Conduent (NASDAQ:CNDT) Trading Down 4% After Insider Selling

Shares of Conduent Incorporated (NASDAQ:CNDT) traded down 4% during mid-day trading on Tuesday after an insider sold shares in the company. The company traded as low as $3.38 and last traded at $3.38. 51,051 shares traded hands during trading, a decline of 95% from the average session volume of 1,062,550 shares. The stock had previously closed at $3.52.

Specifically, major shareholder Carl C. Icahn sold 38,149,336 shares of the stock in a transaction that occurred on Saturday, June 8th. The stock was sold at an average price of $3.47, for a total transaction of $132,378,195.92. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 1.84% of the stock is currently owned by company insiders.

Analyst Ratings Changes

CNDT has been the topic of a number of recent research reports. Noble Financial started coverage on Conduent in a research report on Thursday, March 14th. They issued an “outperform” rating and a $9.00 target price on the stock. StockNews.com cut Conduent from a “buy” rating to a “hold” rating in a research report on Tuesday, May 28th.

Conduent Stock Performance

The company has a current ratio of 1.87, a quick ratio of 1.87 and a debt-to-equity ratio of 1.54. The stock’s fifty day moving average is $3.46 and its two-hundred day moving average is $3.44.

Conduent (NASDAQ:CNDT) last issued its earnings results on Wednesday, May 1st. The company reported ($0.09) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.15) by $0.06. Conduent had a negative net margin of 5.13% and a negative return on equity of 2.50%. The company had revenue of $921.00 million for the quarter, compared to analysts’ expectations of $896.00 million. On average, analysts predict that Conduent Incorporated will post -0.66 earnings per share for the current year.

Institutional Trading of Conduent

Hedge funds have recently made changes to their positions in the business. Diversified Trust Co raised its stake in Conduent by 9.2% in the 1st quarter. Diversified Trust Co now owns 50,866 shares of the company’s stock valued at $172,000 after acquiring an additional 4,306 shares during the period. Hsbc Holdings PLC raised its position in shares of Conduent by 5.8% in the third quarter. Hsbc Holdings PLC now owns 124,397 shares of the company’s stock valued at $433,000 after purchasing an additional 6,847 shares during the period. Principal Financial Group Inc. lifted its stake in shares of Conduent by 39.2% during the 3rd quarter. Principal Financial Group Inc. now owns 25,470 shares of the company’s stock worth $89,000 after buying an additional 7,174 shares during the last quarter. Price T Rowe Associates Inc. MD boosted its holdings in shares of Conduent by 6.2% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 134,884 shares of the company’s stock worth $456,000 after buying an additional 7,890 shares during the period. Finally, Guardian Capital LP acquired a new position in Conduent in the 1st quarter valued at about $34,000. 77.28% of the stock is owned by institutional investors and hedge funds.

Conduent Company Profile

Conduent Incorporated provides digital business solutions and services for the commercial, government, and transportation spectrum in the United States, Europe, and internationally. It operates through three segments: Commercial, Government Services, and Transportation. The Commercial segment offers business process services and customized solutions to clients in various industries; and customer experience management, business operations, healthcare claims and administration, and human capital solutions.