Conduent Inc (NYSE:CNDT) Major Shareholder Acquires $19,781,110.54 in Stock

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Conduent Inc (NYSE:CNDT) major shareholder Carl C. Icahn bought 3,076,378 shares of the company’s stock in a transaction that occurred on Monday, August 12th. The stock was purchased at an average price of $6.43 per share, for a total transaction of $19,781,110.54. The purchase was disclosed in a filing with the SEC, which is available at this hyperlink. Large shareholders that own more than 10% of a company’s stock are required to disclose their transactions with the SEC.

Shares of NYSE:CNDT opened at $6.68 on Friday. Conduent Inc has a 12-month low of $5.26 and a 12-month high of $23.39. The company has a market capitalization of $1.35 billion, a PE ratio of 6.36 and a beta of 1.69. The business has a 50 day moving average of $8.83 and a two-hundred day moving average of $11.26. The company has a current ratio of 1.28, a quick ratio of 1.28 and a debt-to-equity ratio of 0.61.

Conduent (NYSE:CNDT) last announced 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). Conduent had a negative net margin of 35.30% and a positive return on equity of 5.71%. The company had revenue of $1.11 billion during the quarter, compared to analyst estimates of $1.10 billion. During the same period in the previous year, the firm posted $0.29 earnings per share. The company’s revenue was down 19.8% compared to the same quarter last year. Equities research analysts predict that Conduent Inc will post 0.75 earnings per share for the current fiscal year.

A number of equities research analysts recently commented on CNDT shares. Zacks Investment Research lowered Conduent from a “hold” rating to a “sell” rating in a research report on Wednesday. Citigroup lowered Conduent from a “buy” rating to a “neutral” rating and set a $9.50 target price on the stock. in a research report on Thursday, May 9th. JPMorgan Chase & Co. upgraded Conduent from a “neutral” rating to an “overweight” rating and set a $8.00 target price on the stock in a research report on Friday, August 9th. Cross Research lowered Conduent from a “buy” rating to a “hold” rating in a research report on Wednesday, May 8th. Finally, 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. Two investment 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 company presently has an average rating of “Hold” and an average price target of $12.69.

A number of large investors have recently made changes to their positions in the business. Vanguard Group Inc. raised its stake in shares of Conduent by 0.7% during the 2nd quarter. Vanguard Group Inc. now owns 16,786,451 shares of the company’s stock worth $160,983,000 after buying an additional 111,948 shares during the period. BlackRock Inc. raised its stake in shares of Conduent by 45.2% during the 2nd quarter. BlackRock Inc. now owns 12,614,118 shares of the company’s stock worth $120,969,000 after buying an additional 3,929,210 shares during the period. Iridian Asset Management LLC CT raised its stake in shares of 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 buying an additional 4,054,551 shares during the period. Wedge Capital Management L L P NC acquired a new position in shares of Conduent during the 2nd quarter worth approximately $67,467,000. Finally, Dimensional Fund Advisors LP raised its stake in shares of Conduent by 12.0% during the 4th quarter. Dimensional Fund Advisors LP now owns 6,108,627 shares of the company’s stock worth $64,935,000 after buying an additional 653,904 shares during the period. 90.07% of the stock is owned by institutional investors.

Conduent Company Profile

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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