UBS Asset Management Americas Inc. Decreases Stake in Conduent Inc (NYSE:CNDT)

UBS Asset Management Americas Inc. lowered its position in shares of Conduent Inc (NYSE:CNDT) by 5.1% in the second quarter, according to its most recent 13F filing with the SEC. The firm owned 274,718 shares of the company’s stock after selling 14,721 shares during the quarter. UBS Asset Management Americas Inc. owned about 0.13% of Conduent worth $2,635,000 as of its most recent filing with the SEC.

Several other large investors have also recently modified their holdings of CNDT. Lapides Asset Management LLC boosted its holdings in Conduent by 48.7% in the 2nd quarter. Lapides Asset Management LLC now owns 327,000 shares of the company’s stock worth $3,136,000 after acquiring an additional 107,100 shares during the period. JPMorgan Chase & Co. raised its position in shares of Conduent by 37.6% in the 2nd quarter. JPMorgan Chase & Co. now owns 508,796 shares of the company’s stock valued at $4,584,000 after purchasing an additional 138,990 shares in the last quarter. Northern Trust Corp raised its position in shares of Conduent by 9.0% in the 2nd quarter. Northern Trust Corp now owns 1,251,631 shares of the company’s stock valued at $12,003,000 after purchasing an additional 102,994 shares in the last quarter. Alambic Investment Management L.P. raised its position in shares of Conduent by 23.6% in the 2nd quarter. Alambic Investment Management L.P. now owns 34,000 shares of the company’s stock valued at $326,000 after purchasing an additional 6,487 shares in the last quarter. Finally, Comerica Bank acquired a new position in shares of Conduent in the 2nd quarter valued at approximately $8,275,000. Institutional investors and hedge funds own 90.10% of the company’s stock.

In other Conduent news, major shareholder Carl C. Icahn purchased 3,076,378 shares of the firm’s stock in a transaction dated Monday, August 12th. The stock was bought at an average price of $6.43 per share, with a total value of $19,781,110.54. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, major shareholder Carl C. Icahn purchased 1,941,101 shares of the firm’s stock in a transaction dated Wednesday, August 14th. The stock was acquired at an average cost of $6.57 per share, with a total value of $12,753,033.57. The disclosure for this purchase can be found here. 0.92% of the stock is owned by company insiders.

A number of equities analysts have issued reports on the company. Zacks Investment Research lowered Conduent from a “hold” rating to a “sell” rating in a research report on Wednesday, August 14th. Citigroup reissued a “neutral” rating and set a $7.50 price target (down from $9.00) on shares of Conduent in a research report on Wednesday, August 28th. JPMorgan Chase & Co. raised Conduent from a “neutral” rating to an “overweight” rating and set a $8.00 price target on the stock in a research report on Friday, August 9th. Needham & Company LLC set a $9.00 price target on Conduent and gave the company a “buy” rating in a research report on Tuesday, September 24th. Finally, Cowen set a $8.00 price target on Conduent and gave the company a “hold” rating in a research report on Friday, August 9th. Two research analysts have rated the stock with a sell rating, five have given a hold rating and three have assigned a buy rating to the company. Conduent presently has an average rating of “Hold” and a consensus price target of $11.81.

Shares of NYSE CNDT opened at $5.46 on Wednesday. Conduent Inc has a 1-year low of $5.26 and a 1-year high of $21.13. The company has a debt-to-equity ratio of 0.92, a current ratio of 1.32 and a quick ratio of 1.32. The business’s fifty day moving average price is $6.54 and its two-hundred day moving average price is $9.34. The firm has a market capitalization of $1.23 billion, a PE ratio of 5.20 and a beta of 1.83.

Conduent (NYSE:CNDT) last issued its earnings results on Thursday, August 8th. The company reported $0.13 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.17 by ($0.04). Conduent had a positive return on equity of 6.35% and a negative net margin of 35.30%. 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 prior year, the business earned $0.29 earnings per share. Conduent’s quarterly revenue was down 19.8% on a year-over-year basis. Equities research analysts expect that Conduent Inc will post 0.64 earnings per share for the current fiscal year.

Conduent 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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Institutional Ownership by Quarter for Conduent (NYSE:CNDT)

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