Wells Fargo & Company MN decreased its stake in Conduent Inc. (NYSE:CNDT) by 10.3% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 1,408,697 shares of the company’s stock after selling 160,939 shares during the period. Wells Fargo & Company MN owned approximately 0.67% of Conduent worth $22,074,000 at the end of the most recent reporting period.
Several other institutional investors also recently made changes to their positions in the company. St. James Investment Company LLC grew its stake in shares of Conduent by 9.6% in the third quarter. St. James Investment Company LLC now owns 933,850 shares of the company’s stock worth $14,633,000 after acquiring an additional 81,885 shares during the last quarter. Trexquant Investment LP boosted its stake in Conduent by 141.4% during the third quarter. Trexquant Investment LP now owns 30,944 shares of the company’s stock worth $485,000 after buying an additional 18,125 shares in the last quarter. FNY Partners Fund LP acquired a new stake in Conduent during the third quarter worth $1,331,000. Nordea Investment Management AB boosted its stake in Conduent by 24.2% during the third quarter. Nordea Investment Management AB now owns 84,870 shares of the company’s stock worth $1,330,000 after buying an additional 16,531 shares in the last quarter. Finally, Olstein Capital Management L.P. boosted its stake in Conduent by 5.2% during the third quarter. Olstein Capital Management L.P. now owns 624,300 shares of the company’s stock worth $9,783,000 after buying an additional 30,600 shares in the last quarter. Institutional investors and hedge funds own 88.68% of the company’s stock.
A number of equities research analysts have weighed in on the stock. BMO Capital Markets reiterated a “hold” rating and set a $18.00 price target on shares of Conduent in a research note on Thursday, September 28th. SunTrust Banks reiterated a “buy” rating and set a $20.00 price target on shares of Conduent in a research note on Friday, November 10th. Zacks Investment Research upgraded shares of Conduent from a “hold” rating to a “buy” rating and set a $18.00 price target on the stock in a research note on Thursday, November 9th. Cowen reiterated a “hold” rating on shares of Conduent in a research note on Friday, October 6th. Finally, BidaskClub upgraded shares of Conduent from a “strong sell” rating to a “sell” rating in a research note on Thursday, November 9th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and four have issued a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and an average target price of $18.43.
Conduent (NYSE:CNDT) last issued its quarterly earnings data on Wednesday, November 8th. The company reported $0.22 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.21 by $0.01. The company had revenue of $1.48 billion during the quarter, compared to analysts’ expectations of $1.50 billion. Conduent had a positive return on equity of 5.45% and a negative net margin of 16.18%. The business’s revenue was down 7.3% on a year-over-year basis. During the same period last year, the business earned $0.24 earnings per share. equities research analysts anticipate that Conduent Inc. will post 0.81 EPS for the current year.
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Conduent Incorporated is a provider of business process services, including transaction-intensive processing, analytics and automation services. The Company’s segments include Commercial Industries, Healthcare and Public Sector. The Commercial Industries segment provides business process services and customized solutions to clients in a range of industries (other than healthcare).
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