Cannae (NYSE:CNNE) Sets New 1-Year Low After Earnings Miss

Cannae Holdings, Inc. (NYSE:CNNE)’s share price reached a new 52-week low on Monday following a weaker than expected earnings announcement. The company traded as low as $12.73 and last traded at $12.7740, with a volume of 16410 shares. The stock had previously closed at $13.20.

The company reported ($1.93) earnings per share for the quarter, missing the consensus estimate of ($0.38) by ($1.55). Cannae had a negative net margin of 108.39% and a negative return on equity of 23.16%. The firm had revenue of $103.30 million during the quarter, compared to analyst estimates of $102.70 million. During the same period last year, the company posted ($0.74) EPS. The firm’s revenue for the quarter was down 6.0% on a year-over-year basis.

Cannae Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, March 31st. Investors of record on Tuesday, March 17th will be paid a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a yield of 4.7%. The ex-dividend date of this dividend is Tuesday, March 17th. Cannae’s dividend payout ratio is presently -7.76%.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on CNNE. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Cannae in a report on Friday, January 9th. Royal Bank Of Canada cut their price objective on Cannae from $19.00 to $16.00 and set an “outperform” rating for the company in a research report on Tuesday. Two analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $19.00.

Institutional Investors Weigh In On Cannae

A number of hedge funds and other institutional investors have recently modified their holdings of the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in shares of Cannae by 4.4% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 33,465 shares of the company’s stock valued at $613,000 after buying an additional 1,405 shares during the period. Goldman Sachs Group Inc. raised its holdings in Cannae by 4.1% in the 1st quarter. Goldman Sachs Group Inc. now owns 299,843 shares of the company’s stock valued at $5,496,000 after acquiring an additional 11,788 shares during the last quarter. Jane Street Group LLC raised its holdings in Cannae by 95.4% in the 1st quarter. Jane Street Group LLC now owns 54,393 shares of the company’s stock valued at $997,000 after acquiring an additional 26,550 shares during the last quarter. CWM LLC lifted its stake in shares of Cannae by 40.4% during the 2nd quarter. CWM LLC now owns 3,253 shares of the company’s stock worth $68,000 after purchasing an additional 936 shares during the period. Finally, State of New Jersey Common Pension Fund D boosted its holdings in shares of Cannae by 5.1% during the second quarter. State of New Jersey Common Pension Fund D now owns 105,990 shares of the company’s stock worth $2,210,000 after purchasing an additional 5,182 shares during the last quarter. 88.12% of the stock is currently owned by hedge funds and other institutional investors.

Cannae Stock Up 7.8%

The firm has a market cap of $623.93 million, a price-to-earnings ratio of -1.64 and a beta of 1.09. The company has a quick ratio of 2.03, a current ratio of 2.03 and a debt-to-equity ratio of 0.05. The firm has a fifty day moving average price of $14.99 and a 200-day moving average price of $16.81.

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.