Conduent Inc. $CNDT Shares Sold by Dimensional Fund Advisors LP

Key Points

• Dimensional Fund Advisors cut its Conduent stake by 7.4% in the first quarter, selling 611,318 shares and retaining 7.6 million shares valued at approximately $9.7 million. Institutional investors collectively own 77.28% of CNDT.
• Conduent shares opened at $1.70, compared with a 52-week range of $1.15 to $2.98. The company reported a quarterly loss of $0.07 per share, beating estimates for a $0.19 loss, while revenue of $723 million fell short of expectations.
• Analyst sentiment remains generally positive: three analysts rate Conduent a Strong Buy and one rates it Sell, resulting in a consensus Buy rating.

Dimensional Fund Advisors LP decreased its holdings in Conduent Inc. (NASDAQ:CNDT - Free Report) by 7.4% in the 1st quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 7,601,314 shares of the company's stock after selling 611,318 shares during the quarter. Dimensional Fund Advisors LP owned 4.90% of Conduent worth $9,731,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also modified their holdings of CNDT. Blue Owl Capital Holdings LP grew its stake in shares of Conduent by 8.2% in the 4th quarter. Blue Owl Capital Holdings LP now owns 4,822,422 shares of the company's stock worth $9,259,000 after purchasing an additional 365,574 shares during the last quarter. Miller Value Partners LLC grew its position in Conduent by 38.5% in the fourth 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 during the last quarter. AXQ Capital LP bought a new position in shares of Conduent in the fourth quarter valued at $40,000. GatePass Capital LLC lifted its position in shares of Conduent by 6.1% during the 4th quarter. GatePass Capital LLC now owns 238,800 shares of the company's stock valued at $458,000 after acquiring an additional 13,700 shares during the last quarter. Finally, Strs Ohio boosted its stake in shares of Conduent by 6.8% during the 4th quarter. Strs Ohio now owns 171,500 shares of the company's stock worth $329,000 after acquiring an additional 10,900 shares in the last quarter. 77.28% of the stock is currently owned by institutional investors.

Conduent Price Performance

Shares of Conduent stock opened at $1.70 on Monday. The company has a current ratio of 1.59, a quick ratio of 1.59 and a debt-to-equity ratio of 1.09. The firm has a fifty day simple moving average of $1.52 and a 200-day simple moving average of $1.51. The stock has a market capitalization of $263.67 million, a price-to-earnings ratio of -1.67 and a beta of 1.44. Conduent Inc. has a 1-year low of $1.15 and a 1-year high of $2.98.

Conduent (NASDAQ:CNDT - Get Free Report) last released its earnings results on Monday, May 11th. The company reported ($0.07) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.19) by $0.12. Conduent had a negative return on equity of 7.08% and a negative net margin of 5.04%.The firm had revenue of $723.00 million for the quarter, compared to analyst estimates of $746.67 million. On average, sell-side analysts expect that Conduent Inc. will post -0.29 earnings per share for the current year.

Analysts Set New Price Targets

Several research analysts have recently weighed in on CNDT shares. Weiss Ratings reissued a "sell (d)" rating on shares of Conduent in a research report on Friday, July 17th. Zacks Research upgraded shares of Conduent from a "hold" rating to a "strong-buy" rating in a research report on Monday, July 13th. Finally, Noble Financial upgraded Conduent to a "strong-buy" rating in a report on Tuesday, May 12th. Three investment analysts have rated the stock with a Strong Buy rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, Conduent currently has a consensus rating of "Buy".

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.

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