Conduent Inc. (CNDT) Shares Bought by Rubric Capital Management LP
Rubric Capital Management LP boosted its stake in Conduent Inc. (NYSE:CNDT) by 55.5% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,834,801 shares of the company’s stock after purchasing an additional 655,000 shares during the period. Conduent comprises about 2.6% of Rubric Capital Management LP’s holdings, making the stock its 4th largest holding. Rubric Capital Management LP owned about 0.87% of Conduent worth $28,751,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other large investors also recently modified their holdings of CNDT. Sei Investments Co. lifted its stake in Conduent by 20.7% in the 2nd quarter. Sei Investments Co. now owns 14,787 shares of the company’s stock valued at $235,000 after purchasing an additional 2,533 shares during the last quarter. Trexquant Investment LP bought a new position in Conduent in the 2nd quarter valued at approximately $204,000. Teacher Retirement System of Texas lifted its stake in Conduent by 0.7% in the 2nd quarter. Teacher Retirement System of Texas now owns 13,816 shares of the company’s stock valued at $220,000 after purchasing an additional 98 shares during the last quarter. First Mercantile Trust Co. lifted its stake in Conduent by 56.2% in the 2nd quarter. First Mercantile Trust Co. now owns 14,845 shares of the company’s stock valued at $237,000 after purchasing an additional 5,340 shares during the last quarter. Finally, Rhumbline Advisers lifted its stake in Conduent by 8.3% in the 2nd quarter. Rhumbline Advisers now owns 179,102 shares of the company’s stock valued at $2,855,000 after purchasing an additional 13,736 shares during the last quarter. 88.68% of the stock is owned by institutional investors and hedge funds.
Several equities analysts recently commented on CNDT shares. BidaskClub raised shares of Conduent from a “strong sell” rating to a “sell” rating in a research note on Thursday, November 9th. Zacks Investment Research raised shares of Conduent from a “hold” rating to a “buy” rating and set a $18.00 price objective for the company in a research note on Thursday, November 9th. SunTrust Banks reaffirmed a “buy” rating and set a $20.00 price target on shares of Conduent in a research note on Friday, November 10th. Cross Research raised shares of Conduent from a “hold” rating to a “buy” rating in a research note on Tuesday, November 7th. Finally, BMO Capital Markets dropped 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 note on Thursday, November 9th. One analyst has rated the stock with a sell rating, five have assigned a hold rating and four have assigned a buy rating to the company. Conduent currently has an average rating of “Hold” and a consensus target price of $18.43.
Conduent (NYSE:CNDT) last released its quarterly earnings results on Wednesday, November 8th. The company reported $0.22 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.21 by $0.01. The firm had revenue of $1.48 billion during the quarter, compared to the consensus estimate of $1.50 billion. Conduent had a negative net margin of 16.18% and a positive return on equity of 5.45%. The company’s revenue for the quarter was down 7.3% on a year-over-year basis. During the same quarter last year, the firm earned $0.24 earnings per share. sell-side analysts forecast that Conduent Inc. will post 0.81 EPS for the current fiscal 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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