Arrowstreet Capital Limited Partnership significantly increased its holdings in Conduent Inc. (NASDAQ:CNDT) by an impressive 323.8% during the second quarter, according to the firm’s latest Form 13F filing with the Securities and Exchange Commission. Following this expansion, Arrowstreet now owns 2,757,577 shares, valued at approximately $7.28 million, after acquiring an additional 2,106,956 shares in the quarter.
Other institutional investors have also been active in adjusting their investments in Conduent recently. For example, Prudential Financial Inc. boosted its stake by 7.1%, acquiring an additional 171,846 shares to reach a total of 2,576,089 shares worth around $6.80 million. Meanwhile, Neuberger Berman Group LLC raised its position by 3.0%, now holding 15,239,805 shares valued at about $40.23 million after purchasing an extra 445,372 shares. Graham Capital Management L.P. and Charles Schwab Investment Management Inc. have also increased their stakes in the company significantly.
On the trading front, shares of Conduent opened at $2.08, which represents a jump of 3.5% from previous levels. The company has experienced significant fluctuations over the past year, with a low of $1.72 and a high of $4.90. Currently, Conduent has a market capitalization of $318.01 million, with a low price-to-earnings ratio of -2.12 indicating challenges in profitability. Just recently, the firm reported a disappointing earnings result for the last quarter, posting an EPS of -$0.09, which fell short of analyst expectations of -$0.07.
Wall Street analyses provide a mixed view on Conduent’s stock. Singular Research recently upgraded the company to a “strong-buy” rating, while Weiss Ratings maintained a “sell” rating. Most analysts currently assign a “Moderate Buy” outlook, showcasing a cautious optimism for Conduent amidst broader challenges.
Conduent operates within the digital business solutions sphere, providing services across various sectors, including commercial and government sectors both domestically and internationally. As analysts watch the company’s developments, there remains a degree of hope for recovery and growth as institutional backing continues to expand.