Miller Value Partners LLC Makes New $18.96 Million Investment in Conduent Inc. $CNDT

Key Points

• Miller Value Partners acquired 12.99 million Conduent shares worth approximately $18.96 million, representing about 8.35% of the company and 4.5% of the fund’s portfolio.
• Conduent reported a quarterly loss of $0.18 per share and revenue of $531 million, missing analyst estimates of a $0.17 loss and $702 million in revenue. The company remains unprofitable, with a negative 8.17% net margin.
• CNDT shares opened at $1.63, while institutional investors and hedge funds own 77.28% of the stock. Analyst sentiment is mixed, resulting in a consensus “Hold” rating.

Miller Value Partners LLC acquired a new stake in Conduent Inc. (NASDAQ:CNDT - Free Report) during the second quarter, according to its most recent disclosure with the SEC. The institutional investor acquired 12,986,100 shares of the company's stock, valued at approximately $18,960,000. Conduent comprises about 4.5% of Miller Value Partners LLC's investment portfolio, making the stock its 8th biggest position. Miller Value Partners LLC owned approximately 8.35% of Conduent as of its most recent filing with the SEC.

Several other large investors also recently modified their holdings of CNDT. Global Retirement Partners LLC lifted its holdings in Conduent by 28,720.0% in the fourth quarter. Global Retirement Partners LLC now owns 14,410 shares of the company's stock valued at $28,000 after buying an additional 14,360 shares during the period. Boothbay Fund Management LLC acquired a new stake in Conduent during the 2nd quarter worth about $29,000. Pallas Capital Advisors LLC bought a new position in shares of Conduent in the 2nd quarter worth about $30,000. GSA Capital Partners LLP bought a new position in shares of Conduent in the 2nd quarter worth about $30,000. Finally, M&T Bank Corp acquired a new position in shares of Conduent in the 4th quarter valued at about $33,000. 77.28% of the stock is currently owned by institutional investors and hedge funds.

Conduent Stock Up 1.2%

CNDT stock opened at $1.63 on Wednesday. The stock'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 $253.50 million, a P/E ratio of -1.07 and a beta of 1.44. The company has a debt-to-equity ratio of 1.33, a quick ratio of 1.55 and a current ratio of 1.55. Conduent Inc. has a fifty-two week low of $1.15 and a fifty-two week high of $2.98.

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

Analyst Ratings Changes

Several equities analysts have issued reports on CNDT shares. Noble Financial raised Conduent to a "strong-buy" rating in a research note on Tuesday, May 12th. Wall Street Zen downgraded shares of Conduent from a "hold" rating to a "strong sell" rating in a research report on Saturday, August 15th. Zacks Research lowered shares of Conduent from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, August 11th. Finally, Weiss Ratings reiterated a "sell (d)" rating on shares of Conduent in a research report on Friday, July 17th. One equities research analyst has rated the stock with a Strong Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat, Conduent currently has a consensus rating of "Hold".

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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