Cannae (NYSE:CNNE) Issues Quarterly Earnings Results

Cannae (NYSE:CNNE) issued its earnings results on Monday. The company reported ($1.25) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.31) by ($0.94), FiscalAI reports. The company had revenue of $106.90 million during the quarter, compared to analyst estimates of $104.80 million. Cannae had a negative return on equity of 18.19% and a negative net margin of 94.12%.The firm’s revenue was down 6.1% compared to the same quarter last year. During the same period last year, the business earned ($0.22) earnings per share.

Cannae Trading Down 0.7%

Shares of Cannae stock traded down $0.11 on Monday, reaching $17.25. The company had a trading volume of 784,721 shares, compared to its average volume of 649,458. The firm’s 50 day moving average price is $18.49 and its two-hundred day moving average price is $19.17. The company has a debt-to-equity ratio of 0.05, a quick ratio of 2.78 and a current ratio of 2.78. Cannae has a 52-week low of $15.91 and a 52-week high of $22.36. The firm has a market cap of $861.83 million, a PE ratio of -2.57 and a beta of 1.11.

Cannae Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, December 31st. Shareholders of record on Wednesday, December 17th will be given a dividend of $0.15 per share. The ex-dividend date is Wednesday, December 17th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 3.5%. Cannae’s dividend payout ratio (DPR) is currently -8.96%.

Insiders Place Their Bets

In related news, Director Frank R. Martire sold 26,478 shares of Cannae stock in a transaction that occurred on Tuesday, September 2nd. The shares were sold at an average price of $18.43, for a total value of $487,989.54. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 10.90% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of the company. JPMorgan Chase & Co. boosted its position in shares of Cannae by 83.8% during the third quarter. JPMorgan Chase & Co. now owns 289,963 shares of the company’s stock worth $5,309,000 after buying an additional 132,166 shares during the period. Envestnet Asset Management Inc. lifted its stake in Cannae by 27.4% during the 3rd quarter. Envestnet Asset Management Inc. now owns 12,614 shares of the company’s stock worth $231,000 after acquiring an additional 2,716 shares in the last quarter. Rubric Capital Management LP boosted its holdings in Cannae by 41.3% during the 2nd quarter. Rubric Capital Management LP now owns 2,105,864 shares of the company’s stock valued at $43,907,000 after acquiring an additional 615,616 shares during the period. Man Group plc boosted its holdings in Cannae by 6.0% during the 2nd quarter. Man Group plc now owns 450,627 shares of the company’s stock valued at $9,396,000 after acquiring an additional 25,552 shares during the period. Finally, BNP Paribas Financial Markets grew its position in Cannae by 7.3% in the 2nd quarter. BNP Paribas Financial Markets now owns 69,317 shares of the company’s stock valued at $1,445,000 after acquiring an additional 4,731 shares in the last quarter. 88.12% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of equities research analysts recently issued reports on CNNE shares. Zacks Research raised shares of Cannae from a “strong sell” rating to a “hold” rating in a report on Wednesday, October 15th. Weiss Ratings restated a “sell (d-)” rating on shares of Cannae in a report on Tuesday, October 14th. Two analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $24.00.

About Cannae

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.