Conduent (NYSE:CNDT) announced its earnings results on Wednesday. The company reported $0.16 EPS for the quarter, hitting the Zacks’ consensus estimate of $0.16, Briefing.com reports. The firm had revenue of $1.10 billion during the quarter, compared to analysts’ expectations of $1.08 billion. Conduent had a positive return on equity of 6.35% and a negative net margin of 35.30%. The company’s quarterly revenue was down 15.8% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.28 EPS.
CNDT traded down $0.38 during trading hours on Friday, reaching $7.00. 1,549,498 shares of the company’s stock traded hands, compared to its average volume of 2,709,050. The firm has a 50-day moving average price of $6.10 and a 200 day moving average price of $8.16. Conduent has a 52-week low of $5.26 and a 52-week high of $15.48. The company has a quick ratio of 1.32, a current ratio of 1.32 and a debt-to-equity ratio of 0.92. The firm has a market capitalization of $1.56 billion, a PE ratio of 6.67 and a beta of 1.83.
A number of equities analysts have recently commented on the company. Cowen set a $8.00 target price on Conduent and gave the stock a “hold” rating in a report on Friday, August 9th. Citigroup reiterated a “neutral” rating and issued a $7.50 target price (down previously from $9.00) on shares of Conduent in a report on Wednesday, August 28th. Zacks Investment Research upgraded Conduent from a “sell” rating to a “hold” rating in a report on Monday, October 14th. Needham & Company LLC set a $9.00 target price on Conduent and gave the stock a “buy” rating in a report on Tuesday, September 24th. Finally, JPMorgan Chase & Co. upgraded Conduent from a “neutral” rating to an “overweight” rating and set a $8.00 target price for the company in a report on Friday, August 9th. One analyst has rated the stock with a sell rating, five have issued a hold rating and two have given a buy rating to the company. The stock currently has an average rating of “Hold” and a consensus price target of $10.08.
In other Conduent news, major shareholder Carl C. Icahn acquired 3,076,378 shares of the company’s stock in a transaction that occurred on Monday, August 12th. The stock was bought at an average price of $6.43 per share, for a total transaction of $19,781,110.54. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, major shareholder Carl C. Icahn acquired 1,941,101 shares of the company’s stock in a transaction that occurred on Wednesday, August 14th. The shares were acquired at an average price of $6.57 per share, with a total value of $12,753,033.57. The disclosure for this purchase can be found here. 0.92% of the stock is owned by insiders.
Conduent Company Profile
Conduent Incorporated provides business process services with capabilities in transaction-intensive processing, analytics, and automation in the United States and Europe. It operates through three segments: Commercial Industries, Government Services, and Transportation. The Commercial Industries segment offers business process services and customized solutions to clients in various industries.
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