Cannae (NYSE:CNNE) Sees Unusually-High Trading Volume - Here's What Happened

Cannae Holdings, Inc. (NYSE:CNNE - Get Free Report) saw unusually-high trading volume on Friday . Approximately 893,677 shares traded hands during trading, an increase of 44% from the previous session's volume of 622,460 shares.The stock last traded at $19.87 and had previously closed at $19.79.

Analyst Upgrades and Downgrades

A number of research analysts recently commented on the company. Royal Bank Of Canada reissued an "outperform" rating and issued a $22.00 target price on shares of Cannae in a research note on Wednesday, May 14th. Oppenheimer reduced 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.

Cannae Stock Performance

The firm has a market cap of $1.30 billion, a P/E ratio of -3.92 and a beta of 1.00. The company has a debt-to-equity ratio of 0.04, a quick ratio of 4.19 and a current ratio of 4.19. The business's 50-day simple moving average is $18.41 and its 200 day simple moving average is $18.77.

Cannae (NYSE:CNNE - Get Free Report) last released its earnings results on Monday, May 12th. The company reported ($0.59) EPS for the quarter, missing analysts' consensus estimates of ($0.56) by ($0.03). Cannae had a negative return on equity of 4.86% and a negative net margin of 73.64%. The firm had revenue of $103.20 million for the quarter, compared to the consensus estimate of $105.30 million. During the same quarter in the previous year, the business posted ($1.27) EPS. Cannae's revenue was down 6.8% on a year-over-year basis. As a group, equities analysts predict that Cannae Holdings, Inc. will post -3.14 earnings per share for the current year.

Cannae Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, June 30th. Shareholders of record on Monday, June 16th will be paid a $0.12 dividend. 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 2.33%. Cannae's payout ratio is currently -9.13%.

Cannae declared that its board has approved a share repurchase program on Tuesday, March 25th that permits the company to buyback 10,000,000 shares. This buyback authorization permits the company to purchase shares of its stock through open market purchases. Shares buyback programs are often an indication that the company's management believes its shares are undervalued.

Institutional Trading of Cannae

Hedge funds have recently bought and sold shares of the stock. State of New Jersey Common Pension Fund D increased its holdings in shares of Cannae by 3.2% in the fourth quarter. State of New Jersey Common Pension Fund D now owns 103,356 shares of the company's stock valued at $2,053,000 after purchasing an additional 3,175 shares during the period. Global Retirement Partners LLC lifted its stake in Cannae by 29.6% in the 4th quarter. Global Retirement Partners LLC now owns 5,251 shares of the company's stock valued at $104,000 after buying an additional 1,198 shares in the last quarter. Bank of New York Mellon Corp lifted its position in shares of Cannae by 31.4% in the fourth quarter. Bank of New York Mellon Corp now owns 263,659 shares of the company's stock valued at $5,236,000 after acquiring an additional 62,987 shares in the last quarter. Levin Capital Strategies L.P. boosted its stake in Cannae by 435.4% during the 4th quarter. Levin Capital Strategies L.P. now owns 157,397 shares of the company's stock worth $3,126,000 after purchasing an additional 128,000 shares during the last quarter. Finally, Raymond James Financial Inc. acquired a new position in Cannae during the fourth quarter worth about $5,866,000. Hedge funds and other institutional investors own 88.12% of the company's stock.

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.