Frontier Capital Management Co. LLC Decreases Stake in Conduent Inc (CNDT)

Frontier Capital Management Co. LLC lowered its position in Conduent Inc (NASDAQ:CNDT) by 0.3% in the 3rd quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 8,899,095 shares of the company’s stock after selling 27,192 shares during the period. Conduent accounts for about 1.0% of Frontier Capital Management Co. LLC’s investment portfolio, making the stock its 12th largest holding. Frontier Capital Management Co. LLC owned about 4.23% of Conduent worth $139,449,000 at the end of the most recent reporting period.

Several other large investors have also recently made changes to their positions in CNDT. Lord Abbett & CO. LLC raised its position in shares of Conduent by 43.4% in the 2nd quarter. Lord Abbett & CO. LLC now owns 5,974,165 shares of the company’s stock worth $95,228,000 after acquiring an additional 1,806,896 shares in the last quarter. Samlyn Capital LLC bought a new position in Conduent during the 2nd quarter valued at approximately $16,442,000. Junto Capital Management LP bought a new position in Conduent during the 2nd quarter valued at approximately $16,386,000. Neuberger Berman Group LLC increased its position in Conduent by 133.3% during the 2nd quarter. Neuberger Berman Group LLC now owns 1,748,391 shares of the company’s stock valued at $27,869,000 after buying an additional 999,084 shares in the last quarter. Finally, St. James Investment Company LLC bought a new position in Conduent during the 2nd quarter valued at approximately $13,580,000.

A number of research firms recently weighed in on CNDT. Zacks Investment Research lowered Conduent from a “buy” rating to a “hold” rating in a research report on Wednesday, August 16th. Cowen and Company reaffirmed a “hold” rating and set a $18.00 price objective on shares of Conduent in a research report on Friday, July 28th. BidaskClub raised Conduent from a “strong sell” rating to a “sell” rating in a research report on Thursday, October 12th. Needham & Company LLC began coverage on Conduent in a research report on Wednesday, September 13th. They set a “hold” rating for the company. Finally, BMO Capital Markets reaffirmed a “hold” rating and set a $18.00 price objective on shares of Conduent in a research report on Thursday, September 28th. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and two have issued a buy rating to the stock. The stock currently has an average rating of “Hold” and a consensus target price of $18.14.

In related news, EVP David Amoriell sold 106,500 shares of the company’s stock in a transaction on Wednesday, August 16th. The stock was sold at an average price of $17.01, for a total value of $1,811,565.00. Following the transaction, the executive vice president now directly owns 120,630 shares of the company’s stock, valued at approximately $2,051,916.30. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink.

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Conduent (NASDAQ:CNDT) last released its earnings results on Wednesday, August 9th. The company reported $0.16 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.16. Conduent had a negative return on equity of 0.48% and a negative net margin of 0.27%. The firm had revenue of $1.50 billion for the quarter, compared to the consensus estimate of $1.50 billion. During the same period in the prior year, the firm earned $0.30 EPS. The firm’s revenue was down 7.3% on a year-over-year basis.

Conduent Company Profile

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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Institutional Ownership by Quarter for Conduent (NASDAQ:CNDT)

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