Conduent (CNDT) Downgraded by Zacks Investment Research to Sell

Zacks Investment Research downgraded shares of Conduent (NYSE:CNDT) from a hold rating to a sell rating in a research note released on Friday, Zacks.com reports.

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 brokerages have also recently issued reports on CNDT. Cross Research cut shares of Conduent from a buy rating to a hold rating in a research report on Wednesday. Needham & Company LLC lowered their price target on shares of Conduent from $25.00 to $14.00 and set a buy rating for the company in a research report on Thursday. They noted that the move was a valuation call. JPMorgan Chase & Co. cut shares of Conduent from an overweight rating to a neutral rating and lowered their price target for the company from $17.00 to $12.00 in a research report on Thursday. BMO Capital Markets reissued a hold rating and set a $17.00 price target on shares of Conduent in a research report on Wednesday, February 20th. Finally, Citigroup cut shares of Conduent from a buy rating to a neutral rating and set a $9.50 price target for the company. in a research report on Thursday. Two analysts have rated the stock with a sell rating, five have issued a hold rating and two have issued a buy rating to the company’s stock. The company currently has an average rating of Hold and an average target price of $15.50.

NYSE CNDT traded up $0.64 during trading hours on Friday, reaching $8.29. 9,318,711 shares of the company’s stock traded hands, compared to its average volume of 3,167,683. Conduent has a 52-week low of $7.14 and a 52-week high of $23.39. The stock has a market cap of $1.74 billion, a P/E ratio of 7.90 and a beta of 1.32. The company has a debt-to-equity ratio of 0.47, a current ratio of 1.64 and a quick ratio of 1.64.

Conduent (NYSE:CNDT) last issued its quarterly 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 6.40%. The business had revenue of $1.16 billion for the quarter, compared to analysts’ expectations of $1.17 billion. During the same period last year, the business earned $0.22 earnings per share. The company’s revenue was down 18.5% on a year-over-year basis. Research analysts expect that Conduent will post 0.92 earnings per share for the current fiscal year.

A number of large investors have recently added to or reduced their stakes in CNDT. Whittier Trust Co. increased its stake in Conduent by 47.3% during the 4th quarter. Whittier Trust Co. now owns 2,708 shares of the company’s stock valued at $29,000 after purchasing an additional 870 shares in the last quarter. Howe & Rusling Inc. bought a new stake in Conduent during the 1st quarter valued at about $60,000. Bessemer Group Inc. bought a new stake in Conduent during the 4th quarter valued at about $71,000. Quantamental Technologies LLC bought a new stake in Conduent during the 4th quarter valued at about $75,000. Finally, Signition LP bought a new stake in Conduent during the 4th quarter valued at about $113,000. Institutional investors and hedge funds own 85.16% 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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