Cannae Sees Unusually High Options Volume (NYSE:CNNE)

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

Hedge Funds Weigh In On Cannae

A number of institutional investors have recently bought and sold shares of the company. Quantbot Technologies LP purchased a new position in Cannae in the second quarter worth approximately $62,000. Kelleher Financial Advisors acquired a new stake in Cannae during the third quarter worth $73,000. CWM LLC raised its position in Cannae by 25.0% in the third quarter. CWM LLC now owns 4,065 shares of the company’s stock valued at $74,000 after purchasing an additional 812 shares during the period. Eurizon Capital SGR S.p.A. acquired a new position in shares of Cannae in the 4th quarter valued at $85,000. Finally, Nomura Asset Management Co. Ltd. lifted its stake 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 valued at $87,000 after purchasing an additional 1,669 shares during the last quarter. 88.12% of the stock is owned by hedge funds and other institutional investors.

Cannae Stock Performance

Shares of Cannae stock opened at $11.81 on Thursday. Cannae has a one year low of $11.24 and a one year high of $21.96. The company has a market cap of $546.91 million, a price-to-earnings ratio of -1.32 and a beta of 1.11. The company has a debt-to-equity ratio of 0.07, a quick ratio of 2.07 and a current ratio of 2.07. The business’s 50 day moving average price is $14.14 and its 200 day moving average price is $16.33.

Cannae (NYSE:CNNE) last issued its earnings results on Monday, February 23rd. The company reported ($1.93) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.38) by ($1.55). Cannae had a negative net margin of 121.15% and a negative return on equity of 31.78%. The company had revenue of $103.30 million during the quarter, compared to analysts’ expectations of $102.70 million. During the same quarter in the previous year, the company earned ($0.74) earnings per share. The firm’s quarterly revenue was down 6.0% compared to the same quarter last year. On average, research analysts predict that Cannae will post -3.14 EPS for the current year.

Cannae Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, March 31st. Investors of record on Tuesday, March 17th will be issued a $0.15 dividend. The ex-dividend date of this dividend is Tuesday, March 17th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 5.1%. Cannae’s dividend payout ratio is currently -6.73%.

Wall Street Analysts Forecast Growth

CNNE has been the subject of several research analyst reports. Weiss Ratings restated a “sell (d-)” rating on shares of Cannae in a research report on Friday, January 9th. Royal Bank Of Canada cut their price objective on Cannae from $19.00 to $16.00 and set an “outperform” rating for the company in a research note on Tuesday, February 24th. One equities research analyst has rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $16.00.

Cannae Company Profile

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.