Bridgeway Capital Management LLC Lowers Stake in Conduent Inc. $CNDT

Key Points

• Bridgeway Capital Management LLC reduced its holdings in Conduent Inc. by 8.6%, selling 130,900 shares in the first quarter, with remaining ownership of approximately 1.39 million shares valued at $3.76 million.
• Several institutional investors have increased their stakes in Conduent, including American Century Companies Inc. which raised its holdings by 32.1%, now owning over 3.1 million shares worth $8.4 million.
• Conduent received mixed ratings from analysts, being upgraded from "sell" to "hold" by Wall Street Zen and given a "strong-buy" rating by Singular Research, contributing to an average rating of "Strong Buy."

Bridgeway Capital Management LLC cut its stake in Conduent Inc. (NASDAQ:CNDT - Free Report) by 8.6% in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,391,975 shares of the company's stock after selling 130,900 shares during the period. Bridgeway Capital Management LLC owned 0.86% of Conduent worth $3,758,000 as of its most recent filing with the Securities & Exchange Commission.

Several other large investors also recently bought and sold shares of the stock. Principal Financial Group Inc. acquired a new position in Conduent during the 1st quarter valued at approximately $28,000. Truvestments Capital LLC purchased a new stake in shares of Conduent during the first quarter valued at $28,000. Universal Beteiligungs und Servicegesellschaft mbH acquired a new position in shares of Conduent in the 1st quarter valued at $32,000. EP Wealth Advisors LLC acquired a new position in shares of Conduent in the 4th quarter valued at $41,000. Finally, Vestmark Advisory Solutions Inc. raised its stake in Conduent by 114.5% in the 1st quarter. Vestmark Advisory Solutions Inc. now owns 28,014 shares of the company's stock worth $76,000 after acquiring an additional 14,955 shares during the last quarter. Hedge funds and other institutional investors own 77.28% of the company's stock.

Insider Buying and Selling at Conduent

In other news, Director Harshavardhan V. Agadi bought 100,000 shares of the business's stock in a transaction dated Wednesday, June 18th. The stock was purchased at an average cost of $2.81 per share, with a total value of $281,000.00. Following the acquisition, the director directly owned 100,000 shares in the company, valued at $281,000. This trade represents a ∞ increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 2.98% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

CNDT has been the topic of several research analyst reports. Singular Research upgraded Conduent to a "strong-buy" rating in a research note on Tuesday, August 19th. Wall Street Zen upgraded Conduent from a "sell" rating to a "hold" rating in a research report on Saturday, August 23rd. One equities research analyst has rated the stock with a Strong Buy rating, Based on data from MarketBeat, Conduent presently has a consensus rating of "Strong Buy".

Conduent Stock Performance

Shares of CNDT stock traded up $0.10 on Thursday, hitting $2.90. The company had a trading volume of 1,118,986 shares, compared to its average volume of 837,344. Conduent Inc. has a twelve month low of $1.90 and a twelve month high of $4.90. The company has a quick ratio of 1.65, a current ratio of 1.65 and a debt-to-equity ratio of 0.81. The firm has a market cap of $458.11 million, a P/E ratio of 72.52 and a beta of 1.35. The company has a 50-day moving average price of $2.68 and a 200-day moving average price of $2.61.

Conduent (NASDAQ:CNDT - Get Free Report) last announced its quarterly earnings results on Wednesday, August 6th. The company reported ($0.13) earnings per share for the quarter, beating the consensus estimate 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 during the quarter, compared to analysts' expectations of $777.00 million. During the same period last year, the business earned ($0.14) earnings per share. Conduent's quarterly revenue was down 7.0% on a year-over-year basis. As a group, equities research analysts predict 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.