Cannae (NYSE:CNNE) Shares Gap Down – Time to Sell?

Shares of Cannae Holdings, Inc. (NYSE:CNNE) gapped down before the market opened on Wednesday . The stock had previously closed at $16.07, but opened at $15.61. Cannae shares last traded at $15.8010, with a volume of 9,464 shares traded.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on CNNE shares. Zacks Research raised shares of Cannae from a “strong sell” rating to a “hold” rating in a research note on Wednesday, October 15th. Royal Bank Of Canada decreased their price target on Cannae from $22.00 to $19.00 and set an “outperform” rating on the stock in a research note on Wednesday, November 12th. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of Cannae in a research report on Tuesday, October 14th. Two analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, Cannae presently has a consensus rating of “Hold” and a consensus price target of $20.50.

Cannae Trading Up 1.7%

The company has a debt-to-equity ratio of 0.05, a current ratio of 2.03 and a quick ratio of 2.03. The firm has a market cap of $784.54 million, a PE ratio of -2.06 and a beta of 1.14. The company’s 50 day moving average price is $16.84 and its 200 day moving average price is $18.68.

Cannae (NYSE:CNNE) last released its earnings results on Monday, November 10th. The company reported ($1.25) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.31) by ($0.94). Cannae had a negative return on equity of 23.16% and a negative net margin of 108.39%.The business had revenue of $106.90 million for the quarter, compared to analyst estimates of $104.80 million. During the same quarter last year, the company earned ($0.22) earnings per share. Cannae’s quarterly revenue was down 6.1% compared to the same quarter last year. As a group, analysts forecast that Cannae Holdings, Inc. will post -3.14 EPS for the current fiscal year.

Cannae Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, December 31st. Investors of record on Wednesday, December 17th will be paid a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a yield of 3.8%. The ex-dividend date of this dividend is Wednesday, December 17th. Cannae’s payout ratio is presently -7.76%.

Hedge Funds Weigh In On Cannae

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Quantbot Technologies LP acquired a new stake in Cannae in the second quarter valued at approximately $62,000. CWM LLC raised 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 purchasing an additional 936 shares in the last quarter. Kelleher Financial Advisors purchased a new stake in shares of Cannae during the 3rd quarter worth $73,000. Nomura Asset Management Co. Ltd. grew its stake in shares of 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 purchasing an additional 1,669 shares in the last quarter. Finally, AlphaQuest LLC increased its holdings in Cannae by 62.0% in the third quarter. AlphaQuest LLC now owns 5,781 shares of the company’s stock valued at $106,000 after buying an additional 2,212 shares during the last quarter. Hedge funds and other institutional investors own 88.12% of the company’s stock.

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.