Conduent from a “buy” rating to a “hold” rating in a research note on Wednesday, May 8th. Two equities research analysts have rated the stock with a sell rating, five have issued a hold rating and three have assigned a buy rating to the stock. The stock presently has an average rating of “Hold” and a consensus price target of $12.69.

A number of institutional investors have recently added to or reduced their stakes in the stock. Lapides Asset Management LLC raised its stake in shares of Conduent by 48.7% in the second quarter. Lapides Asset Management LLC now owns 327,000 shares of the company’s stock valued at $3,136,000 after acquiring an additional 107,100 shares during the period. Pearl River Capital LLC acquired a new position in shares of Conduent during the first quarter worth about $218,000. John G Ullman & Associates Inc. grew its position in shares of Conduent by 66.9% during the first quarter. John G Ullman & Associates Inc. now owns 344,360 shares of the company’s stock worth $4,762,000 after buying an additional 138,060 shares in the last quarter. Quantamental Technologies LLC grew its position in shares of Conduent by 95.8% during the first quarter. Quantamental Technologies LLC now owns 13,872 shares of the company’s stock worth $192,000 after buying an additional 6,788 shares in the last quarter. Finally, Dynamic Technology Lab Private Ltd acquired a new position in shares of Conduent during the first quarter worth about $613,000. 90.07% of the stock is currently owned by institutional investors.

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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Insider Buying and Selling by Quarter for Conduent (NYSE:CNDT)

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