Cannae (NYSE:CNNE) Hits New 12-Month Low – What’s Next?

Shares of Cannae Holdings, Inc. (NYSE:CNNE) reached a new 52-week low during mid-day trading on Tuesday . The company traded as low as $15.12 and last traded at $15.1930, with a volume of 14463 shares. The stock had previously closed at $15.18.

Wall Street Analysts Forecast Growth

A number of analysts recently commented on CNNE shares. Weiss Ratings reiterated a “sell (d-)” rating on shares of Cannae in a research report on Tuesday, October 14th. Royal Bank Of Canada cut their price target on Cannae from $22.00 to $19.00 and set an “outperform” rating for the company in a research note on Wednesday, November 12th. Finally, Zacks Research upgraded shares of Cannae from a “strong sell” rating to a “hold” rating in a research note on Wednesday, October 15th. Two 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’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $20.50.

Cannae Stock Performance

The company has a quick ratio of 2.03, a current ratio of 2.03 and a debt-to-equity ratio of 0.05. The stock has a market cap of $746.10 million, a P/E ratio of -1.96 and a beta of 1.11. The business has a 50 day moving average price of $18.04 and a two-hundred day moving average price of $19.04.

Cannae (NYSE:CNNE) last released its quarterly earnings data on Monday, November 10th. The company reported ($1.25) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.31) by ($0.94). Cannae had a negative net margin of 108.39% and a negative return on equity of 23.16%. The company 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 business earned ($0.22) EPS. The company’s quarterly revenue was down 6.1% on a year-over-year basis. On average, sell-side analysts forecast that Cannae Holdings, Inc. will post -3.14 earnings per share for the current fiscal year.

Cannae Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, December 31st. Shareholders of record on Wednesday, December 17th will be paid a $0.15 dividend. The ex-dividend date is Wednesday, December 17th. This represents a $0.60 annualized dividend and a yield of 4.0%. Cannae’s payout ratio is presently -7.76%.

Insider Buying and Selling at Cannae

In other news, Director Frank R. Martire sold 106,855 shares of Cannae stock in a transaction dated Friday, August 29th. The stock was sold at an average price of $18.63, for a total value of $1,990,708.65. Following the sale, the director directly owned 26,478 shares of the company’s stock, valued at approximately $493,285.14. The trade was a 80.14% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 10.90% of the stock is currently owned by insiders.

Institutional Trading of Cannae

Several hedge funds have recently modified their holdings of the company. Vanguard Group Inc. raised its stake in Cannae by 3.6% during the first quarter. Vanguard Group Inc. now owns 5,844,675 shares of the company’s stock valued at $107,133,000 after purchasing an additional 205,785 shares in the last quarter. River Road Asset Management LLC raised its position in shares of Cannae by 0.9% during the 2nd quarter. River Road Asset Management LLC now owns 4,719,243 shares of the company’s stock valued at $100,897,000 after buying an additional 40,367 shares in the last quarter. Newtyn Management LLC lifted its holdings in shares of Cannae by 143.4% in the 1st quarter. Newtyn Management LLC now owns 4,600,000 shares of the company’s stock valued at $84,318,000 after acquiring an additional 2,710,000 shares during the last quarter. Carronade Capital Management LP lifted its holdings in shares of Cannae by 5.7% in the 2nd quarter. Carronade Capital Management LP now owns 3,189,027 shares of the company’s stock valued at $66,491,000 after acquiring an additional 173,380 shares during the last quarter. Finally, Rubric Capital Management LP increased its stake in Cannae by 41.3% during the second quarter. Rubric Capital Management LP now owns 2,105,864 shares of the company’s stock worth $43,907,000 after acquiring an additional 615,616 shares during the last quarter. 88.12% of the stock is owned by hedge funds and other institutional investors.

About Cannae

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.