5,036,595 Shares in Conduent Inc. $CNDT Acquired by Blue Owl Capital Holdings LP

Key Points

• Blue Owl Capital Holdings LP acquired 5,036,595 Conduent shares worth approximately $7.35 million, giving it about a 3.25% stake and making Conduent its 18th-largest portfolio position.
• Institutional ownership remains high at 77.28%, with BlackRock, AQR Capital Management and Armistice Capital among investors recently initiating or increasing positions.
• Conduent reported weak quarterly results, including an EPS loss of $0.18 versus an expected loss of $0.17 and revenue of $531 million versus $702 million estimated. Analyst sentiment is mixed, with a consensus “Hold” rating, while the stock recently traded around $1.55.

Blue Owl Capital Holdings LP bought a new stake in Conduent Inc. (NASDAQ:CNDT - Free Report) during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund bought 5,036,595 shares of the company's stock, valued at approximately $7,353,000. Conduent accounts for approximately 1.1% of Blue Owl Capital Holdings LP's portfolio, making the stock its 18th biggest position. Blue Owl Capital Holdings LP owned approximately 3.25% of Conduent at the end of the most recent quarter.

Several other institutional investors have also recently added to or reduced their stakes in CNDT. BlackRock Inc. acquired a new position in shares of Conduent in the second quarter valued at approximately $20,194,000. Charles Schwab Investment Management Inc. raised its stake in shares of Conduent by 35.2% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 7,116,277 shares of the company's stock worth $13,663,000 after buying an additional 1,854,266 shares in the last quarter. Miller Value Partners LLC raised its stake in shares of Conduent by 38.5% during the 4th quarter. Miller Value Partners LLC now owns 5,583,385 shares of the company's stock worth $10,720,000 after buying an additional 1,552,560 shares in the last quarter. AQR Capital Management LLC lifted its holdings in shares of Conduent by 136.5% in the 2nd quarter. AQR Capital Management LLC now owns 1,750,748 shares of the company's stock valued at $4,622,000 after buying an additional 1,010,373 shares during the period. Finally, Armistice Capital LLC acquired a new stake in shares of Conduent in the 2nd quarter valued at approximately $2,207,000. Institutional investors and hedge funds own 77.28% of the company's stock.

Conduent Stock Up 6.2%

Conduent stock opened at $1.55 on Friday. The company has a debt-to-equity ratio of 1.33, a quick ratio of 1.55 and a current ratio of 1.55. The firm has a market capitalization of $241.06 million, a price-to-earnings ratio of -1.02 and a beta of 1.44. Conduent Inc. has a fifty-two week low of $1.15 and a fifty-two week high of $2.98. The stock's fifty day moving average is $1.51 and its two-hundred day moving average is $1.50.

Conduent (NASDAQ:CNDT - Get Free Report) last released its quarterly earnings results on Monday, August 10th. The company reported ($0.18) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.17) by ($0.01). Conduent had a negative return on equity of 9.02% and a negative net margin of 8.17%.The firm had revenue of $531.00 million for the quarter, compared to analyst estimates of $702.00 million. Analysts predict that Conduent Inc. will post -0.37 EPS for the current fiscal year.

Analyst Ratings Changes

Several research firms have issued reports on CNDT. Weiss Ratings reiterated a "sell (d)" rating on shares of Conduent in a research report on Friday, July 17th. Wall Street Zen lowered shares of Conduent from a "hold" rating to a "strong sell" rating in a research report on Saturday, August 15th. Zacks Research cut shares of Conduent from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, August 11th. Finally, Noble Financial upgraded shares of Conduent to a "strong-buy" rating in a report on Tuesday, May 12th. One research analyst has rated the stock with a Strong Buy rating, one has issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the company has a consensus rating of "Hold".

Conduent Company Profile

Conduent Incorporated is a global provider of diversified business process services with a focus on delivering digital platforms and automation solutions. The company serves clients across a variety of industries including healthcare, transportation, public sector, financial services and human resources. By combining technology-enabled services with data analytics and artificial intelligence, Conduent helps organizations streamline operations, enhance customer experiences and improve overall efficiency.

Key offerings from Conduent encompass customer engagement and transaction processing, digital payment solutions, eligibility and enrollment services for health and welfare programs, and workforce management tools.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source