Cannae (NYSE:CNNE) Sets New 12-Month Low Following Analyst Downgrade

Cannae Holdings, Inc. (NYSE:CNNE)’s share price hit 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 trading hands. The stock had previously closed at $17.24.

A number of other research analysts have also issued reports on CNNE. Zacks Research upgraded shares of Cannae from a “strong sell” rating to a “hold” rating in a report on Wednesday, October 15th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Cannae in a research note on Tuesday, October 14th. Two 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. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $20.50.

Insider Buying and Selling at Cannae

In related news, Director Frank R. Martire sold 26,478 shares of the business’s stock in a transaction on Tuesday, September 2nd. The shares were sold at an average price of $18.43, for a total transaction of $487,989.54. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. 10.90% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Cannae

Institutional investors have recently made changes to their positions in the stock. Mitsubishi UFJ Asset Management Co. Ltd. raised its stake in Cannae by 460.7% during the 1st quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 2,069 shares of the company’s stock worth $38,000 after buying an additional 1,700 shares during the period. Summit Securities Group LLC bought a new position in shares of Cannae in the 1st quarter worth $49,000. Quantbot Technologies LP acquired a new stake in Cannae in the 2nd quarter valued at $62,000. CWM LLC increased its stake in Cannae by 40.4% during the 2nd quarter. CWM LLC now owns 3,253 shares of the company’s stock valued at $68,000 after purchasing an additional 936 shares in the last quarter. Finally, Nomura Asset Management Co. Ltd. raised its holdings in Cannae by 66.8% during the second quarter. Nomura Asset Management Co. Ltd. now owns 4,168 shares of the company’s stock worth $87,000 after buying an additional 1,669 shares during the last quarter. Institutional investors and hedge funds own 88.12% of the company’s stock.

Cannae Price Performance

The stock has a market capitalization of $772.79 million, a P/E ratio of -2.00 and a beta of 1.11. The business’s 50 day simple moving average is $18.42 and its two-hundred day simple moving average is $19.15. The company has a quick ratio of 2.78, a current ratio of 2.78 and a debt-to-equity ratio of 0.05.

Cannae (NYSE:CNNE) last posted its earnings results on Monday, November 10th. The company reported ($1.25) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.31) by ($0.94). Cannae had a negative return on equity of 21.58% and a negative net margin of 108.39%.The business had revenue of $106.90 million during the quarter, compared to analyst estimates of $104.80 million. During the same quarter in the prior year, the company earned ($0.22) EPS. The company’s revenue was down 6.1% on a year-over-year basis. As a group, sell-side analysts forecast that Cannae Holdings, Inc. will post -3.14 earnings per share for the current fiscal year.

Cannae Announces Dividend

The business also recently announced 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 3.9%. The ex-dividend date is Wednesday, December 17th. Cannae’s dividend payout ratio (DPR) is currently -8.96%.

Cannae Company Profile

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.