Cannae (NYSE:CNNE) Hits New 52-Week Low After Earnings Miss

Shares of Cannae Holdings, Inc. (NYSE:CNNE) reached a new 52-week low on Monday after the company announced weaker than expected quarterly earnings. The company traded as low as $12.73 and last traded at $12.7740, with a volume of 16410 shares trading hands. The stock had previously closed at $13.20.

The company reported ($1.93) EPS for the quarter, missing the consensus estimate of ($0.38) by ($1.55). Cannae had a negative net margin of 108.39% and a negative return on equity of 23.16%. The company had revenue of $103.30 million for the quarter, compared to the consensus estimate of $102.70 million. During the same period last year, the company earned ($0.74) EPS. The firm’s revenue for the quarter was down 6.0% on a year-over-year basis.

Cannae Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, March 31st. Stockholders of record on Tuesday, March 17th will be issued a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a dividend yield of 4.7%. The ex-dividend date of this dividend is Tuesday, March 17th. Cannae’s dividend payout ratio is -7.76%.

Analyst Upgrades and Downgrades

Several brokerages recently weighed in on CNNE. Royal Bank Of Canada reduced their price target on shares of Cannae from $19.00 to $16.00 and set an “outperform” rating on the stock in a research report on Tuesday. Weiss Ratings reissued a “sell (d-)” rating on shares of Cannae in a research note on Friday, January 9th. Two equities research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the company has an average rating of “Hold” and an average price target of $19.00.

Institutional Investors Weigh In On Cannae

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Quantbot Technologies LP bought a new stake in shares of Cannae during the 2nd quarter worth approximately $62,000. CWM LLC increased its holdings in shares of Cannae by 40.4% in the 2nd quarter. CWM LLC now owns 3,253 shares of the company’s stock valued at $68,000 after acquiring an additional 936 shares during the period. Kelleher Financial Advisors bought a new position in Cannae in the third quarter worth about $73,000. Nomura Asset Management Co. Ltd. boosted its stake in Cannae by 66.8% in the second quarter. Nomura Asset Management Co. Ltd. now owns 4,168 shares of the company’s stock valued at $87,000 after acquiring an additional 1,669 shares in the last quarter. Finally, Eurizon Capital SGR S.p.A. acquired a new stake in shares of Cannae in the 4th quarter worth $85,000. Hedge funds and other institutional investors own 88.12% of the company’s stock.

Cannae Trading Up 7.8%

The company has a 50 day moving average of $14.99 and a two-hundred day moving average of $16.81. The stock has a market capitalization of $623.93 million, a PE ratio of -1.64 and a beta of 1.09. The company has a debt-to-equity ratio of 0.05, a quick ratio of 2.03 and a current ratio of 2.03.

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.