Miller Value Partners LLC Acquires Shares of 12,986,100 Conduent Inc. $CNDT

Miller Value Partners LLC acquired a new position in shares of Conduent Inc. (NASDAQ:CNDT) during the second quarter, Holdings Channel reports. The fund acquired 12,986,100 shares of the company’s stock, valued at approximately $18,960,000. Conduent comprises about 4.5% of Miller Value Partners LLC’s investment portfolio, making the stock its 8th biggest position. Miller Value Partners LLC owned about 0.08% of Conduent as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in CNDT. BlackRock Inc. purchased a new stake in Conduent in the 2nd quarter valued at about $20,194,000. Blue Owl Capital Holdings LP bought a new stake in Conduent during the second quarter worth $7,353,000. Charles Schwab Investment Management Inc. boosted its position in Conduent by 35.2% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 7,116,277 shares of the company’s stock worth $13,663,000 after purchasing an additional 1,854,266 shares during the last quarter. JB Capital Partners LP bought a new position in Conduent in the 2nd quarter valued at $1,625,069,000. Finally, AQR Capital Management LLC increased its position in shares of Conduent by 136.5% during the 2nd quarter. AQR Capital Management LLC now owns 1,750,748 shares of the company’s stock valued at $4,622,000 after purchasing an additional 1,010,373 shares during the last quarter. Hedge funds and other institutional investors own 77.28% of the company’s stock.

Wall Street Analyst Weigh In

CNDT has been the subject of several research reports. Weiss Ratings restated a “sell (d)” rating on shares of Conduent in a research report on Friday, July 17th. Wall Street Zen downgraded shares of Conduent from a “hold” rating to a “strong sell” rating in a research report on Saturday, August 15th. Zacks Research cut shares of Conduent from a “strong-buy” rating to a “hold” rating in a report on Tuesday, August 11th. Finally, Noble Financial upgraded Conduent to a “strong-buy” rating in a research note on Tuesday, May 12th. One investment analyst has rated the stock with a Strong Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the company presently has an average rating of “Hold”.

Conduent Price Performance

NASDAQ CNDT opened at $1.63 on Wednesday. The company has a quick ratio of 1.55, a current ratio of 1.55 and a debt-to-equity ratio of 1.33. The company has a market cap of $253.50 million, a PE ratio of -1.07 and a beta of 1.44. Conduent Inc. has a 52 week low of $1.15 and a 52 week high of $2.98. The firm’s 50-day simple moving average is $1.52 and its two-hundred day simple moving average is $1.50.

Conduent (NASDAQ:CNDT) last posted its earnings results on Monday, August 10th. The company reported ($0.18) earnings per share for the quarter, missing the consensus estimate of ($0.17) by ($0.01). Conduent had a negative return on equity of 9.02% and a negative net margin of 8.17%.The business had revenue of $531.00 million during the quarter, compared to analysts’ expectations of $702.00 million. Research analysts predict that Conduent Inc. will post -0.37 earnings per share for the current year.

Conduent Company Profile

Conduent Incorporated is a global provider of diversified business process services with a focus on delivering digital platforms and automation solutions. The company serves clients across a variety of industries including healthcare, transportation, public sector, financial services and human resources. By combining technology-enabled services with data analytics and artificial intelligence, Conduent helps organizations streamline operations, enhance customer experiences and improve overall efficiency.

Key offerings from Conduent encompass customer engagement and transaction processing, digital payment solutions, eligibility and enrollment services for health and welfare programs, and workforce management tools.