Hilton Capital Management LLC Purchases New Shares in Conduent Inc (NYSE:CNDT)

Hilton Capital Management LLC purchased a new stake in Conduent Inc (NYSE:CNDT) in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund purchased 5,969 shares of the company’s stock, valued at approximately $83,000.

Other hedge funds also recently bought and sold shares of the company. Iridian Asset Management LLC CT increased its stake in shares of Conduent by 64.8% in the first quarter. Iridian Asset Management LLC CT now owns 10,310,544 shares of the company’s stock valued at $142,595,000 after buying an additional 4,054,551 shares during the period. Norges Bank bought a new stake in Conduent in the fourth quarter valued at approximately $25,600,000. Victory Capital Management Inc. bought a new stake in Conduent in the first quarter valued at approximately $22,559,000. Investment Counselors of Maryland LLC bought a new stake in Conduent in the fourth quarter valued at approximately $17,058,000. Finally, Rubric Capital Management LP boosted its holdings in Conduent by 176.3% in the first quarter. Rubric Capital Management LP now owns 1,584,000 shares of the company’s stock valued at $21,907,000 after acquiring an additional 1,010,705 shares during the last quarter. 89.07% of the stock is owned by institutional investors and hedge funds.

Shares of CNDT traded up $0.13 during trading hours on Friday, reaching $9.86. The stock had a trading volume of 1,500,912 shares, compared to its average volume of 2,988,143. Conduent Inc has a 12 month low of $7.14 and a 12 month high of $23.39. The stock’s 50-day moving average is $9.16. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.28 and a quick ratio of 1.28. The firm has a market cap of $2.07 billion, a P/E ratio of 9.39 and a beta of 1.70.

Conduent (NYSE:CNDT) last issued its earnings results on Wednesday, May 8th. The company reported $0.14 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.17 by ($0.03). The firm had revenue of $1.16 billion during the quarter, compared to the consensus estimate of $1.17 billion. Conduent had a positive return on equity of 6.61% and a negative net margin of 13.14%. Conduent’s revenue for the quarter was down 18.5% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.22 earnings per share. Sell-side analysts expect that Conduent Inc will post 0.84 earnings per share for the current fiscal year.

Several analysts recently commented on the company. Zacks Investment Research cut Conduent from a “hold” rating to a “sell” rating in a report on Friday, May 10th. Needham & Company LLC reduced their target price on Conduent from $25.00 to $14.00 and set a “buy” rating on the stock in a report on Thursday, May 9th. They noted that the move was a valuation call. JPMorgan Chase & Co. cut Conduent from an “overweight” rating to a “neutral” rating and cut their price target for the stock from $17.00 to $12.00 in a report on Thursday, May 9th. Citigroup cut Conduent from a “buy” rating to a “neutral” rating and set a $9.50 price target on the stock. in a report on Thursday, May 9th. Finally, Cross Research cut Conduent from a “buy” rating to a “hold” rating in a report on Wednesday, May 8th. Two investment analysts have rated the stock with a sell rating, five have issued a hold rating and two have given a buy rating to the stock. The company presently has an average rating of “Hold” and an average price target of $15.50.

In other Conduent news, major shareholder Carl C. Icahn bought 211,159 shares of the firm’s stock in a transaction dated Wednesday, May 22nd. The stock was purchased at an average cost of $9.00 per share, with a total value of $1,900,431.00. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, major shareholder Carl C. Icahn bought 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 disclosure for this purchase can be found here. Insiders purchased a total of 7,001,674 shares of company stock valued at $59,245,442 over the last three months. 0.92% of the stock is currently owned by insiders.

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.

Featured Story: Market Capitalization and Individual Investors

Institutional Ownership by Quarter for Conduent (NYSE:CNDT)

Receive News & Ratings for Conduent Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Conduent and related companies with MarketBeat.com's FREE daily email newsletter.