Conduent (NASDAQ:CNDT) Shares Down 4% After Insider Selling

Conduent Incorporated (NASDAQ:CNDT)’s stock price was down 4% during trading on Tuesday after an insider sold shares in the company. The company traded as low as $3.38 and last traded at $3.38. Approximately 51,051 shares changed hands during trading, a decline of 95% from the average daily volume of 1,062,550 shares. The stock had previously closed at $3.52.

Specifically, major shareholder Carl C. Icahn sold 38,149,336 shares of the business’s stock in a transaction that occurred on Saturday, June 8th. The shares were sold at an average price of $3.47, for a total transaction of $132,378,195.92. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 1.84% of the company’s stock.

Analyst Ratings Changes

A number of research firms have recently commented on CNDT. Noble Financial assumed coverage on Conduent in a report on Thursday, March 14th. They issued an “outperform” rating and a $9.00 price objective on the stock. StockNews.com cut shares of Conduent from a “buy” rating to a “hold” rating in a report on Tuesday, May 28th.

Conduent Stock Down 3.7 %

The company has a debt-to-equity ratio of 1.54, a current ratio of 1.87 and a quick ratio of 1.87. The company has a fifty day moving average price of $3.46 and a two-hundred day moving average price of $3.44.

Conduent (NASDAQ:CNDT) last issued its quarterly earnings data on Wednesday, May 1st. The company reported ($0.09) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.15) by $0.06. The company had revenue of $921.00 million during the quarter, compared to analysts’ expectations of $896.00 million. Conduent had a negative return on equity of 2.50% and a negative net margin of 5.13%. On average, equities research analysts expect that Conduent Incorporated will post -0.66 EPS for the current year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the business. Charles Schwab Investment Management Inc. grew its holdings in shares of Conduent by 11.5% during the third quarter. Charles Schwab Investment Management Inc. now owns 3,813,643 shares of the company’s stock worth $13,271,000 after buying an additional 393,334 shares during the last quarter. Assenagon Asset Management S.A. grew its holdings in Conduent by 68.1% in the first quarter. Assenagon Asset Management S.A. now owns 765,800 shares of the company’s stock valued at $2,588,000 after purchasing an additional 310,299 shares during the last quarter. Vanguard Group Inc. grew its stake in Conduent by 0.3% in the 3rd quarter. Vanguard Group Inc. now owns 17,422,018 shares of the company’s stock valued at $60,629,000 after acquiring an additional 48,742 shares during the last quarter. SG Americas Securities LLC increased its holdings in Conduent by 36.8% during the 4th quarter. SG Americas Securities LLC now owns 75,972 shares of the company’s stock valued at $277,000 after acquiring an additional 20,448 shares in the last quarter. Finally, Barclays PLC raised its position in Conduent by 18.2% during the third quarter. Barclays PLC now owns 97,081 shares of the company’s stock worth $338,000 after acquiring an additional 14,928 shares during the last quarter. 77.28% of the stock is owned by hedge funds and other institutional investors.

Conduent Company Profile

Conduent Incorporated provides digital business solutions and services for the commercial, government, and transportation spectrum in the United States, Europe, and internationally. It operates through three segments: Commercial, Government Services, and Transportation. The Commercial segment offers business process services and customized solutions to clients in various industries; and customer experience management, business operations, healthcare claims and administration, and human capital solutions.