Conduent Inc (NYSE:CNDT) Short Interest Down 6.8% in June

Conduent Inc (NYSE:CNDT) saw a significant drop in short interest in the month of June. As of June 15th, there was short interest totalling 9,048,100 shares, a drop of 6.8% from the May 15th total of 9,707,700 shares. Based on an average daily trading volume, of 2,930,000 shares, the days-to-cover ratio is presently 3.1 days. Approximately 4.5% of the company’s stock are short sold.

In other news, major shareholder Carl C. Icahn purchased 1,700,000 shares of the business’s stock in a transaction on Friday, May 10th. The shares were acquired at an average cost of $8.37 per share, with a total value of $14,229,000.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, major shareholder Carl C. Icahn purchased 3,915,417 shares of the business’s stock in a transaction on Monday, May 13th. The stock was purchased at an average cost of $8.35 per share, for a total transaction of $32,693,731.95. The disclosure for this purchase can be found here. Over the last three months, insiders have purchased 7,001,674 shares of company stock worth $59,245,442. 0.92% of the stock is currently owned by corporate insiders.

Several institutional investors have recently modified their holdings of CNDT. Iridian Asset Management LLC CT raised its position in shares of Conduent by 64.8% in the first quarter. Iridian Asset Management LLC CT now owns 10,310,544 shares of the company’s stock worth $142,595,000 after acquiring an additional 4,054,551 shares during the period. Norges Bank purchased a new stake in shares of Conduent during the fourth quarter worth about $25,600,000. Victory Capital Management Inc. purchased a new stake in shares of Conduent during the first quarter worth about $22,559,000. Rubric Capital Management LP increased its stake in shares of Conduent by 176.3% during the first quarter. Rubric Capital Management LP now owns 1,584,000 shares of the company’s stock worth $21,907,000 after purchasing an additional 1,010,705 shares in the last quarter. Finally, Deutsche Bank AG increased its stake in shares of Conduent by 190.5% during the fourth quarter. Deutsche Bank AG now owns 1,435,799 shares of the company’s stock worth $15,260,000 after purchasing an additional 941,548 shares in the last quarter. Institutional investors and hedge funds own 89.07% of the company’s stock.

NYSE CNDT traded down $0.02 on Friday, reaching $8.97. 4,443,146 shares of the company’s stock traded hands, compared to its average volume of 2,836,832. The business has a 50 day moving average of $9.23. The stock has a market cap of $1.89 billion, a price-to-earnings ratio of 8.54 and a beta of 1.70. Conduent has a fifty-two week low of $7.14 and a fifty-two week high of $23.39. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.28 and a current ratio of 1.28.

Conduent (NYSE:CNDT) last issued its quarterly earnings data on Wednesday, May 8th. The company reported $0.14 earnings per share for the quarter, missing analysts’ consensus estimates of $0.17 by ($0.03). The firm had revenue of $1.16 billion during the quarter, compared to analyst estimates of $1.17 billion. Conduent had a positive return on equity of 6.61% and a negative net margin of 13.14%. The company’s revenue was down 18.5% on a year-over-year basis. During the same quarter last year, the company posted $0.22 EPS. On average, analysts expect that Conduent will post 0.84 EPS for the current fiscal year.

CNDT has been the topic of several analyst reports. JPMorgan Chase & Co. lowered shares of Aeroports de Paris from an “overweight” rating to a “neutral” rating in a report on Thursday, May 9th. Needham & Company LLC reaffirmed a “buy” rating and issued a $26.00 price target (down from $27.00) on shares of Nlight in a report on Thursday, May 9th. Zacks Investment Research lowered shares of ExlService from a “hold” rating to a “sell” rating in a report on Wednesday. Citigroup raised shares of Copa from a “neutral” rating to a “buy” rating in a report on Thursday, May 9th. Finally, Cross Research lowered shares of Conduent from a “buy” rating to a “hold” rating in a report on Wednesday, May 8th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and three have given a buy rating to the company. The stock presently has an average rating of “Hold” and an average price target of $13.93.

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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