Raymond James & Associates Grows Position in Conduent (CNDT)
Raymond James & Associates increased its holdings in Conduent (NYSE:CNDT) by 40.0% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 25,599 shares of the company’s stock after acquiring an additional 7,316 shares during the quarter. Raymond James & Associates’ holdings in Conduent were worth $414,000 as of its most recent SEC filing.
Other large investors have also added to or reduced their stakes in the company. The Manufacturers Life Insurance Company lifted its stake in Conduent by 6.6% in the second quarter. The Manufacturers Life Insurance Company now owns 8,463 shares of the company’s stock worth $135,000 after acquiring an additional 527 shares during the period. Financial Consulate Inc. purchased a new stake in Conduent in the fourth quarter worth about $181,000. State of Alaska Department of Revenue purchased a new stake in Conduent in the fourth quarter worth about $215,000. Yellowstone Partners LLC lifted its stake in Conduent by 27.2% in the fourth quarter. Yellowstone Partners LLC now owns 18,528 shares of the company’s stock worth $299,000 after acquiring an additional 3,962 shares during the period. Finally, Suntrust Banks Inc. purchased a new stake in Conduent in the fourth quarter worth about $326,000. 93.16% of the stock is owned by institutional investors.
CNDT has been the subject of a number of research reports. SunTrust Banks reaffirmed a “buy” rating and issued a $22.00 price objective on shares of Conduent in a research note on Friday, February 23rd. Zacks Investment Research raised shares of Conduent from a “hold” rating to a “buy” rating and set a $20.00 price objective for the company in a research note on Friday, February 23rd. Needham & Company LLC raised shares of Conduent from a “hold” rating to a “buy” rating and set a $25.00 price objective for the company in a research note on Tuesday, March 6th. Morgan Stanley reaffirmed an “equal weight” rating and issued a $20.00 price objective (up from $17.50) on shares of Conduent in a research note on Thursday, February 22nd. Finally, Cowen reissued a “hold” rating on shares of Conduent in a research report on Tuesday, February 27th. One analyst has rated the stock with a sell rating, four have assigned a hold rating and five have issued a buy rating to the stock. The company presently has an average rating of “Hold” and an average target price of $21.88.
Conduent (NYSE:CNDT) last released its quarterly earnings results on Wednesday, February 21st. The company reported $0.31 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.26 by $0.05. The business had revenue of $1.49 billion during the quarter, compared to analyst estimates of $1.48 billion. Conduent had a net margin of 3.01% and a return on equity of 5.53%. The company’s quarterly revenue was down 1.4% on a year-over-year basis. During the same period in the prior year, the firm posted $0.29 earnings per share. analysts predict that Conduent will post 1.09 earnings per share for the current year.
Conduent Incorporated provides business process services with capabilities in transaction-intensive processing, analytics, and automation in the United States and internationally. It operates in two segments, Commercial Industries and Public Sector. The Commercial Industries segment offers business process services and customized solutions to clients in various industries.
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