Cannae (NYSE:CNNE) Issues Quarterly Earnings Results

Cannae (NYSE:CNNEGet Rating) posted its earnings results on Monday. The company reported ($2.88) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.01) by ($2.87), MarketWatch Earnings reports. Cannae had a negative net margin of 40.87% and a negative return on equity of 8.92%. During the same period in the previous year, the business posted ($2.55) earnings per share.

Shares of Cannae stock traded up $0.68 on Friday, reaching $19.21. The company’s stock had a trading volume of 753,126 shares, compared to its average volume of 569,062. The company has a market capitalization of $1.63 billion, a P/E ratio of -5.43 and a beta of 0.80. Cannae has a 52-week low of $17.51 and a 52-week high of $37.32. The stock has a 50-day moving average price of $23.32 and a 200-day moving average price of $28.82.

In related news, major shareholder Cannae Holdings, Inc. sold 563,264 shares of the stock in a transaction on Tuesday, April 19th. The stock was sold at an average price of $13.99, for a total value of $7,880,063.36. Following the completion of the transaction, the insider now directly owns 26,618,506 shares of the company’s stock, valued at approximately $372,392,898.94. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Barry B. Moullet acquired 2,000 shares of Cannae stock in a transaction that occurred on Monday, April 11th. The stock was purchased at an average cost of $23.50 per share, with a total value of $47,000.00. Following the completion of the purchase, the director now owns 11,915 shares in the company, valued at approximately $280,002.50. The disclosure for this purchase can be found here. Over the last 90 days, insiders bought 41,000 shares of company stock valued at $1,016,230 and sold 1,198,830 shares valued at $16,257,595. 5.60% of the stock is owned by insiders.

Several institutional investors and hedge funds have recently modified their holdings of CNNE. Jane Street Group LLC increased its stake in shares of Cannae by 84.0% in the 3rd quarter. Jane Street Group LLC now owns 19,293 shares of the company’s stock worth $600,000 after acquiring an additional 8,805 shares during the last quarter. Janus Henderson Group PLC purchased a new position in shares of Cannae during the 3rd quarter worth $259,000. Bank of New York Mellon Corp grew its holdings in shares of Cannae by 1.5% during the 3rd quarter. Bank of New York Mellon Corp now owns 378,341 shares of the company’s stock worth $11,771,000 after purchasing an additional 5,725 shares during the period. JPMorgan Chase & Co. grew its holdings in shares of Cannae by 83.9% during the 4th quarter. JPMorgan Chase & Co. now owns 116,344 shares of the company’s stock worth $4,090,000 after purchasing an additional 53,067 shares during the period. Finally, Invesco Ltd. grew its holdings in shares of Cannae by 9.8% during the 4th quarter. Invesco Ltd. now owns 221,067 shares of the company’s stock worth $7,770,000 after purchasing an additional 19,736 shares during the period. 86.51% of the stock is owned by institutional investors and hedge funds.

A number of brokerages have recently weighed in on CNNE. Zacks Investment Research lowered Cannae from a “hold” rating to a “strong sell” rating in a research note on Thursday. Oppenheimer dropped their price target on Cannae from $41.00 to $36.00 in a research note on Tuesday.

Cannae Company Profile (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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Earnings History for Cannae (NYSE:CNNE)

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