Conduent (CNDT) Downgraded by Zacks Investment Research to Hold

Zacks Investment Research lowered shares of Conduent (NYSE:CNDT) from a buy rating to a hold rating in a research report released on Friday.

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. “

A number of other brokerages also recently commented on CNDT. Cross Research raised shares of Conduent from a hold rating to a buy rating in a research note on Tuesday, November 7th. SunTrust Banks reissued a buy rating and issued a $20.00 price objective on shares of Conduent in a research note on Friday, November 10th. BMO Capital Markets reissued a hold rating and issued a $18.00 price objective on shares of Conduent in a research note on Thursday, September 28th. BidaskClub downgraded shares of Conduent from a sell rating to a strong sell rating in a research note on Thursday, September 21st. Finally, Needham & Company LLC initiated coverage on shares of Conduent in a research note on Wednesday, September 13th. They issued a hold rating for the company. One analyst has rated the stock with a sell rating, five have issued a hold rating and four have issued a buy rating to the company. Conduent has an average rating of Hold and an average target price of $18.43.

Conduent (NYSE CNDT) opened at $16.16 on Friday. The company has a market cap of $3,399.70 and a P/E ratio of -3.33. Conduent has a 12 month low of $13.10 and a 12 month high of $18.15. The company has a quick ratio of 1.74, a current ratio of 1.74 and a debt-to-equity ratio of 0.60.

Conduent (NYSE:CNDT) last issued its quarterly earnings data on Wednesday, November 8th. The company reported $0.22 EPS for the quarter, topping analysts’ consensus estimates of $0.21 by $0.01. The company had revenue of $1.48 billion during the quarter, compared to the consensus estimate of $1.50 billion. Conduent had a negative net margin of 16.18% and a positive return on equity of 5.45%. Conduent’s revenue for the quarter was down 7.3% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.24 earnings per share. analysts forecast that Conduent will post 0.81 EPS for the current fiscal year.

Hedge funds have recently modified their holdings of the company. The Manufacturers Life Insurance Company increased its position in shares of Conduent by 6.6% during the second quarter. The Manufacturers Life Insurance Company now owns 8,463 shares of the company’s stock worth $135,000 after purchasing an additional 527 shares in the last quarter. Oppenheimer Asset Management Inc. increased its position in shares of Conduent by 213.2% during the second quarter. Oppenheimer Asset Management Inc. now owns 8,882 shares of the company’s stock worth $142,000 after purchasing an additional 6,046 shares in the last quarter. Pacad Investment Ltd. acquired a new position in shares of Conduent during the second quarter worth $161,000. Stevens Capital Management LP acquired a new position in shares of Conduent during the second quarter worth $161,000. Finally, First Allied Advisory Services Inc. acquired a new position in shares of Conduent during the third quarter worth $149,000. 88.67% of the stock is currently owned by institutional investors and hedge funds.

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About Conduent

Conduent Incorporated is a provider of business process services, including transaction-intensive processing, analytics and automation services. The Company’s segments include Commercial Industries, Healthcare and Public Sector. The Commercial Industries segment provides business process services and customized solutions to clients in a range of industries (other than healthcare).

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