Conduent Inc. $CNDT Stake Lifted by American Century Companies Inc.

Key Points

• American Century Companies Inc. increased its stock holdings in Conduent Inc. by 32.1%, acquiring an additional 755,953 shares for a total of approximately $8.4 million, which represents 1.92% of the company's total shares.
• Conduent's stock price opened at $2.85 and the company reported a net margin of 0.64% with a revenue decline of 7.0% year-over-year.
• Several institutional investors have raised their stakes in Conduent, with 77.28% of the stock currently owned by hedge funds and other institutions, indicating significant investor confidence in the company.

American Century Companies Inc. boosted its position in Conduent Inc. (NASDAQ:CNDT - Free Report) by 32.1% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 3,110,253 shares of the company's stock after buying an additional 755,953 shares during the quarter. American Century Companies Inc. owned 1.92% of Conduent worth $8,398,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Millennium Management LLC increased its position in shares of Conduent by 59.5% in the 4th quarter. Millennium Management LLC now owns 912,465 shares of the company's stock worth $3,686,000 after purchasing an additional 340,283 shares during the last quarter. ProShare Advisors LLC increased its position in shares of Conduent by 49.0% in the 4th quarter. ProShare Advisors LLC now owns 44,532 shares of the company's stock worth $180,000 after purchasing an additional 14,653 shares during the last quarter. Charles Schwab Investment Management Inc. grew 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. Raymond James Financial Inc. bought a new stake in shares of Conduent during the 4th quarter valued at about $797,000. Finally, Assenagon Asset Management S.A. grew 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. Institutional investors own 77.28% of the company's stock.

Insider Activity at Conduent

In other news, Director Harshavardhan V. Agadi purchased 100,000 shares of the company's stock in a transaction on Wednesday, June 18th. The shares were bought at an average price of $2.81 per share, for a total transaction of $281,000.00. Following the completion of the purchase, the director owned 100,000 shares of the company's stock, valued at $281,000. This trade represents a ∞ increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 2.98% of the company's stock.

Wall Street Analyst Weigh In

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

Conduent Stock Performance

Shares of NASDAQ:CNDT traded down $0.03 during trading hours on Tuesday, hitting $2.75. The stock had a trading volume of 686,368 shares, compared to its average volume of 1,033,114. The stock's fifty day simple moving average is $2.66 and its 200 day simple moving average is $2.65. Conduent Inc. has a 1-year low of $1.90 and a 1-year high of $4.90. The firm has a market capitalization of $434.42 million, a price-to-earnings ratio of 68.77 and a beta of 1.35. The company has a debt-to-equity ratio of 0.81, a quick ratio of 1.65 and a current ratio of 1.65.

Conduent (NASDAQ:CNDT - Get Free Report) last announced its quarterly earnings results on Wednesday, August 6th. The company reported ($0.13) EPS for the quarter, beating the consensus estimate of ($0.19) by $0.06. Conduent had a net margin of 0.64% and a negative return on equity of 9.88%. The company had revenue of $754.00 million for the quarter, compared to analyst estimates of $777.00 million. During the same quarter last year, the business earned ($0.14) earnings per share. Conduent's revenue was down 7.0% compared to the same quarter last year. Sell-side analysts anticipate that Conduent Inc. will post -0.34 earnings per share for the current fiscal year.

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.