Raymond James & Associates Buys 271,120 Shares of Conduent Inc (NYSE:CNDT)

Raymond James & Associates grew its position in Conduent Inc (NYSE:CNDT) by 30.3% during the first quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 1,165,529 shares of the company’s stock after purchasing an additional 271,120 shares during the quarter. Raymond James & Associates owned approximately 0.55% of Conduent worth $16,119,000 as of its most recent filing with the SEC.

Other large investors have also recently bought and sold shares of the company. Vanguard Group Inc lifted its position in Conduent by 0.8% during the third quarter. Vanguard Group Inc now owns 17,504,752 shares of the company’s stock valued at $394,207,000 after buying an additional 141,958 shares during the period. Iridian Asset Management LLC CT raised its position in shares of Conduent by 64.8% in the 1st quarter. Iridian Asset Management LLC CT now owns 10,310,544 shares of the company’s stock worth $142,595,000 after purchasing an additional 4,054,551 shares during the last quarter. BlackRock Inc. raised its position in shares of Conduent by 3.9% in the 4th quarter. BlackRock Inc. now owns 8,495,001 shares of the company’s stock worth $90,302,000 after purchasing an additional 321,147 shares during the last quarter. Dimensional Fund Advisors LP raised its position in shares of Conduent by 12.0% in the 4th quarter. Dimensional Fund Advisors LP now owns 6,108,627 shares of the company’s stock worth $64,935,000 after purchasing an additional 653,904 shares during the last quarter. Finally, River Road Asset Management LLC raised its position in shares of Conduent by 13.0% in the 1st quarter. River Road Asset Management LLC now owns 3,306,368 shares of the company’s stock worth $45,727,000 after purchasing an additional 379,497 shares during the last quarter. 89.09% of the stock is currently owned by institutional investors.

In other news, major shareholder Carl C. Icahn acquired 1,700,000 shares of the firm’s stock in a transaction dated Friday, May 10th. The shares were acquired at an average cost of $8.37 per share, with a total value of $14,229,000.00. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, major shareholder Carl C. Icahn acquired 211,159 shares of the firm’s stock in a transaction dated Wednesday, May 22nd. The shares were purchased at an average cost of $9.00 per share, for a total transaction of $1,900,431.00. The disclosure for this purchase can be found here. Insiders acquired a total of 7,001,674 shares of company stock valued at $59,245,442 over the last 90 days. 0.92% of the stock is currently owned by corporate insiders.

Several equities analysts have recently issued reports on CNDT shares. Needham & Company LLC lowered their price target on Conduent from $25.00 to $14.00 and set a “buy” rating for the company in a research report on Thursday, May 9th. They noted that the move was a valuation call. Cross Research lowered Conduent from a “buy” rating to a “hold” rating in a research report on Wednesday, May 8th. Zacks Investment Research raised Conduent from a “sell” rating to a “hold” rating in a research report on Monday, April 29th. BMO Capital Markets reissued a “hold” rating and issued a $17.00 target price on shares of Conduent in a research report on Wednesday, February 20th. Finally, JPMorgan Chase & Co. downgraded Conduent from an “overweight” rating to a “neutral” rating and cut their price target for the company from $17.00 to $12.00 in a research note on Thursday, May 9th. Two analysts have rated the stock with a sell rating, five have issued a hold rating and two have issued a buy rating to the company. The stock presently has a consensus rating of “Hold” and an average target price of $15.50.

Shares of NYSE:CNDT traded down $0.13 during mid-day trading on Friday, reaching $9.04. 1,981,676 shares of the company traded hands, compared to its average volume of 2,669,216. Conduent Inc has a 52 week low of $7.14 and a 52 week high of $23.39. The company has a current ratio of 1.28, a quick ratio of 1.28 and a debt-to-equity ratio of 0.61. The company has a market cap of $1.90 billion, a PE ratio of 8.61 and a beta of 1.72.

Conduent (NYSE:CNDT) last posted its quarterly earnings results on Wednesday, May 8th. The company reported $0.14 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.17 by ($0.03). Conduent had a positive return on equity of 6.61% and a negative net margin of 13.14%. The business had revenue of $1.16 billion during the quarter, compared to the consensus estimate of $1.17 billion. During the same quarter in the previous year, the company earned $0.22 earnings per share. The company’s revenue for the quarter was down 18.5% compared to the same quarter last year. Equities research analysts predict that Conduent Inc will post 0.84 earnings per share for the current fiscal year.

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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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Institutional Ownership by Quarter for Conduent (NYSE:CNDT)

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