Graham Capital Management L.P. Purchases 92,663 Shares of Conduent Inc. $CNDT

Key Points

• Graham Capital Management L.P. increased its stake in Conduent Inc. by 66.0% in the first quarter, acquiring a total of 232,970 shares now valued at approximately $629,000.
• Multiple institutional investors have raised their positions in Conduent, with American Century Companies Inc. growing its holdings by 32.1% to own over 3.1 million shares worth about $8.4 million.
• Research analysts have shown optimism, with a "strong-buy" rating from Singular Research, and an average stock rating of "Strong Buy" for Conduent.

Graham Capital Management L.P. lifted its stake in Conduent Inc. (NASDAQ:CNDT - Free Report) by 66.0% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 232,970 shares of the company's stock after buying an additional 92,663 shares during the period. Graham Capital Management L.P. owned approximately 0.14% of Conduent worth $629,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also added to or reduced their stakes in CNDT. Principal Financial Group Inc. bought a new stake in shares of Conduent during the 1st quarter valued at $28,000. Truvestments Capital LLC bought a new position in shares of Conduent in the first quarter worth $28,000. Universal Beteiligungs und Servicegesellschaft mbH acquired a new position in Conduent in the first quarter valued at about $32,000. EP Wealth Advisors LLC acquired a new position in Conduent in the fourth quarter valued at about $41,000. Finally, Vestmark Advisory Solutions Inc. lifted its position in Conduent by 114.5% during the first quarter. Vestmark Advisory Solutions Inc. now owns 28,014 shares of the company's stock worth $76,000 after purchasing an additional 14,955 shares during the period. Institutional investors and hedge funds own 77.28% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on CNDT shares. Wall Street Zen upgraded shares of Conduent from a "sell" rating to a "hold" rating in a research report on Saturday, August 23rd. Singular Research upgraded Conduent to a "strong-buy" rating in a research note on Tuesday, August 19th. One analyst has rated the stock with a Strong Buy rating, According to data from MarketBeat, the stock presently has an average rating of "Strong Buy".

Insider Activity

In other Conduent news, Director Harshavardhan V. Agadi purchased 100,000 shares of the firm's stock in a transaction on Wednesday, June 18th. The stock was purchased at an average cost of $2.81 per share, for a total transaction of $281,000.00. Following the transaction, the director owned 100,000 shares in the company, valued at $281,000. The trade was a ∞ increase in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. 2.98% of the stock is owned by corporate insiders.

Conduent Price Performance

Shares of NASDAQ CNDT traded up $0.10 during midday trading on Thursday, reaching $2.90. 1,118,986 shares of the company were exchanged, compared to its average volume of 837,344. The stock's 50-day moving average price is $2.68 and its 200-day moving average price is $2.61. The stock 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 quick ratio of 1.65, a current ratio of 1.65 and a debt-to-equity ratio of 0.81. Conduent Inc. has a one year low of $1.90 and a one year high of $4.90.

Conduent (NASDAQ:CNDT - Get Free Report) last released its quarterly earnings data 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. The company had revenue of $754.00 million for the quarter, compared to the consensus estimate of $777.00 million. Conduent had a negative return on equity of 9.88% and a net margin of 0.64%.Conduent's revenue for the quarter was down 7.0% on a year-over-year basis. During the same quarter last year, the business posted ($0.14) EPS. On average, sell-side analysts anticipate that Conduent Inc. will post -0.34 earnings per share for the current fiscal year.

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.