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

Cannae Holdings, Inc. (NYSE:CNNE)’s share price reached a new 52-week low on Monday . The company traded as low as $14.11 and last traded at $14.5550, with a volume of 466834 shares trading hands. The stock had previously closed at $14.54.

Wall Street Analyst Weigh In

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

Cannae Stock Performance

The company has a market capitalization of $709.88 million, a PE ratio of -1.86 and a beta of 1.09. The company has a debt-to-equity ratio of 0.05, a quick ratio of 2.03 and a current ratio of 2.03. The stock’s fifty day simple moving average is $15.93 and its 200-day simple moving average is $17.71.

Cannae (NYSE:CNNE) last announced its quarterly earnings data on Monday, November 10th. The company reported ($1.25) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.31) by ($0.94). Cannae had a negative net margin of 108.39% and a negative return on equity of 23.16%. The firm had revenue of $106.90 million for the quarter, compared to analysts’ expectations of $104.80 million. During the same period in the previous year, the company posted ($0.22) EPS. The business’s quarterly revenue was down 6.1% on a year-over-year basis. As a group, equities analysts predict that Cannae Holdings, Inc. will post -3.14 earnings per share for the current year.

Cannae Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, December 31st. Shareholders of record on Wednesday, December 17th were paid a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a yield of 4.2%. The ex-dividend date of this dividend was Wednesday, December 17th. Cannae’s dividend payout ratio (DPR) is presently -7.76%.

Hedge Funds Weigh In On Cannae

A number of large investors have recently bought and sold shares of CNNE. Rubric Capital Management LP lifted its position in Cannae by 41.3% during the second quarter. Rubric Capital Management LP now owns 2,105,864 shares of the company’s stock valued at $43,907,000 after buying an additional 615,616 shares in the last quarter. Almitas Capital LLC raised its position in Cannae by 73.4% in the third quarter. Almitas Capital LLC now owns 556,688 shares of the company’s stock valued at $10,193,000 after purchasing an additional 235,702 shares during the period. Carronade Capital Management LP lifted its stake in shares of Cannae by 5.7% during the second quarter. Carronade Capital Management LP now owns 3,189,027 shares of the company’s stock worth $66,491,000 after purchasing an additional 173,380 shares in the last quarter. Alberta Investment Management Corp boosted its position in shares of Cannae by 35.3% in the second quarter. Alberta Investment Management Corp now owns 575,000 shares of the company’s stock worth $11,989,000 after buying an additional 150,000 shares during the period. Finally, JPMorgan Chase & Co. grew its stake in shares of Cannae by 83.8% in the third quarter. JPMorgan Chase & Co. now owns 289,963 shares of the company’s stock valued at $5,309,000 after buying an additional 132,166 shares in the last quarter. 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.