Charles Schwab Investment Management Inc. Acquires 235,179 Shares of Conduent Inc. $CNDT

Key Points

• Charles Schwab Investment Management Inc. increased its stake in Conduent Inc. by 12%, holding approximately 2.2 million shares valued at nearly $5.9 million as of the latest quarter.
• Conduent has received several upgrades from research analysts, including a "strong-buy" rating from Singular Research, indicating a growing confidence in the company's performance.
• The company's recent quarterly earnings report showed a loss of ($0.13) EPS, surpassing expectations but reflecting a year-over-year revenue decline of 7%.

Charles Schwab Investment Management Inc. grew its position in shares of Conduent Inc. (NASDAQ:CNDT - Free Report) by 12.0% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,199,536 shares of the company's stock after purchasing an additional 235,179 shares during the period. Charles Schwab Investment Management Inc. owned approximately 1.36% of Conduent worth $5,939,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in CNDT. Wells Fargo & Company MN grew its position in shares of Conduent by 27.2% during the 4th quarter. Wells Fargo & Company MN now owns 94,545 shares of the company's stock valued at $382,000 after purchasing an additional 20,217 shares in the last quarter. Envestnet Asset Management Inc. grew its position in shares of Conduent by 14.1% during the 4th quarter. Envestnet Asset Management Inc. now owns 44,438 shares of the company's stock valued at $180,000 after purchasing an additional 5,494 shares in the last quarter. Raymond James Financial Inc. purchased a new position in shares of Conduent during the 4th quarter valued at $797,000. Barclays PLC grew its position in shares of Conduent by 9.9% during the 4th quarter. Barclays PLC now owns 298,713 shares of the company's stock valued at $1,207,000 after purchasing an additional 26,790 shares in the last quarter. Finally, Mariner LLC grew its position in shares of Conduent by 216.1% during the 4th quarter. Mariner LLC now owns 42,040 shares of the company's stock valued at $170,000 after purchasing an additional 28,740 shares in the last quarter. 77.28% of the stock is currently owned by hedge funds and other institutional investors.

Conduent Price Performance

NASDAQ:CNDT traded down $0.02 during midday trading on Monday, hitting $2.78. The company had a trading volume of 552,733 shares, compared to its average volume of 1,074,617. Conduent Inc. has a 52-week low of $1.90 and a 52-week high of $4.90. The stock's fifty day moving average price is $2.65 and its 200-day moving average price is $2.66. The company has a market capitalization of $439.17 million, a PE ratio of 69.52 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 (NASDAQ:CNDT - Get Free Report) last announced its earnings results on Wednesday, August 6th. The company reported ($0.13) earnings per share (EPS) for the quarter, topping 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 during the quarter, compared to analyst estimates of $777.00 million. During the same period in the previous year, the business earned ($0.14) earnings per share. The firm's quarterly revenue was down 7.0% compared to the same quarter last year. As a group, research analysts expect that Conduent Inc. will post -0.34 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of research 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 shares of Conduent to a "strong-buy" rating in a research report on Tuesday, August 19th. One equities research 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".

Insiders Place Their Bets

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

About Conduent

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.