Q3 2018 EPS Estimates for Conduent Inc (CNDT) Cut by Analyst
Conduent Inc (NYSE:CNDT) – Analysts at SunTrust Banks reduced their Q3 2018 EPS estimates for Conduent in a note issued to investors on Wednesday, September 26th. SunTrust Banks analyst F. Atkins now anticipates that the company will post earnings of $0.28 per share for the quarter, down from their previous estimate of $0.29.
A number of other brokerages have also recently issued reports on CNDT. Zacks Investment Research upgraded shares of Conduent from a “hold” rating to a “buy” rating and set a $22.00 target price for the company in a research report on Monday, August 13th. Morgan Stanley lifted their target price on shares of Conduent from $20.00 to $22.00 and gave the stock an “equal weight” rating in a research report on Tuesday, June 12th. JPMorgan Chase & Co. upgraded shares of Conduent from a “neutral” rating to an “overweight” rating and set a $15.00 target price for the company in a research report on Tuesday, August 14th. Finally, BMO Capital Markets lifted their target price on shares of Conduent from $22.00 to $23.00 and gave the stock a “market perform” rating in a research report on Thursday, August 9th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and six have given a buy rating to the company’s stock. Conduent currently has a consensus rating of “Buy” and a consensus price target of $23.00.
Conduent (NYSE:CNDT) last announced its quarterly earnings data on Wednesday, August 8th. The company reported $0.29 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.22 by $0.07. Conduent had a net margin of 2.63% and a return on equity of 6.53%. The firm had revenue of $1.39 billion during the quarter, compared to analysts’ expectations of $1.39 billion. During the same quarter last year, the business earned $0.16 earnings per share. The business’s revenue for the quarter was down 7.3% compared to the same quarter last year.
Several hedge funds and other institutional investors have recently modified their holdings of the company. Northern Trust Corp grew its holdings in shares of Conduent by 15.9% during the second quarter. Northern Trust Corp now owns 1,188,621 shares of the company’s stock worth $21,597,000 after buying an additional 162,911 shares in the last quarter. Wallace Capital Management Inc. grew its holdings in shares of Conduent by 0.5% during the second quarter. Wallace Capital Management Inc. now owns 1,257,612 shares of the company’s stock worth $22,851,000 after buying an additional 6,000 shares in the last quarter. Bank of New York Mellon Corp grew its holdings in shares of Conduent by 6.3% during the second quarter. Bank of New York Mellon Corp now owns 894,569 shares of the company’s stock worth $16,255,000 after buying an additional 52,730 shares in the last quarter. Glenmede Trust Co. NA grew its holdings in shares of Conduent by 56.4% during the second quarter. Glenmede Trust Co. NA now owns 213,723 shares of the company’s stock worth $3,883,000 after buying an additional 77,035 shares in the last quarter. Finally, HPM Partners LLC purchased a new stake in Conduent in the second quarter valued at approximately $257,000. Institutional investors and hedge funds own 93.62% of the company’s stock.
In other Conduent news, President David Amoriell sold 33,903 shares of Conduent stock in a transaction dated Monday, August 20th. The shares were sold at an average price of $21.30, for a total transaction of $722,133.90. Following the completion of the transaction, the president now owns 83,888 shares in the company, valued at $1,786,814.40. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders own 0.04% of the company’s stock.
Conduent Company Profile
Conduent Incorporated provides business process services with capabilities in transaction-intensive processing, analytics, and automation in the United States and internationally. It operates in two segments, Commercial Industries and Public Sector. The Commercial Industries segment offers business process services and customized solutions to clients in various industries.
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