Cambiar Investors LLC Has $2.96 Million Position in Conduent Inc (CNDT)
Cambiar Investors LLC decreased its position in shares of Conduent Inc (NYSE:CNDT) by 24.5% during the first quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 213,772 shares of the company’s stock after selling 69,217 shares during the quarter. Cambiar Investors LLC’s holdings in Conduent were worth $2,956,000 at the end of the most recent quarter.
Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the stock. Whittier Trust Co. lifted its stake in shares of Conduent by 47.3% during the 4th quarter. Whittier Trust Co. now owns 2,708 shares of the company’s stock valued at $29,000 after buying an additional 870 shares in the last quarter. California State Teachers Retirement System increased its holdings in Conduent by 0.4% in the 4th quarter. California State Teachers Retirement System now owns 316,271 shares of the company’s stock valued at $3,362,000 after acquiring an additional 1,157 shares during the last quarter. Oppenheimer Asset Management Inc. increased its holdings in Conduent by 11.3% in the 1st quarter. Oppenheimer Asset Management Inc. now owns 11,490 shares of the company’s stock valued at $159,000 after acquiring an additional 1,163 shares during the last quarter. Cohen Capital Management Inc. increased its holdings in Conduent by 1.0% in the 4th quarter. Cohen Capital Management Inc. now owns 118,785 shares of the company’s stock valued at $1,263,000 after acquiring an additional 1,220 shares during the last quarter. Finally, Boyar Asset Management Inc. increased its holdings in Conduent by 1.0% in the 1st quarter. Boyar Asset Management Inc. now owns 130,118 shares of the company’s stock valued at $1,800,000 after acquiring an additional 1,254 shares during the last quarter. Institutional investors own 86.02% of the company’s stock.
In other Conduent news, major shareholder Carl C. Icahn bought 211,159 shares of Conduent 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 acquisition was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, major shareholder Carl C. Icahn bought 3,915,417 shares of Conduent stock in a transaction dated Monday, May 13th. The stock was acquired at an average price of $8.35 per share, for a total transaction of $32,693,731.95. The disclosure for this purchase can be found here. Over the last 90 days, insiders bought 7,001,674 shares of company stock worth $59,245,442. Insiders own 0.39% of the company’s stock.
Conduent (NYSE:CNDT) last announced its quarterly 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). Conduent had a negative net margin of 13.14% and a positive return on equity of 6.61%. The company had revenue of $1.16 billion during the quarter, compared to the consensus estimate of $1.17 billion. During the same quarter in the prior year, the firm posted $0.22 earnings per share. The business’s revenue was down 18.5% on a year-over-year basis. On average, equities analysts forecast that Conduent Inc will post 0.8 earnings per share for the current year.
A number of analysts have issued reports on the stock. Citigroup downgraded shares of 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. BMO Capital Markets reiterated a “hold” rating and issued a $17.00 price target on shares of Conduent in a report on Wednesday, February 20th. Zacks Investment Research downgraded shares of Conduent from a “hold” rating to a “sell” rating in a report on Tuesday, February 26th. JPMorgan Chase & Co. downgraded shares of Conduent from an “overweight” rating to a “neutral” rating and reduced their price target for the company from $17.00 to $12.00 in a report on Thursday, May 9th. Finally, Needham & Company LLC reduced their price target on shares of 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. Two analysts have rated the stock with a sell rating, five have given a hold rating and two have given a buy rating to the company. The stock currently has a consensus rating of “Hold” and an average target price of $15.50.
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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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