Hsbc Holdings PLC Raises Position in Conduent Inc. $CNDT

Key Points

• Hsbc Holdings PLC increased its stake in Conduent Inc. by 65.8%, purchasing an additional 103,099 shares, bringing its total ownership to 259,850 shares valued at approximately $704,000.
• Conduent reported an earnings loss of ($0.13) per share for the last quarter, surpassing analysts' expectations of ($0.19), but experienced a 7% decline in year-over-year revenue.
• Several hedge funds are actively buying shares of Conduent, as institutional investors now hold 77.28% of the company's stock, indicating growing confidence in its future performance.

Hsbc Holdings PLC increased its holdings in Conduent Inc. (NASDAQ:CNDT - Free Report) by 65.8% in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 259,850 shares of the company's stock after purchasing an additional 103,099 shares during the period. Hsbc Holdings PLC owned approximately 0.16% of Conduent worth $704,000 at the end of the most recent quarter.

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

Conduent Stock Performance

Conduent stock traded down $0.04 during trading on Thursday, hitting $2.78. The stock had a trading volume of 243,679 shares, compared to its average volume of 1,142,534. The stock's 50 day moving average is $2.66 and its two-hundred day moving average is $2.65. Conduent Inc. has a 1 year low of $1.90 and a 1 year high of $4.90. The stock has a market cap of $438.38 million, a price-to-earnings ratio of 69.39 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 released its quarterly earnings data 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 business had revenue of $754.00 million for the quarter, compared to the consensus estimate of $777.00 million. During the same period in the prior year, the firm earned ($0.14) earnings per share. The company's revenue was down 7.0% compared to the same quarter last year. As a group, analysts predict that Conduent Inc. will post -0.34 EPS for the current year.

Insider Buying and Selling at Conduent

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

Analyst Ratings Changes

A number of research analysts recently commented on CNDT shares. Wall Street Zen upgraded shares of Conduent from a "sell" rating to a "hold" rating in a research note on Saturday, August 23rd. Singular Research upgraded shares of Conduent to a "strong-buy" rating in a 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 presently has an average rating of "Strong Buy".

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.