Sessa Capital IM L.P. Has $8.61 Million Position in Conduent Inc. (CNDT)
Sessa Capital IM L.P. lowered its holdings in Conduent Inc. (NYSE:CNDT) by 21.5% in the third quarter, according to its most recent Form 13F filing with the SEC. The fund owned 549,159 shares of the company’s stock after selling 150,841 shares during the period. Conduent comprises 0.9% of Sessa Capital IM L.P.’s portfolio, making the stock its 17th largest position. Sessa Capital IM L.P. owned 0.26% of Conduent worth $8,605,000 as of its most recent SEC filing.
A number of other institutional investors and hedge funds have also modified their holdings of CNDT. Engine Capital Management LLC lifted its holdings in Conduent by 36.4% during the 3rd quarter. Engine Capital Management LLC now owns 75,000 shares of the company’s stock worth $1,175,000 after buying an additional 20,000 shares during the last quarter. Jane Street Group LLC bought a new position in Conduent during the 3rd quarter worth approximately $589,000. Vident Investment Advisory LLC bought a new position in Conduent during the 3rd quarter worth approximately $865,000. First Allied Advisory Services Inc. bought a new position in Conduent during the 3rd quarter worth approximately $149,000. Finally, Magnetar Financial LLC lifted its holdings in Conduent by 29.7% during the 3rd quarter. Magnetar Financial LLC now owns 14,809 shares of the company’s stock worth $232,000 after buying an additional 3,389 shares during the last quarter. 88.68% of the stock is owned by hedge funds and other institutional investors.
Shares of Conduent Inc. (NYSE:CNDT) opened at $15.11 on Monday. Conduent Inc. has a 1-year low of $13.10 and a 1-year high of $18.15. The company has a debt-to-equity ratio of 0.60, a current ratio of 1.74 and a quick ratio of 1.74. The stock has a market capitalization of $3,178.80 and a P/E ratio of 18.20.
Conduent (NYSE:CNDT) last posted its earnings results on Wednesday, November 8th. The company reported $0.22 EPS for the quarter, beating the consensus estimate of $0.21 by $0.01. Conduent had a positive return on equity of 5.45% and a negative net margin of 16.18%. The firm had revenue of $1.48 billion for the quarter, compared to analysts’ expectations of $1.50 billion. During the same period last year, the firm earned $0.24 EPS. The firm’s revenue was down 7.3% compared to the same quarter last year. analysts forecast that Conduent Inc. will post 0.81 earnings per share for the current year.
Several analysts recently issued reports on the company. Cross Research raised Conduent from a “hold” rating to a “buy” rating in a report on Tuesday, November 7th. Needham & Company LLC assumed coverage on Conduent in a report on Wednesday, September 13th. They issued a “hold” rating on the stock. BidaskClub downgraded Conduent from a “sell” rating to a “strong sell” rating in a report on Wednesday, October 18th. Cowen reissued a “hold” rating on shares of Conduent in a report on Friday, October 6th. Finally, BMO Capital Markets cut their price target on Conduent from $18.00 to $17.00 and set a “market perform” rating on the stock in a report on Thursday, November 9th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and four have given a buy rating to the company. The company presently has a consensus rating of “Hold” and a consensus target price of $18.43.
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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