Cannae (NYSE:CNNE) Reaches New 1-Year Low – Here’s Why

Cannae Holdings, Inc. (NYSE:CNNE)’s stock price hit a new 52-week low during trading on Wednesday . The stock traded as low as $10.46 and last traded at $10.6440, with a volume of 1266023 shares trading hands. The stock had previously closed at $10.88.

Analysts Set New Price Targets

CNNE has been the subject of a number of recent analyst reports. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Cannae in a research note on Friday, January 9th. Royal Bank Of Canada reduced their target price on Cannae from $19.00 to $16.00 and set an “outperform” rating for the company in a report on Tuesday, February 24th. One equities research analyst has rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, Cannae has an average rating of “Hold” and an average target price of $16.00.

Cannae Stock Down 3.0%

The business has a fifty day moving average price of $13.09 and a two-hundred day moving average price of $15.78. The company has a current ratio of 2.07, a quick ratio of 2.07 and a debt-to-equity ratio of 0.07. The company has a market cap of $510.41 million, a price-to-earnings ratio of -1.24 and a beta of 1.11.

Cannae (NYSE:CNNE) last posted its quarterly earnings results on Monday, February 23rd. The company reported ($1.93) EPS for the quarter, missing the consensus estimate of ($0.38) by ($1.55). The company had revenue of $103.30 million for the quarter, compared to analyst estimates of $102.70 million. Cannae had a negative return on equity of 31.78% and a negative net margin of 121.15%.The business’s revenue for the quarter was down 6.0% compared to the same quarter last year. During the same quarter in the prior year, the business posted ($0.74) earnings per share. On average, equities analysts predict that Cannae Holdings, Inc. will post -3.14 earnings per share for the current year.

Cannae Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, March 31st. Shareholders of record on Tuesday, March 17th will be paid a dividend of $0.15 per share. The ex-dividend date of this dividend is Tuesday, March 17th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 5.4%. Cannae’s dividend payout ratio (DPR) is -6.73%.

Hedge Funds Weigh In On Cannae

A number of hedge funds have recently modified their holdings of CNNE. Quantbot Technologies LP acquired a new stake in Cannae during the second quarter valued at $62,000. Kelleher Financial Advisors acquired a new position in Cannae in the 3rd quarter worth about $73,000. CWM LLC increased its position in Cannae by 25.0% in the 3rd quarter. CWM LLC now owns 4,065 shares of the company’s stock worth $74,000 after purchasing an additional 812 shares during the last quarter. Eurizon Capital SGR S.p.A. purchased a new stake in shares of Cannae during the 4th quarter worth about $85,000. Finally, AlphaQuest LLC raised its stake in shares of Cannae by 62.0% during the 3rd quarter. AlphaQuest LLC now owns 5,781 shares of the company’s stock worth $106,000 after purchasing an additional 2,212 shares in the last quarter. 88.12% of the stock is owned by institutional investors and hedge funds.

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.