Cannae Target of Unusually Large Options Trading (NYSE:CNNE)

Cannae Holdings, Inc. (NYSE:CNNE) was the target of some unusual options trading activity on Wednesday. Investors bought 6,000 call options on the stock. This represents an increase of 3,514% compared to the typical volume of 166 call options.

Cannae Trading Up 1.0%

NYSE CNNE traded up $0.11 on Friday, hitting $11.45. The company’s stock had a trading volume of 261,011 shares, compared to its average volume of 569,703. The company’s 50-day moving average is $14.06 and its 200 day moving average is $16.30. The firm has a market cap of $530.48 million, a PE ratio of -1.28 and a beta of 1.11. Cannae has a 1-year low of $11.24 and a 1-year high of $21.96. The company has a quick ratio of 2.07, a current ratio of 2.07 and a debt-to-equity ratio of 0.07.

Cannae (NYSE:CNNE) last issued its quarterly earnings results on Monday, February 23rd. The company reported ($1.93) EPS for the quarter, missing analysts’ consensus estimates of ($0.38) by ($1.55). The business had revenue of $103.30 million for the quarter, compared to analyst estimates of $102.70 million. Cannae had a negative return on equity of 31.78% and a negative net margin of 121.15%.Cannae’s revenue for the quarter was down 6.0% on a year-over-year basis. During the same quarter last year, the firm posted ($0.74) EPS. As a group, analysts predict that Cannae will post -3.14 earnings per share for the current fiscal year.

Cannae Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, March 31st. Investors of record on Tuesday, March 17th will be paid a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a dividend yield of 5.2%. The ex-dividend date of this dividend is Tuesday, March 17th. Cannae’s payout ratio is currently -6.73%.

Institutional Trading of Cannae

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Police & Firemen s Retirement System of New Jersey lifted its position in shares of Cannae by 6.3% in the 2nd quarter. Police & Firemen s Retirement System of New Jersey now owns 12,189 shares of the company’s stock worth $254,000 after purchasing an additional 725 shares during the period. CWM LLC increased its position in shares of Cannae by 25.0% during the third quarter. CWM LLC now owns 4,065 shares of the company’s stock worth $74,000 after buying an additional 812 shares during the period. Raymond James Financial Inc. raised its stake in Cannae by 0.5% during the second quarter. Raymond James Financial Inc. now owns 267,358 shares of the company’s stock worth $5,574,000 after buying an additional 1,265 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake in Cannae by 4.4% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 33,465 shares of the company’s stock worth $613,000 after buying an additional 1,405 shares during the last quarter. Finally, Nomura Asset Management Co. Ltd. lifted its holdings in Cannae by 66.8% in the second quarter. Nomura Asset Management Co. Ltd. now owns 4,168 shares of the company’s stock valued at $87,000 after buying an additional 1,669 shares during the period. Institutional investors and hedge funds own 88.12% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on CNNE shares. Royal Bank Of Canada reduced their target price on Cannae from $19.00 to $16.00 and set an “outperform” rating on the stock in a report on Tuesday, February 24th. Weiss Ratings restated a “sell (d-)” rating on shares of Cannae in a research report on Friday, January 9th. One research analyst has rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $16.00.

About Cannae

Cannae Holdings, Inc (NYSE: CNNE) is a publicly traded diversified holding company that focuses on partnering with and investing in businesses across a range of industry sectors. The company seeks to identify attractive opportunities in both private and public markets, leveraging its capital resources and management expertise to support operational growth and value creation. Cannae’s investment strategy emphasizes companies in data and analytics, marketing services, healthcare technology, and payment processing.

Through its portfolio, Cannae holds controlling or significant minority stakes in companies that provide critical software, data and services to corporate clients.