Cannae (NYSE:CNNE) Sets New 1-Year Low After Analyst Downgrade

Cannae Holdings, Inc. (NYSE:CNNE)’s share price reached a new 52-week low on Wednesday after Royal Bank Of Canada lowered their price target on the stock from $22.00 to $19.00. Royal Bank Of Canada currently has an outperform rating on the stock. Cannae traded as low as $15.46 and last traded at $15.50, with a volume of 1181612 shares trading hands. The stock had previously closed at $17.24.

Several other analysts have also issued reports on the company. Weiss Ratings reiterated a “sell (d-)” rating on shares of Cannae in a report on Tuesday, October 14th. Zacks Research upgraded Cannae from a “strong sell” rating to a “hold” rating in a research note on Wednesday, October 15th. Two equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, Cannae has a consensus rating of “Hold” and an average price target of $20.50.

Insider Activity at Cannae

In other news, Director Frank R. Martire sold 106,855 shares of the stock in a transaction that occurred on Friday, August 29th. The stock was sold at an average price of $18.63, for a total transaction of $1,990,708.65. Following the transaction, the director owned 26,478 shares in the company, valued at approximately $493,285.14. This trade represents a 80.14% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders own 10.90% of the company’s stock.

Hedge Funds Weigh In On Cannae

Hedge funds have recently added to or reduced their stakes in the stock. Highbridge Capital Management LLC grew its holdings in shares of Cannae by 12.3% during the 3rd quarter. Highbridge Capital Management LLC now owns 442,713 shares of the company’s stock worth $8,106,000 after purchasing an additional 48,400 shares in the last quarter. JPMorgan Chase & Co. increased its holdings in Cannae by 83.8% in the 3rd quarter. JPMorgan Chase & Co. now owns 289,963 shares of the company’s stock valued at $5,309,000 after buying an additional 132,166 shares during the period. State of New Jersey Common Pension Fund D raised its position in shares of Cannae by 11.0% in the 3rd quarter. State of New Jersey Common Pension Fund D now owns 117,647 shares of the company’s stock valued at $2,154,000 after buying an additional 11,657 shares in the last quarter. Poehling Capital Management INC. lifted its holdings in shares of Cannae by 1.5% during the 3rd quarter. Poehling Capital Management INC. now owns 835,279 shares of the company’s stock worth $15,294,000 after acquiring an additional 12,640 shares during the period. Finally, BI Asset Management Fondsmaeglerselskab A S acquired a new stake in shares of Cannae during the 3rd quarter worth approximately $855,000. Institutional investors own 88.12% of the company’s stock.

Cannae Price Performance

The firm has a market capitalization of $772.79 million, a P/E ratio of -2.00 and a beta of 1.11. The company has a quick ratio of 2.78, a current ratio of 2.78 and a debt-to-equity ratio of 0.05. The business’s 50 day moving average is $18.42 and its 200-day moving average is $19.15.

Cannae (NYSE:CNNE) last released its earnings results on Monday, November 10th. The company reported ($1.25) earnings per share for the quarter, missing the consensus estimate of ($0.31) by ($0.94). Cannae had a negative return on equity of 21.58% and a negative net margin of 108.39%.The business had revenue of $106.90 million for the quarter, compared to the consensus estimate of $104.80 million. During the same quarter in the previous year, the company earned ($0.22) earnings per share. The firm’s revenue for the quarter was down 6.1% on a year-over-year basis. As a group, sell-side analysts predict that Cannae Holdings, Inc. will post -3.14 EPS for the current fiscal year.

Cannae Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, December 31st. Stockholders of record on Wednesday, December 17th will be issued a $0.15 dividend. The ex-dividend date of this dividend is Wednesday, December 17th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 3.9%. Cannae’s dividend payout ratio is -8.96%.

Cannae Company Profile

Cannae Holdings, Inc is a principal investment firm. The firm primarily invests in restaurants, technology enabled healthcare services, financial services and more. It takes both minority and majority stakes. Cannae Holdings, Inc was founded in 2014 and is based in Las Vegas, Nevada.