JB Capital Partners LP Acquires Shares of 1,113,061 Conduent Inc. $CNDT

Key Points

• JB Capital Partners acquired 1.11 million Conduent shares worth approximately $1.63 billion, representing a 0.72% stake. Institutional investors collectively own 77.28% of the company.
• Conduent’s latest quarterly results fell short of expectations, with an adjusted loss of $0.18 per share versus estimates of $0.17 and revenue of $531 million versus the $702 million consensus.
• Analyst sentiment remains mixed, ranging from Strong Buy to Strong Sell, with the overall consensus rating at Hold.

JB Capital Partners LP acquired a new stake in Conduent Inc. (NASDAQ:CNDT - Free Report) in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor acquired 1,113,061 shares of the company's stock, valued at approximately $1,625,069,000. JB Capital Partners LP owned 0.72% of Conduent at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of the business. BlackRock Inc. purchased a new position in Conduent during the 2nd quarter worth $20,194,000. Blue Owl Capital Holdings LP purchased a new stake in shares of Conduent in the second quarter valued at about $7,353,000. Charles Schwab Investment Management Inc. raised its holdings in shares of Conduent by 35.2% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 7,116,277 shares of the company's stock valued at $13,663,000 after buying an additional 1,854,266 shares during the last quarter. Miller Value Partners LLC boosted its stake in shares of Conduent by 38.5% during 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 period. Finally, AQR Capital Management LLC grew its holdings in shares of Conduent by 136.5% during the second quarter. AQR Capital Management LLC now owns 1,750,748 shares of the company's stock worth $4,622,000 after buying an additional 1,010,373 shares during the last quarter. 77.28% of the stock is currently owned by hedge funds and other institutional investors.

Conduent Stock Up 3.9%

Shares of NASDAQ:CNDT opened at $1.61 on Friday. Conduent Inc. has a fifty-two week low of $1.15 and a fifty-two week high of $2.98. The company has a quick ratio of 1.55, a current ratio of 1.55 and a debt-to-equity ratio of 1.33. The firm's 50-day simple moving average is $1.52 and its 200-day simple moving average is $1.50. The company has a market cap of $250.39 million, a price-to-earnings ratio of -1.06 and a beta of 1.44.

Conduent (NASDAQ:CNDT - Get Free Report) last posted its quarterly earnings results on Monday, August 10th. The company reported ($0.18) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.17) by ($0.01). The firm had revenue of $531.00 million for the quarter, compared to analysts' expectations of $702.00 million. Conduent had a negative return on equity of 9.02% and a negative net margin of 8.17%. As a group, equities research analysts predict that Conduent Inc. will post -0.37 earnings per share for the current year.

Analyst Ratings Changes

Several equities analysts recently issued reports on the company. Weiss Ratings restated a "sell (d)" rating on shares of Conduent in a research report on Friday, July 17th. Zacks Research downgraded Conduent from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, August 11th. Noble Financial raised Conduent to a "strong-buy" rating in a report on Tuesday, May 12th. Finally, Wall Street Zen cut Conduent from a "hold" rating to a "strong sell" rating in a research note on Saturday, August 15th. One equities research analyst has rated the stock with a Strong Buy rating, one has given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the company presently has an average rating of "Hold".

Conduent 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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