Cannae Holdings, Inc. (NYSE:CNNE) Shares Bought by Carronade Capital Management LP

Carronade Capital Management LP boosted its stake in shares of Cannae Holdings, Inc. (NYSE:CNNE - Free Report) by 145.5% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 1,728,926 shares of the company's stock after acquiring an additional 1,024,663 shares during the quarter. Cannae comprises about 1.9% of Carronade Capital Management LP's investment portfolio, making the stock its 6th biggest position. Carronade Capital Management LP owned 2.76% of Cannae worth $34,336,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the stock. Private Management Group Inc. bought a new position in Cannae during the 4th quarter valued at about $16,643,000. Raymond James Financial Inc. bought a new stake in shares of Cannae during the 4th quarter worth approximately $5,866,000. Credit Industriel ET Commercial purchased a new position in Cannae during the 4th quarter valued at $2,995,000. Levin Capital Strategies L.P. raised its position in Cannae by 435.4% during the 4th quarter. Levin Capital Strategies L.P. now owns 157,397 shares of the company's stock valued at $3,126,000 after purchasing an additional 128,000 shares in the last quarter. Finally, Barclays PLC lifted its position in shares of Cannae by 221.9% in the 3rd quarter. Barclays PLC now owns 95,378 shares of the company's stock worth $1,818,000 after purchasing an additional 65,749 shares during the period. 88.12% of the stock is currently owned by hedge funds and other institutional investors.

Cannae Trading Down 0.4 %

Shares of NYSE:CNNE traded down $0.08 during midday trading on Friday, reaching $18.40. 276,952 shares of the company's stock were exchanged, compared to its average volume of 444,023. The company has a debt-to-equity ratio of 0.10, a current ratio of 2.55 and a quick ratio of 2.55. The stock has a market cap of $1.16 billion, a price-to-earnings ratio of -3.83 and a beta of 1.03. The firm's 50 day simple moving average is $17.59 and its two-hundred day simple moving average is $19.15. Cannae Holdings, Inc. has a fifty-two week low of $15.92 and a fifty-two week high of $22.36.

Cannae Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, June 30th. Investors of record on Monday, June 16th will be given a dividend of $0.12 per share. The ex-dividend date of this dividend is Monday, June 16th. This represents a $0.48 dividend on an annualized basis and a dividend yield of 2.61%. Cannae's payout ratio is currently -10.17%.

Cannae announced that its Board of Directors has authorized a stock buyback program on Tuesday, March 25th that authorizes the company to buyback 10,000,000 outstanding shares. This buyback authorization authorizes the company to buy shares of its stock through open market purchases. Stock buyback programs are often an indication that the company's board of directors believes its shares are undervalued.

Analysts Set New Price Targets

Several equities analysts have issued reports on CNNE shares. Royal Bank of Canada cut their price target on shares of Cannae from $27.00 to $23.00 and set an "outperform" rating on the stock in a report on Wednesday, February 26th. Oppenheimer dropped their target price on Cannae from $27.00 to $22.00 and set an "outperform" rating on the stock in a report on Friday, March 7th.

About Cannae

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.