Hanson & Doremus Investment Management lowered its stake in Conduent Inc (NASDAQ:CNDT) by 22.1% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 19,456 shares of the company’s stock after selling 5,531 shares during the period. Hanson & Doremus Investment Management’s holdings in Conduent were worth $310,000 at the end of the most recent reporting period.
Several other hedge funds have also recently made changes to their positions in the company. Kirr Marbach & Co. LLC IN purchased a new stake in shares of Conduent during the second quarter valued at about $8,922,000. Russell Investments Group Ltd. raised its stake in shares of Conduent by 43.0% in the second quarter. Russell Investments Group Ltd. now owns 941,144 shares of the company’s stock valued at $15,000,000 after buying an additional 282,853 shares in the last quarter. Cohen Capital Management Inc. purchased a new stake in shares of Conduent during the second quarter valued at about $1,881,000. John G Ullman & Associates Inc. raised its stake in shares of Conduent by 98.6% in the second quarter. John G Ullman & Associates Inc. now owns 184,234 shares of the company’s stock valued at $2,937,000 after buying an additional 91,458 shares in the last quarter. Finally, First Quadrant L P CA raised its stake in shares of Conduent by 79.3% in the second quarter. First Quadrant L P CA now owns 133,907 shares of the company’s stock valued at $2,134,000 after buying an additional 59,210 shares in the last quarter.
Conduent Inc (NASDAQ:CNDT) opened at 16.77 on Friday. The company’s market capitalization is $3.51 billion. The firm’s 50-day moving average price is $16.45 and its 200 day moving average price is $16.17. Conduent Inc has a 12-month low of $13.10 and a 12-month high of $18.15.
Conduent (NASDAQ:CNDT) last posted its quarterly earnings data on Wednesday, August 9th. The company reported $0.16 EPS for the quarter, hitting the Zacks’ consensus estimate of $0.16. Conduent had a negative net margin of 0.64% and a negative return on equity of 1.22%. The company had revenue of $1.50 billion during the quarter, compared to the consensus estimate of $1.50 billion. During the same period in the prior year, the business posted $0.30 EPS. The company’s quarterly revenue was down 7.3% on a year-over-year basis. On average, equities research analysts expect that Conduent Inc will post $0.76 EPS for the current fiscal year.
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Several equities analysts have weighed in on CNDT shares. Zacks Investment Research upgraded Conduent from a “hold” rating to a “buy” rating and set a $18.00 target price on the stock in a report on Friday, April 28th. Cowen and Company started coverage on Conduent in a report on Friday, May 19th. They set a “market perform” rating and a $18.00 target price on the stock. Finally, Citigroup Inc. restated a “buy” rating and set a $25.00 target price (up from $17.00) on shares of Conduent in a report on Friday, June 9th. Six research analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. Conduent presently has an average rating of “Hold” and an average target price of $18.00.
In other news, EVP David Amoriell sold 106,500 shares of the stock in a transaction dated Wednesday, August 16th. The shares were sold at an average price of $17.01, for a total transaction of $1,811,565.00. Following the completion of the transaction, the executive vice president now directly owns 120,630 shares in the company, valued at approximately $2,051,916.30. The transaction was disclosed in a document filed with the SEC, which is available at this link.
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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