Zacks Investment Research Upgrades Cannae (NYSE:CNNE) to “Buy”

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Zacks Investment Research upgraded shares of Cannae (NYSE:CNNE) from a hold rating to a buy rating in a research report report published on Thursday morning, Zacks.com reports. They currently have $39.00 target price on the stock.

According to Zacks, “Cannae Holdings, Inc. holds majority and minority equity investment stakes in a number of entities, including Ceridian Holdings, LLC, American Blue Ribbon Holdings, LLC and T-System Holding LLC. Cannae Holdings, Inc., formerly known as Fidelity National Financial Inc., is based in FL, United States. “

CNNE has been the topic of several other research reports. ValuEngine cut shares of Cannae from a buy rating to a hold rating in a research note on Wednesday, October 2nd. TheStreet cut shares of Cannae from a b- rating to a c+ rating in a research note on Tuesday, September 17th.

Shares of NYSE CNNE traded up $1.31 during midday trading on Thursday, reaching $36.84. 458,810 shares of the company were exchanged, compared to its average volume of 229,857. The company has a quick ratio of 0.75, a current ratio of 1.30 and a debt-to-equity ratio of 0.32. Cannae has a one year low of $15.87 and a one year high of $37.37. The stock has a market cap of $2.56 billion, a P/E ratio of 53.39 and a beta of 0.88. The stock’s 50-day moving average price is $29.29 and its 200-day moving average price is $28.22.

Cannae (NYSE:CNNE) last issued its quarterly earnings data on Tuesday, November 12th. The company reported $0.64 earnings per share for the quarter, topping the consensus estimate of ($0.54) by $1.18. Cannae had a net margin of 10.27% and a return on equity of 11.22%. The company had revenue of $270.40 million for the quarter, compared to analysts’ expectations of $279.65 million. During the same quarter in the previous year, the firm posted $0.02 earnings per share. Cannae’s revenue for the quarter was up 9.2% on a year-over-year basis. On average, equities research analysts anticipate that Cannae will post 0.7 EPS for the current year.

In other Cannae news, Director Richard N. Massey acquired 10,000 shares of Cannae stock in a transaction that occurred on Tuesday, October 8th. The shares were bought at an average price of $27.53 per share, with a total value of $275,300.00. Also, CFO Richard L. Cox bought 3,699 shares of the company’s stock in a transaction that occurred on Friday, September 20th. The stock was purchased at an average price of $27.05 per share, for a total transaction of $100,057.95. In the last three months, insiders purchased 33,699 shares of company stock worth $945,158. 7.20% of the stock is currently owned by insiders.

A number of hedge funds have recently added to or reduced their stakes in CNNE. Quest Capital Management Inc. ADV acquired a new position in Cannae in the third quarter valued at $25,000. Enterprise Trust & Investment Co acquired a new position in Cannae in the second quarter valued at $29,000. AdvisorNet Financial Inc acquired a new position in Cannae in the third quarter valued at $41,000. Royal Bank of Canada lifted its holdings in Cannae by 60.6% in the second quarter. Royal Bank of Canada now owns 1,412 shares of the company’s stock valued at $41,000 after buying an additional 533 shares during the period. Finally, Quantamental Technologies LLC acquired a new position in Cannae in the second quarter valued at $95,000. Institutional investors and hedge funds own 80.01% of the company’s stock.

Cannae Company Profile

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 is based in Las Vegas, Nevada.

Read More: What is Considered a Good Return on Equity (ROE)?

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