Conduent Inc (CNDT) Shares Sold by Advisors Asset Management Inc.
Advisors Asset Management Inc. reduced its stake in shares of Conduent Inc (NASDAQ:CNDT) by 2.9% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 127,829 shares of the company’s stock after selling 3,778 shares during the period. Advisors Asset Management Inc. owned approximately 0.06% of Conduent worth $2,038,000 at the end of the most recent quarter.
A number of other institutional investors have also made changes to their positions in the stock. Community Financial Services Group LLC acquired a new position in shares of Conduent during the first quarter valued at approximately $202,000. Trexquant Investment LP acquired a new position in shares of Conduent during the second quarter valued at approximately $204,000. Teacher Retirement System of Texas increased its position in shares of 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 period. Sei Investments Co. increased its position in shares of Conduent by 20.7% in the second quarter. Sei Investments Co. now owns 14,787 shares of the company’s stock valued at $235,000 after buying an additional 2,533 shares during the period. Finally, First Mercantile Trust Co. increased its position in shares of 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 period.
Conduent Inc (NASDAQ CNDT) opened at 16.86 on Thursday. Conduent Inc has a 12 month low of $13.10 and a 12 month high of $18.15. The firm has a 50-day moving average price of $16.50 and a 200 day moving average price of $16.22. The company’s market cap is $3.54 billion.
Conduent (NASDAQ:CNDT) last issued its earnings results on Wednesday, August 9th. The company reported $0.16 earnings per share for the quarter, hitting the consensus estimate of $0.16. The business had revenue of $1.50 billion for the quarter, compared to analyst estimates of $1.50 billion. Conduent had a negative return on equity of 0.48% and a negative net margin of 0.27%. The business’s quarterly revenue was down 7.3% on a year-over-year basis. During the same period last year, the company posted $0.30 EPS. Equities research analysts predict that Conduent Inc will post $0.76 EPS for the current year.
Several brokerages have commented on CNDT. Zacks Investment Research raised Conduent from a “hold” rating to a “buy” rating and set a $18.00 price objective on the stock in a research report on Friday, April 28th. Cowen and Company reaffirmed a “hold” rating and issued a $18.00 price objective on shares of Conduent in a research report 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 report on Friday, June 9th. Six research analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. The stock has an average rating of “Hold” and an average target price of $18.00.
In related news, EVP David Amoriell sold 106,500 shares of the stock in a transaction on Wednesday, August 16th. The stock was sold at an average price of $17.01, for a total value of $1,811,565.00. Following the transaction, the executive vice president now directly owns 120,630 shares of the company’s stock, valued at approximately $2,051,916.30. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link.
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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