Cannae (NYSE:CNNE) Sets New 12-Month Low on Analyst Downgrade

Cannae Holdings, Inc. (NYSE:CNNE) reached a new 52-week low during trading on Monday after Oppenheimer lowered their price target on the stock from $27.00 to $22.00. Oppenheimer currently has an outperform rating on the stock. Cannae traded as low as $16.94 and last traded at $16.88, with a volume of 885566 shares. The stock had previously closed at $17.79.

Separately, Royal Bank of Canada dropped their target price on shares of Cannae from $27.00 to $23.00 and set an “outperform” rating on the stock in a research note on Wednesday, February 26th.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in CNNE. FMR LLC grew its stake in Cannae by 17.6% in the third quarter. FMR LLC now owns 2,653,854 shares of the company’s stock valued at $50,582,000 after purchasing an additional 397,352 shares during the last quarter. Saba Capital Management L.P. grew its position in shares of Cannae by 92.3% in the 4th quarter. Saba Capital Management L.P. now owns 2,219,230 shares of the company’s stock worth $44,074,000 after buying an additional 1,065,083 shares during the last quarter. Newtyn Management LLC raised its stake in shares of Cannae by 18.9% during the 4th quarter. Newtyn Management LLC now owns 1,890,000 shares of the company’s stock worth $37,535,000 after acquiring an additional 300,000 shares in the last quarter. Carronade Capital Management LP grew its holdings in Cannae by 145.5% in the fourth quarter. Carronade Capital Management LP now owns 1,728,926 shares of the company’s stock worth $34,336,000 after purchasing an additional 1,024,663 shares during the last quarter. Finally, State Street Corp grew its holdings in Cannae by 1.6% in the third quarter. State Street Corp now owns 1,605,351 shares of the company’s stock worth $30,598,000 after purchasing an additional 25,403 shares during the last quarter. 88.12% of the stock is currently owned by hedge funds and other institutional investors.

Cannae Stock Performance

The business has a 50-day moving average price of $19.24 and a 200-day moving average price of $19.63. The company has a quick ratio of 2.55, a current ratio of 2.55 and a debt-to-equity ratio of 0.10. The firm has a market capitalization of $1.03 billion, a price-to-earnings ratio of -3.40 and a beta of 0.86.

Cannae Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, March 31st. Shareholders of record on Monday, March 17th will be paid a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a yield of 2.94%. The ex-dividend date of this dividend is Monday, March 17th. Cannae’s dividend payout ratio (DPR) is presently -10.17%.

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 was founded in 2014 and is based in Las Vegas, Nevada.