Cannae (NYSE:CNNE) Stock Price Down 1.9% – Here’s What Happened

Shares of Cannae Holdings, Inc. (NYSE:CNNE) dropped 1.9% on Monday . The stock traded as low as $14.44 and last traded at $14.67. Approximately 383,238 shares traded hands during mid-day trading, a decline of 18% from the average session volume of 466,699 shares. The stock had previously closed at $14.95.

Wall Street Analysts Forecast Growth

A number of research firms have issued reports on CNNE. Stephens restated an “overweight” rating and issued a $17.00 target price on shares of Cannae in a report on Thursday, April 23rd. Weiss Ratings reiterated a “sell (d-)” rating on shares of Cannae in a report on Monday, July 6th. Finally, Royal Bank Of Canada reissued an “outperform” rating on shares of Cannae in a research report on Tuesday, May 12th. Two equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and an average target price of $17.00.

Cannae Stock Performance

The company has a market cap of $649.36 million, a PE ratio of -1.88 and a beta of 1.20. The stock’s 50 day simple moving average is $14.26 and its two-hundred day simple moving average is $13.66. The company has a quick ratio of 1.71, a current ratio of 1.71 and a debt-to-equity ratio of 0.07.

Cannae (NYSE:CNNE) last announced its quarterly earnings data on Monday, May 11th. The company reported ($0.70) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.40) by ($0.30). The company had revenue of $96.20 million for the quarter, compared to analysts’ expectations of $99.77 million. Cannae had a negative net margin of 103.77% and a negative return on equity of 36.53%. The firm’s quarterly revenue was down 6.8% on a year-over-year basis. During the same period in the prior year, the firm earned ($1.81) earnings per share. As a group, research analysts anticipate that Cannae Holdings, Inc. will post -2.4 earnings per share for the current year.

Cannae Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, June 30th. Stockholders of record on Tuesday, June 16th were paid a $0.15 dividend. This represents a $0.60 annualized dividend and a dividend yield of 4.1%. The ex-dividend date of this dividend was Tuesday, June 16th. Cannae’s payout ratio is currently -7.68%.

Hedge Funds Weigh In On Cannae

Several hedge funds and other institutional investors have recently made changes to their positions in the business. GAMMA Investing LLC increased its holdings in Cannae by 147.0% in the 2nd quarter. GAMMA Investing LLC now owns 2,008 shares of the company’s stock valued at $29,000 after purchasing an additional 1,195 shares in the last quarter. Essential Partners LLC lifted its stake in shares of Cannae by 2,913.0% during the first quarter. Essential Partners LLC now owns 2,772 shares of the company’s stock worth $32,000 after purchasing an additional 2,680 shares in the last quarter. Parallel Advisors LLC purchased a new stake in shares of Cannae in the first quarter worth about $50,000. Quantbot Technologies LP purchased a new stake in shares of Cannae in the second quarter worth about $62,000. Finally, Kelleher Financial Advisors acquired a new stake in shares of Cannae in the third quarter valued at about $73,000. Institutional investors and hedge funds own 88.12% of the company’s stock.

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.