Cannae (NYSE:CNNE) Lifted to Hold at Zacks Investment Research

Cannae (NYSE:CNNEGet Rating) was upgraded by Zacks Investment Research from a “strong sell” rating to a “hold” rating in a report issued on Tuesday, Zacks.com reports.

According to Zacks, “Cannae Holdings, Inc. holds majority and minority equity investment stakes in a number of entities, including Ceridian Holdings, LLC, American Blue Ribbon Holdings, LLC and T-System Holding LLC. Cannae Holdings, Inc., formerly known as Fidelity National Financial Inc., is based in FL, United States. “

Separately, Royal Bank of Canada started coverage on shares of Cannae in a research report on Monday, December 20th. They issued an “outperform” rating and a $42.00 price target on the stock.

Shares of NYSE CNNE traded up $1.82 during midday trading on Tuesday, reaching $25.03. The stock had a trading volume of 935,226 shares, compared to its average volume of 565,684. The firm has a market cap of $2.16 billion, a price-to-earnings ratio of -7.80 and a beta of 0.80. Cannae has a twelve month low of $22.83 and a twelve month high of $41.62. The company’s 50 day moving average price is $25.37 and its 200 day moving average price is $30.12.

Cannae (NYSE:CNNEGet Rating) last issued its quarterly earnings results on Thursday, February 17th. The company reported ($1.24) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of ($0.14) by ($1.10). The firm had revenue of $181.90 million during the quarter, compared to analyst estimates of $200.40 million. Cannae had a negative return on equity of 8.18% and a negative net margin of 38.67%. During the same quarter last year, the firm posted ($0.06) EPS. On average, equities research analysts expect that Cannae will post 0.09 earnings per share for the current year.

In other Cannae news, CEO Richard N. Massey acquired 10,000 shares of the company’s stock in a transaction on Tuesday, February 22nd. The shares were purchased at an average cost of $26.40 per share, with a total value of $264,000.00. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Barry B. Moullet acquired 2,000 shares of the company’s stock in a transaction on Monday, April 11th. The stock was acquired at an average cost of $23.50 per share, for a total transaction of $47,000.00. Following the completion of the purchase, the director now directly owns 11,915 shares of the company’s stock, valued at approximately $280,002.50. The disclosure for this purchase can be found here. Over the last three months, insiders have purchased 41,000 shares of company stock worth $1,016,230. 5.60% of the stock is owned by insiders.

Institutional investors have recently added to or reduced their stakes in the business. US Bancorp DE lifted its position in shares of Cannae by 89.7% during the third quarter. US Bancorp DE now owns 829 shares of the company’s stock valued at $26,000 after purchasing an additional 392 shares in the last quarter. Life Planning Partners Inc bought a new position in shares of Cannae during the fourth quarter valued at about $37,000. TAP Consulting LLC bought a new position in shares of Cannae during the fourth quarter valued at about $46,000. Godsey & Gibb Associates bought a new position in shares of Cannae during the third quarter valued at about $60,000. Finally, First Horizon Advisors Inc. lifted its position in shares of Cannae by 3,249.5% during the third quarter. First Horizon Advisors Inc. now owns 3,182 shares of the company’s stock valued at $121,000 after purchasing an additional 3,087 shares in the last quarter. 87.79% of the stock is currently owned by hedge funds and other institutional investors.

About Cannae (Get Rating)

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 is based in Las Vegas, Nevada.

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