ClariVest Asset Management LLC purchased a new position in shares of Conduent Incorporated (NASDAQ:CNDT) during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor purchased 100,470 shares of the company’s stock, valued at approximately $320,000.
Several other large investors also recently bought and sold shares of CNDT. Aperio Group LLC raised its position in Conduent by 42.7% in the third quarter. Aperio Group LLC now owns 374,282 shares of the company’s stock worth $1,190,000 after acquiring an additional 112,029 shares in the last quarter. California Public Employees Retirement System lifted its stake in Conduent by 2.5% in the third quarter. California Public Employees Retirement System now owns 374,155 shares of the company’s stock valued at $1,190,000 after buying an additional 9,100 shares during the period. Adirondack Research & Management Inc. lifted its stake in Conduent by 14.5% in the third quarter. Adirondack Research & Management Inc. now owns 691,777 shares of the company’s stock valued at $2,200,000 after buying an additional 87,849 shares during the period. Wells Fargo & Company MN lifted its stake in Conduent by 6.1% in the third quarter. Wells Fargo & Company MN now owns 1,339,168 shares of the company’s stock valued at $4,259,000 after buying an additional 76,826 shares during the period. Finally, Mackay Shields LLC acquired a new position in Conduent in the third quarter valued at about $2,640,000. 71.18% of the stock is currently owned by institutional investors and hedge funds.
Several equities analysts have weighed in on the company. Zacks Investment Research raised Conduent from a “sell” rating to a “hold” rating and set a $4.50 target price on the stock in a research note on Tuesday, November 10th. Needham & Company LLC increased their price target on Conduent from $3.00 to $6.00 and gave the stock a “buy” rating in a report on Friday, August 7th. Finally, BidaskClub upgraded Conduent from a “sell” rating to a “hold” rating in a report on Monday, November 2nd. Five analysts have rated the stock with a hold rating and one has given a buy rating to the stock. The stock has an average rating of “Hold” and an average target price of $5.83.
Conduent (NASDAQ:CNDT) last posted its quarterly earnings results on Thursday, November 5th. The company reported $0.26 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.14 by $0.12. The firm had revenue of $1.04 billion during the quarter, compared to the consensus estimate of $996.25 million. Conduent had a positive return on equity of 11.40% and a negative net margin of 16.35%. The business’s revenue was down 5.2% compared to the same quarter last year. During the same period last year, the company earned $0.16 earnings per share. On average, equities research analysts anticipate that Conduent Incorporated will post 0.65 EPS for the current fiscal year.
Conduent Incorporated provides business process services with capabilities in transaction-intensive processing, analytics, and automation in the United States, Europe, and internationally. 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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