Conduent (CNDT) Downgraded to Hold at Zacks Investment Research

Zacks Investment Research lowered shares of Conduent (NYSE:CNDT) from a buy rating to a hold rating in a research report report published on Tuesday.

According to Zacks, “Conduent Incorporated is a business process services company. It engaged in providing business and government services to citizens, patients, customers and employees. The services rendered by the company include healthcare solutions, BPO services, learning services, digital payments, legal and compliance solutions, human resources, finance and accounting, procurement solutions and digital transformation. The company serves aerospace defence and automotive services, banking, communication and media, healthcare, industrial and energy, insurance, retail and consumer products and transportation industries. Conduent Incorporated is based in Basking Ridge, N.J. “

Several other research firms also recently weighed in on CNDT. BidaskClub upgraded shares of Conduent from a strong sell rating to a sell rating in a report on Thursday, November 9th. BMO Capital Markets decreased their price target on shares of Conduent from $18.00 to $17.00 and set a market perform rating for the company in a research report on Thursday, November 9th. SunTrust Banks reissued a buy rating and issued a $20.00 price target on shares of Conduent in a research report on Friday, November 10th. Finally, Cross Research raised shares of Conduent from a hold rating to a buy rating in a research report on Tuesday, November 7th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and four have assigned a buy rating to the company’s stock. The stock has an average rating of Hold and an average target price of $19.60.

Shares of Conduent (NYSE:CNDT) opened at $15.68 on Tuesday. Conduent has a 1-year low of $14.11 and a 1-year high of $18.15. The company has a debt-to-equity ratio of 0.60, a current ratio of 1.74 and a quick ratio of 1.74. The firm has a market cap of $3,420.74 and a P/E ratio of -3.23.

Conduent (NYSE:CNDT) last posted its earnings results on Wednesday, November 8th. The company reported $0.22 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.21 by $0.01. Conduent had a negative net margin of 16.18% and a positive return on equity of 5.45%. The firm had revenue of $1.48 billion during the quarter, compared to the consensus estimate of $1.50 billion. During the same quarter last year, the firm earned $0.24 EPS. The firm’s revenue for the quarter was down 7.3% on a year-over-year basis. equities analysts expect that Conduent will post 0.81 earnings per share for the current fiscal year.

A number of hedge funds have recently modified their holdings of the business. State of Wisconsin Investment Board boosted its position in Conduent by 146.9% in the 4th quarter. State of Wisconsin Investment Board now owns 657,149 shares of the company’s stock valued at $10,620,000 after buying an additional 391,001 shares during the period. Olstein Capital Management L.P. lifted its position in shares of Conduent by 16.9% during the 4th quarter. Olstein Capital Management L.P. now owns 729,750 shares of the company’s stock worth $11,793,000 after purchasing an additional 105,450 shares during the last quarter. Wells Fargo & Company MN lifted its position in shares of Conduent by 53.6% during the 4th quarter. Wells Fargo & Company MN now owns 2,164,403 shares of the company’s stock worth $34,977,000 after purchasing an additional 755,706 shares during the last quarter. Governors Lane LP lifted its position in shares of Conduent by 19.5% during the 4th quarter. Governors Lane LP now owns 6,285,294 shares of the company’s stock worth $101,570,000 after purchasing an additional 1,023,871 shares during the last quarter. Finally, Lapides Asset Management LLC lifted its position in shares of Conduent by 56.1% during the 4th quarter. Lapides Asset Management LLC now owns 174,500 shares of the company’s stock worth $2,820,000 after purchasing an additional 62,700 shares during the last quarter. 89.39% of the stock is owned by institutional investors.

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Conduent Company Profile

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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