Cannae (NYSE:CNNE) Shares Gap Down – What’s Next?

Cannae Holdings, Inc. (NYSE:CNNE)’s stock price gapped down before the market opened on Wednesday . The stock had previously closed at $16.07, but opened at $15.61. Cannae shares last traded at $15.8010, with a volume of 9,464 shares trading hands.

Analyst Upgrades and Downgrades

Several research firms have issued reports on CNNE. Royal Bank Of Canada lowered their target price on shares of Cannae from $22.00 to $19.00 and set an “outperform” rating on the stock in a research note on Wednesday, November 12th. Zacks Research raised shares of Cannae from a “strong sell” rating to a “hold” rating in a report on Wednesday, October 15th. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of Cannae in a research note on Tuesday, October 14th. Two equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $20.50.

Cannae Trading Down 0.3%

The stock’s 50 day simple moving average is $16.73 and its 200 day simple moving average is $18.64. The firm has a market cap of $768.77 million, a PE ratio of -2.02 and a beta of 1.14. The company has a debt-to-equity ratio of 0.05, a quick ratio of 2.03 and a current ratio of 2.03.

Cannae (NYSE:CNNE) last posted its quarterly earnings data on Monday, November 10th. The company reported ($1.25) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.31) by ($0.94). The company had revenue of $106.90 million for the quarter, compared to the consensus estimate of $104.80 million. Cannae had a negative return on equity of 23.16% and a negative net margin of 108.39%.The business’s revenue was down 6.1% on a year-over-year basis. During the same period in the prior year, the firm posted ($0.22) earnings per share. 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 company 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 dividend of $0.15 per share. The ex-dividend date of this dividend is Wednesday, December 17th. This represents a $0.60 annualized dividend and a yield of 3.8%. Cannae’s payout ratio is -7.76%.

Hedge Funds Weigh In On Cannae

A number of large investors have recently modified their holdings of CNNE. Quantbot Technologies LP purchased a new stake in Cannae in the second quarter worth approximately $62,000. CWM LLC raised its stake in shares of Cannae by 40.4% during the second quarter. CWM LLC now owns 3,253 shares of the company’s stock worth $68,000 after acquiring an additional 936 shares in the last quarter. Kelleher Financial Advisors bought a new stake in shares of Cannae in the 3rd quarter worth approximately $73,000. Nomura Asset Management Co. Ltd. lifted its holdings in shares of Cannae by 66.8% in the 2nd quarter. Nomura Asset Management Co. Ltd. now owns 4,168 shares of the company’s stock worth $87,000 after acquiring an additional 1,669 shares during the last quarter. Finally, AlphaQuest LLC boosted its stake in shares of Cannae by 62.0% in the 3rd quarter. AlphaQuest LLC now owns 5,781 shares of the company’s stock valued at $106,000 after purchasing an additional 2,212 shares in the last quarter. 88.12% of the stock is owned by hedge funds and other institutional investors.

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.