Zacks Investment Research Downgrades Conduent (CNDT) to Sell

Zacks Investment Research cut shares of Conduent (NYSE:CNDT) from a hold rating to a sell rating in a research note issued to investors on Tuesday morning.

According to Zacks, “Conduent Incorporated is a business process services company. It engaged in providing business and government services to citizens, patients, customers and employees. The services rendered by the company include healthcare solutions, BPO services, learning services, digital payments, legal and compliance solutions, human resources, finance and accounting, procurement solutions and digital transformation. The company serves aerospace defence and automotive services, banking, communication and media, healthcare, industrial and energy, insurance, retail and consumer products and transportation industries. Conduent Incorporated is based in Basking Ridge, N.J. “

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Several other equities analysts have also issued reports on the company. SunTrust Banks lowered their price target on Conduent to $18.00 and set a buy rating for the company in a research report on Thursday, November 8th. TheStreet lowered Conduent from a c- rating to a d+ rating in a research report on Monday, December 3rd. Morgan Stanley set a $16.00 price target on Conduent and gave the stock a hold rating in a research report on Thursday, November 8th. ValuEngine lowered Conduent from a hold rating to a sell rating in a research report on Thursday, November 8th. Finally, BMO Capital Markets reaffirmed a hold rating and issued a $17.00 price target on shares of Conduent in a research report on Wednesday, February 20th. Two research analysts have rated the stock with a sell rating, two have assigned a hold rating and four have given a buy rating to the company’s stock. Conduent has an average rating of Hold and a consensus target price of $20.71.

Shares of CNDT stock opened at $14.75 on Tuesday. Conduent has a 12 month low of $9.68 and a 12 month high of $23.39. The firm has a market cap of $3.23 billion, a PE ratio of 14.55 and a beta of 1.36. The company has a current ratio of 1.59, a quick ratio of 1.59 and a debt-to-equity ratio of 0.45.

Conduent (NYSE:CNDT) last announced its earnings results on Wednesday, February 20th. The company reported $0.26 EPS for the quarter, meeting the Zacks’ consensus estimate of $0.26. Conduent had a negative net margin of 7.71% and a positive return on equity of 6.66%. The firm had revenue of $1.28 billion for the quarter, compared to analysts’ expectations of $1.26 billion. During the same quarter in the previous year, the business posted $0.31 EPS. The company’s quarterly revenue was down 14.1% on a year-over-year basis. As a group, analysts expect that Conduent will post 0.98 earnings per share for the current year.

Institutional investors and hedge funds have recently bought and sold shares of the company. Whittier Trust Co. raised its position in shares of Conduent by 47.3% in the 4th quarter. Whittier Trust Co. now owns 2,708 shares of the company’s stock worth $29,000 after purchasing an additional 870 shares during the last quarter. Group One Trading L.P. raised its position in Conduent by 673.6% in the 3rd quarter. Group One Trading L.P. now owns 6,046 shares of the company’s stock worth $136,000 after buying an additional 7,100 shares during the last quarter. Bessemer Group Inc. purchased a new position in Conduent in the 4th quarter worth about $71,000. ClariVest Asset Management LLC purchased a new position in Conduent in the 3rd quarter worth about $157,000. Finally, Quantamental Technologies LLC purchased a new position in Conduent in the 4th quarter worth about $75,000. 87.58% of the stock is owned by hedge funds and other institutional investors.

About Conduent

Conduent Incorporated provides business process services with capabilities in transaction-intensive processing, analytics, and automation in the United States and internationally. It operates in two segments, Commercial Industries and Public Sector. The Commercial Industries segment offers business process services and customized solutions to clients in various industries.

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