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

Cannae Holdings, Inc. (NYSE:CNNE) shares 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 traded. The stock had previously closed at $17.24.

CNNE has been the subject of several other reports. Weiss Ratings reissued a “sell (d-)” rating on shares of Cannae in a research note on Tuesday, October 14th. Zacks Research upgraded Cannae from a “strong sell” rating to a “hold” rating in a report on Wednesday, October 15th. Two analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $20.50.

Insiders Place Their Bets

In other news, Director Frank R. Martire sold 106,855 shares of Cannae stock in a transaction 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 sale, the director directly owned 26,478 shares in the company, valued at $493,285.14. The trade was a 80.14% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Corporate insiders own 10.90% of the company’s stock.

Institutional Trading of Cannae

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Gabelli Funds LLC increased its stake in Cannae by 43.5% in the 3rd quarter. Gabelli Funds LLC now owns 83,095 shares of the company’s stock worth $1,521,000 after acquiring an additional 25,190 shares during the last quarter. GABELLI & Co INVESTMENT ADVISERS INC. grew its stake in Cannae by 39.6% in the 3rd quarter. GABELLI & Co INVESTMENT ADVISERS INC. now owns 74,700 shares of the company’s stock worth $1,368,000 after buying an additional 21,200 shares in the last quarter. Highbridge Capital Management LLC increased its holdings in shares of Cannae by 12.3% in the 3rd quarter. Highbridge Capital Management LLC now owns 442,713 shares of the company’s stock worth $8,106,000 after buying an additional 48,400 shares during the last quarter. JPMorgan Chase & Co. raised its position in shares of Cannae by 83.8% during 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 in the last quarter. Finally, State of New Jersey Common Pension Fund D lifted its holdings in shares of Cannae by 11.0% during the 3rd quarter. State of New Jersey Common Pension Fund D now owns 117,647 shares of the company’s stock worth $2,154,000 after acquiring an additional 11,657 shares during the last quarter. 88.12% of the stock is currently owned by institutional investors.

Cannae Trading Up 3.5%

The stock has a 50 day moving average of $18.37 and a 200 day moving average of $19.13. The company has a debt-to-equity ratio of 0.05, a current ratio of 2.03 and a quick ratio of 2.78. The firm has a market cap of $789.22 million, a P/E ratio of -2.07 and a beta of 1.11.

Cannae (NYSE:CNNE) last announced its quarterly earnings data on Monday, November 10th. The company reported ($1.25) EPS for the quarter, missing the consensus estimate of ($0.31) by ($0.94). The firm had revenue of $106.90 million for the quarter, compared to the consensus estimate of $104.80 million. Cannae had a negative net margin of 108.39% and a negative return on equity of 23.16%. Cannae’s revenue for the quarter was down 6.1% compared to the same quarter last year. During the same quarter last year, the company posted ($0.22) earnings per share. As a group, equities research analysts predict that Cannae Holdings, Inc. will post -3.14 EPS for the current year.

Cannae Dividend Announcement

The firm also recently disclosed 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. This represents a $0.60 dividend on an annualized basis and a dividend yield of 3.7%. The ex-dividend date is Wednesday, December 17th. Cannae’s payout ratio is presently -7.76%.

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.