Cannae (CNNE) Trading Down 5.8%

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Cannae Holdings Inc (NYSE:CNNE) was down 5.8% during trading on Thursday . The company traded as low as $16.49 and last traded at $17.20. Approximately 765,402 shares were traded during trading, an increase of 104% from the average daily volume of 374,730 shares. The stock had previously closed at $18.25.

A number of equities research analysts have commented on CNNE shares. Zacks Investment Research lowered Cannae from a “hold” rating to a “sell” rating in a research report on Tuesday, August 28th. Piper Jaffray Companies upgraded Cannae from a “neutral” rating to an “overweight” rating and set a $25.00 price objective for the company in a research report on Friday. Finally, TheStreet upgraded Cannae from a “d+” rating to a “c-” rating in a research report on Thursday, September 6th.

The company has a debt-to-equity ratio of 0.01, a current ratio of 1.69 and a quick ratio of 1.33. The company has a market capitalization of $1.31 billion, a price-to-earnings ratio of 11.73 and a beta of 0.73.

Cannae (NYSE:CNNE) last posted its quarterly earnings results on Thursday, November 8th. The company reported $0.02 earnings per share for the quarter, topping the Zacks’ consensus estimate of ($0.02) by $0.04. Cannae had a negative return on equity of 1.37% and a negative net margin of 2.53%. The company had revenue of $293.50 million during the quarter, compared to the consensus estimate of $315.25 million. During the same period last year, the business earned ($0.24) EPS. The business’s quarterly revenue was up 9.0% on a year-over-year basis. On average, sell-side analysts predict that Cannae Holdings Inc will post -0.31 EPS for the current year.

In other news, Director Richard N. Massey purchased 39,000 shares of the business’s stock in a transaction dated Wednesday, August 15th. The stock was bought at an average cost of $18.70 per share, with a total value of $729,300.00. The acquisition was disclosed in a document filed with the SEC, which is available through this link. 4.90% of the stock is owned by company insiders.

Hedge funds have recently modified their holdings of the stock. NumerixS Investment Technologies Inc bought a new position in shares of Cannae in the 2nd quarter valued at approximately $109,000. Hikari Power Ltd bought a new position in shares of Cannae in the 2nd quarter valued at approximately $249,000. Raymond James Trust N.A. bought a new position in shares of Cannae in the 3rd quarter valued at approximately $250,000. Cambria Investment Management L.P. bought a new position in shares of Cannae in the 2nd quarter valued at approximately $253,000. Finally, Her Majesty the Queen in Right of the Province of Alberta as represented by Alberta Investment Management Corp bought a new position in shares of Cannae in the 2nd quarter valued at approximately $258,000. 78.69% of the stock is currently owned by institutional investors and hedge funds.

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About Cannae (NYSE:CNNE)

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.

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