Norges Bank purchased a new stake in shares of Conduent Inc (NYSE:CNDT) during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 2,408,363 shares of the company’s stock, valued at approximately $25,600,000. Norges Bank owned 1.14% of Conduent as of its most recent filing with the Securities and Exchange Commission (SEC).
Several other institutional investors and hedge funds have also modified their holdings of CNDT. Prudential Financial Inc. increased its holdings in shares of Conduent by 38.9% during the third quarter. Prudential Financial Inc. now owns 16,070 shares of the company’s stock valued at $362,000 after purchasing an additional 4,500 shares during the period. Bank of New York Mellon Corp increased its holdings in shares of Conduent by 1.5% during the third quarter. Bank of New York Mellon Corp now owns 907,624 shares of the company’s stock valued at $20,441,000 after purchasing an additional 13,055 shares during the period. Martingale Asset Management L P increased its holdings in shares of Conduent by 46.9% during the third quarter. Martingale Asset Management L P now owns 462,426 shares of the company’s stock valued at $10,414,000 after purchasing an additional 147,558 shares during the period. BlackRock Inc. increased its holdings in shares of Conduent by 1.3% during the third quarter. BlackRock Inc. now owns 8,173,854 shares of the company’s stock valued at $184,074,000 after purchasing an additional 104,690 shares during the period. Finally, JPMorgan Chase & Co. boosted its stake in Conduent by 32.6% during the third quarter. JPMorgan Chase & Co. now owns 486,224 shares of the company’s stock valued at $10,950,000 after buying an additional 119,663 shares in the last quarter. 85.31% of the stock is currently owned by institutional investors.
Several research analysts recently weighed in on CNDT shares. BMO Capital Markets reaffirmed a “hold” rating and set a $17.00 target price on shares of Conduent in a research note on Wednesday, February 20th. Zacks Investment Research raised Conduent from a “sell” rating to a “hold” rating in a research note on Wednesday, January 23rd. Two equities research analysts have rated the stock with a sell rating, two have issued a hold rating and two have assigned a buy rating to the company. Conduent has an average rating of “Hold” and a consensus target price of $19.40.
Conduent (NYSE:CNDT) last announced its earnings results on Wednesday, February 20th. The company reported $0.26 earnings per share for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.26. Conduent had a positive return on equity of 6.77% and a negative net margin of 7.71%. The business had revenue of $1.28 billion during the quarter, compared to analysts’ expectations of $1.26 billion. During the same quarter last year, the business posted $0.31 earnings per share. The company’s quarterly revenue was down 14.1% on a year-over-year basis. As a group, sell-side analysts predict that Conduent Inc will post 0.98 EPS for the current fiscal year.
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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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