Cannae (NYSE:CNNE) Hits New 52-Week Low – Here’s What Happened

Cannae Holdings, Inc. (NYSE:CNNE)’s stock price reached a new 52-week low during mid-day trading on Tuesday . The company traded as low as $14.87 and last traded at $14.86, with a volume of 22105 shares trading hands. The stock had previously closed at $15.15.

Analyst Ratings Changes

Several analysts recently issued reports on CNNE shares. Royal Bank Of Canada lowered their price target on Cannae from $22.00 to $19.00 and set an “outperform” rating for the company in a report on Wednesday, November 12th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Cannae in a research note on Friday, January 9th. Finally, Zacks Research raised shares of Cannae from a “strong sell” rating to a “hold” rating in a research note on Wednesday, October 15th. Two investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $20.50.

Cannae Stock Performance

The stock’s 50 day moving average price is $16.00 and its two-hundred day moving average price is $17.90. The company has a current ratio of 2.03, a quick ratio of 2.03 and a debt-to-equity ratio of 0.05. The firm has a market capitalization of $732.10 million, a price-to-earnings ratio of -1.92 and a beta of 1.11.

Cannae (NYSE:CNNE) last posted 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). The company had revenue of $106.90 million during the quarter, compared to analysts’ expectations of $104.80 million. Cannae had a negative net margin of 108.39% and a negative return on equity of 23.16%. Cannae’s quarterly revenue was down 6.1% compared to the same quarter last year. During the same period in the previous year, the company posted ($0.22) EPS. On average, analysts forecast that Cannae Holdings, Inc. will post -3.14 EPS for the current year.

Cannae Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, December 31st. Shareholders of record on Wednesday, December 17th were paid a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a yield of 4.0%. The ex-dividend date was Wednesday, December 17th. Cannae’s payout ratio is currently -7.76%.

Hedge Funds Weigh In On Cannae

A number of institutional investors and hedge funds have recently bought and sold shares of CNNE. Quantbot Technologies LP acquired a new stake in Cannae in the second quarter worth $62,000. CWM LLC raised its position in Cannae by 40.4% in the second quarter. CWM LLC now owns 3,253 shares of the company’s stock worth $68,000 after acquiring an additional 936 shares in the last quarter. Kelleher Financial Advisors acquired a new stake in Cannae during the third quarter valued at approximately $73,000. Nomura Asset Management Co. Ltd. boosted its stake in shares of Cannae by 66.8% during the 2nd quarter. Nomura Asset Management Co. Ltd. now owns 4,168 shares of the company’s stock worth $87,000 after acquiring an additional 1,669 shares in the last quarter. Finally, AlphaQuest LLC boosted its position in shares of Cannae by 62.0% in the 3rd quarter. AlphaQuest LLC now owns 5,781 shares of the company’s stock valued at $106,000 after purchasing an additional 2,212 shares during the period. Hedge funds and other institutional investors 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.