Nuveen LLC Makes New $1.22 Million Investment in Conduent Inc. $CNDT

Key Points

• Nuveen LLC acquired 449,963 shares of Conduent Inc., valued at approximately $1,215,000, increasing its ownership to approximately 0.28% of the company.
• Conduent recently reported earnings results showing an EPS of (0.13), beating analysts' estimates, despite a 7% decrease in quarterly revenue year-over-year.
• Analysts have a favorable outlook on Conduent, with an average rating of “Strong Buy” from several brokerages, indicating positive market sentiment regarding the stock.

Nuveen LLC acquired a new position in Conduent Inc. (NASDAQ:CNDT - Free Report) during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund acquired 449,963 shares of the company's stock, valued at approximately $1,215,000. Nuveen LLC owned about 0.28% of Conduent at the end of the most recent quarter.

Other institutional investors have also recently made changes to their positions in the company. Millennium Management LLC lifted its position in shares of Conduent by 59.5% during the 4th quarter. Millennium Management LLC now owns 912,465 shares of the company's stock valued at $3,686,000 after buying an additional 340,283 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its position in shares of Conduent by 12.0% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 2,199,536 shares of the company's stock valued at $5,939,000 after buying an additional 235,179 shares during the last quarter. ProShare Advisors LLC lifted its position in shares of Conduent by 49.0% during the 4th quarter. ProShare Advisors LLC now owns 44,532 shares of the company's stock valued at $180,000 after buying an additional 14,653 shares during the last quarter. Raymond James Financial Inc. purchased a new position in shares of Conduent during the 4th quarter valued at $797,000. Finally, Assenagon Asset Management S.A. lifted its position in shares of Conduent by 6.7% during the 1st quarter. Assenagon Asset Management S.A. now owns 711,303 shares of the company's stock valued at $1,921,000 after buying an additional 44,967 shares during the last quarter. Hedge funds and other institutional investors own 77.28% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on CNDT shares. Singular Research raised Conduent to a "strong-buy" rating in a research report on Tuesday, August 19th. Wall Street Zen raised Conduent from a "sell" rating to a "hold" rating in a research report on Saturday, August 23rd. One analyst has rated the stock with a Strong Buy rating, Based on data from MarketBeat.com, the stock currently has a consensus rating of "Strong Buy".

Conduent Stock Performance

Shares of NASDAQ:CNDT traded up $0.04 during midday trading on Friday, reaching $2.83. 652,875 shares of the company traded hands, compared to its average volume of 932,566. The company has a quick ratio of 1.65, a current ratio of 1.65 and a debt-to-equity ratio of 0.81. Conduent Inc. has a 12 month low of $1.90 and a 12 month high of $4.90. The firm has a market capitalization of $447.06 million, a price-to-earnings ratio of 70.77 and a beta of 1.35. The firm's fifty day moving average price is $2.67 and its two-hundred day moving average price is $2.63.

Conduent (NASDAQ:CNDT - Get Free Report) last released its quarterly earnings data on Wednesday, August 6th. The company reported ($0.13) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.19) by $0.06. Conduent had a negative return on equity of 9.88% and a net margin of 0.64%.The company had revenue of $754.00 million for the quarter, compared to analyst estimates of $777.00 million. During the same period in the previous year, the company posted ($0.14) EPS. The firm's revenue for the quarter was down 7.0% compared to the same quarter last year. On average, equities analysts expect that Conduent Inc. will post -0.34 earnings per share for the current year.

Insider Activity

In related news, Director Harshavardhan V. Agadi acquired 100,000 shares of the firm's stock in a transaction that occurred on Wednesday, June 18th. The shares were bought at an average cost of $2.81 per share, for a total transaction of $281,000.00. Following the purchase, the director owned 100,000 shares in the company, valued at $281,000. This trade represents a ∞ increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Insiders own 2.98% of the company's stock.

Conduent 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.