Olstein Capital Management L.P. Has $9.46 Million Position in Conduent Inc (CNDT)
Olstein Capital Management L.P. raised its stake in shares of Conduent Inc (NASDAQ:CNDT) by 46.4% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 593,700 shares of the company’s stock after buying an additional 188,084 shares during the period. Conduent comprises about 1.2% of Olstein Capital Management L.P.’s investment portfolio, making the stock its 23rd largest position. Olstein Capital Management L.P.’s holdings in Conduent were worth $9,464,000 as of its most recent SEC filing.
Other large investors have also added to or reduced their stakes in the company. State of Wisconsin Investment Board raised its stake in Conduent by 107.6% in the second quarter. State of Wisconsin Investment Board now owns 209,844 shares of the company’s stock valued at $3,345,000 after buying an additional 108,740 shares during the last quarter. Rubric Capital Management LP raised its stake in Conduent by 18.0% in the second quarter. Rubric Capital Management LP now owns 1,179,801 shares of the company’s stock valued at $18,806,000 after buying an additional 179,801 shares during the last quarter. Rhumbline Advisers raised its stake in Conduent by 8.3% in the second quarter. Rhumbline Advisers now owns 179,102 shares of the company’s stock valued at $2,855,000 after buying an additional 13,736 shares during the last quarter. First Mercantile Trust Co. raised its stake in Conduent by 56.2% in the second quarter. First Mercantile Trust Co. now owns 14,845 shares of the company’s stock valued at $237,000 after buying an additional 5,340 shares during the last quarter. Finally, Teacher Retirement System of Texas raised its stake in Conduent by 0.7% in the second quarter. Teacher Retirement System of Texas now owns 13,816 shares of the company’s stock valued at $220,000 after buying an additional 98 shares during the last quarter.
Conduent Inc (NASDAQ:CNDT) opened at 17.00 on Tuesday. The firm’s market cap is $3.56 billion. Conduent Inc has a 52-week low of $13.10 and a 52-week high of $18.15. The firm’s 50-day moving average is $16.33 and its 200-day moving average is $16.13.
Conduent (NASDAQ:CNDT) last released its earnings results on Wednesday, August 9th. The company reported $0.16 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.16. The business had revenue of $1.50 billion during the quarter, compared to the consensus estimate of $1.50 billion. Conduent had a negative net margin of 0.64% and a negative return on equity of 1.22%. The firm’s revenue for the quarter was down 7.3% compared to the same quarter last year. During the same quarter last year, the firm earned $0.30 earnings per share. Analysts forecast that Conduent Inc will post $0.76 EPS for the current fiscal year.
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Several research firms recently issued reports on CNDT. Zacks Investment Research raised shares of Conduent from a “hold” rating to a “buy” rating and set a $19.00 price objective for the company in a research note on Wednesday, August 2nd. Cowen and Company reaffirmed a “hold” rating and issued a $18.00 price objective on shares of Conduent in a research note on Friday, July 28th. Finally, Citigroup Inc. reaffirmed a “buy” rating and issued a $25.00 price objective (up previously from $17.00) on shares of Conduent in a research note on Friday, June 9th. Five equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. The stock has an average rating of “Hold” and an average price target of $18.00.
In other Conduent news, EVP David Amoriell sold 3,889 shares of the stock in a transaction on Friday, May 19th. The shares were sold at an average price of $16.66, for a total value of $64,790.74. Following the completion of the sale, the executive vice president now owns 120,630 shares in the company, valued at $2,009,695.80. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink.
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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