Cannae (NYSE:CNNE) Sets New 12-Month High – Here’s What Happened

Cannae Holdings, Inc. (NYSE:CNNE)’s stock price hit a new 52-week high during mid-day trading on Wednesday. The company traded as high as $18.29 and last traded at $18.1350, with a volume of 20,736 shares traded. The stock had previously closed at $17.65.

Analyst Upgrades and Downgrades

CNNE has been the topic of several recent research reports. Wall Street Zen raised shares of Cannae from a “sell” rating to a “hold” rating in a report on Saturday, August 15th. Weiss Ratings cut Cannae from a “sell (d)” rating to a “sell (d-)” rating in a research note on Thursday, October 8th. Finally, Royal Bank Of Canada boosted their price target on Cannae from $16.00 to $17.00 and gave the company an “outperform” rating in a research note on Friday, October 9th. Two analysts have rated the stock with a Buy rating and one has given a Sell rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $17.00.

Cannae Stock Up 2.4%

The company has a market cap of $714.47 million, a P/E ratio of -5.99 and a beta of 1.19. The stock has a 50-day moving average of $15.84 and a 200 day moving average of $14.24. The company has a debt-to-equity ratio of 0.07, a current ratio of 1.24 and a quick ratio of 1.24.

Cannae (NYSE:CNNE) last posted its quarterly earnings data on Monday, August 10th. The company reported $0.86 earnings per share for the quarter, topping the consensus estimate of ($0.42) by $1.28. Cannae had a negative net margin of 38.18% and a negative return on equity of 14.10%. The business had revenue of $102.20 million during the quarter, compared to analysts’ expectations of $99.65 million.

Cannae Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, September 30th. Shareholders of record on Wednesday, September 16th were issued a $0.15 dividend. This represents a $0.60 annualized dividend and a yield of 3.3%. The ex-dividend date of this dividend was Wednesday, September 16th. Cannae’s dividend payout ratio (DPR) is currently -19.87%.

Hedge Funds Weigh In On Cannae

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Nykredit A S bought a new stake in shares of Cannae during the 2nd quarter worth approximately $25,000. GAMMA Investing LLC increased its stake in Cannae by 147.0% in the second quarter. GAMMA Investing LLC now owns 2,008 shares of the company’s stock valued at $29,000 after acquiring an additional 1,195 shares during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. bought a new position in Cannae in the second quarter valued at approximately $30,000. Allworth Financial LP bought a new position in Cannae in the second quarter valued at approximately $32,000. Finally, Essential Partners LLC increased its stake in Cannae by 2,913.0% in the first quarter. Essential Partners LLC now owns 2,772 shares of the company’s stock valued at $32,000 after acquiring an additional 2,680 shares during the last quarter. 88.12% of the stock is currently owned by institutional investors and hedge funds.

Cannae Company Profile

Cannae Holdings, Inc is a diversified investment company that manages a portfolio of operating businesses and strategic investments. The company focuses on sectors including restaurants, financial services, payments, and business services, with the goal of building long-term value through active ownership and capital allocation.

Cannae has held interests in a range of companies, including restaurant operators, payment technology businesses, and providers of financial and business services.