Zacks Investment Research Upgrades Conduent (NYSE:CNDT) to “Buy”

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Zacks Investment Research upgraded shares of Conduent (NYSE:CNDT) from a sell rating to a buy rating in a research note published on Wednesday morning, Zacks.com reports. Zacks Investment Research currently has $11.00 price objective on the stock.

According to Zacks, “Conduent Incorporated is a business process services company. It engaged in providing business and government services to citizens, patients, customers and employees. The services rendered by the company include healthcare solutions, BPO services, learning services, digital payments, legal and compliance solutions, human resources, finance and accounting, procurement solutions and digital transformation. The company serves aerospace defence and automotive services, banking, communication and media, healthcare, industrial and energy, insurance, retail and consumer products and transportation industries. Conduent Incorporated is based in Basking Ridge, N.J. “

A number of other research analysts have also issued reports on CNDT. Needham & Company LLC reiterated a buy rating and set a $26.00 target price (down previously from $27.00) on shares of Nlight in a research report on Thursday, May 9th. Cross Research lowered Conduent from a buy rating to a hold rating in a research report on Wednesday, May 8th. Citigroup upgraded Copa from a neutral rating to a buy rating in a research report on Thursday, May 9th. Finally, JPMorgan Chase & Co. lowered Aeroports de Paris from an overweight rating to a neutral rating in a research report on Thursday, May 9th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and three have assigned a buy rating to the stock. The company presently has a consensus rating of Hold and a consensus target price of $13.93.

Shares of NYSE:CNDT opened at $8.97 on Wednesday. Conduent has a 1 year low of $7.14 and a 1 year high of $23.39. The stock has a market cap of $1.89 billion, a price-to-earnings ratio of 9.25 and a beta of 1.70. The company has a quick ratio of 1.28, a current ratio of 1.28 and a debt-to-equity ratio of 0.61. The company’s 50 day simple moving average is $9.23.

Conduent (NYSE:CNDT) last announced its earnings results on Wednesday, May 8th. The company reported $0.14 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.17 by ($0.03). Conduent had a negative net margin of 13.14% and a positive return on equity of 6.61%. The business had revenue of $1.16 billion for the quarter, compared to analysts’ expectations of $1.17 billion. During the same quarter last year, the business earned $0.22 EPS. The company’s quarterly revenue was down 18.5% on a year-over-year basis. As a group, analysts forecast that Conduent will post 0.84 earnings per share for the current year.

In other news, major shareholder Carl C. Icahn acquired 565,424 shares of the firm’s stock in a transaction on Thursday, May 16th. The shares were bought at an average price of $8.85 per share, for a total transaction of $5,004,002.40. The acquisition was disclosed in a document filed with the SEC, which is accessible through this link. Also, major shareholder Carl C. Icahn acquired 3,915,417 shares of the firm’s stock in a transaction on Monday, May 13th. The stock was purchased at an average price of $8.35 per share, for a total transaction of $32,693,731.95. The disclosure for this purchase can be found here. Insiders have bought a total of 7,001,674 shares of company stock worth $59,245,442 in the last quarter. Insiders own 0.92% of the company’s stock.

A number of hedge funds have recently made changes to their positions in the business. California State Teachers Retirement System lifted its holdings in Conduent by 0.4% in the 4th quarter. California State Teachers Retirement System now owns 316,271 shares of the company’s stock valued at $3,362,000 after purchasing an additional 1,157 shares in the last quarter. Oppenheimer Asset Management Inc. raised its holdings in shares of Conduent by 11.3% during the 1st quarter. Oppenheimer Asset Management Inc. now owns 11,490 shares of the company’s stock worth $159,000 after acquiring an additional 1,163 shares during the period. Boyar Asset Management Inc. raised its holdings in shares of Conduent by 1.0% during the 1st quarter. Boyar Asset Management Inc. now owns 130,118 shares of the company’s stock worth $1,800,000 after acquiring an additional 1,254 shares during the period. Raymond James Trust N.A. raised its holdings in shares of Conduent by 16.3% during the 1st quarter. Raymond James Trust N.A. now owns 18,787 shares of the company’s stock worth $260,000 after acquiring an additional 2,640 shares during the period. Finally, Redwood Investment Management LLC raised its holdings in shares of Conduent by 4.1% during the 1st quarter. Redwood Investment Management LLC now owns 71,414 shares of the company’s stock worth $988,000 after acquiring an additional 2,819 shares during the period. Institutional investors own 89.07% 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 Europe. It operates through three segments: Commercial Industries, Government Services, and Transportation. The Commercial Industries segment offers business process services and customized solutions to clients in various industries.

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