Cannae (NYSE:CNNE) Sees Large Volume Increase - Time to Buy?

Cannae Holdings, Inc. (NYSE:CNNE - Get Free Report) saw an uptick in trading volume on Friday . 893,677 shares were traded 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.

Analysts Set New Price Targets

CNNE has been the subject of several research reports. Royal Bank Of Canada reiterated an "outperform" rating and set a $22.00 price target on shares of Cannae in a research report on Wednesday, May 14th. Oppenheimer decreased their target price on shares of Cannae from $27.00 to $22.00 and set an "outperform" rating on the stock in a research report on Friday, March 7th.

Cannae Stock Performance

The stock has a market capitalization of $1.25 billion, a PE ratio of -3.79 and a beta of 1.00. The stock has a 50 day moving average of $18.35 and a two-hundred day moving average of $18.81. The company has a debt-to-equity ratio of 0.04, a current ratio of 4.19 and a quick ratio of 4.19.

Cannae (NYSE:CNNE - Get Free Report) last posted its quarterly earnings results on Monday, May 12th. The company reported ($0.59) EPS for the quarter, missing the consensus estimate of ($0.56) by ($0.03). Cannae had a negative net margin of 73.64% and a negative return on equity of 4.86%. The business had revenue of $103.20 million during the quarter, compared to analysts' expectations of $105.30 million. During the same quarter last year, the firm earned ($1.27) EPS. The firm's quarterly revenue was down 6.8% compared to the same quarter last year. Research analysts expect that Cannae Holdings, Inc. will post -3.14 EPS for the current fiscal year.

Cannae Dividend Announcement

The company 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 $0.12 dividend. The ex-dividend date is Monday, June 16th. This represents a $0.48 annualized dividend and a yield of 2.41%. Cannae's dividend payout ratio is presently -9.13%.

Cannae announced that its board has approved a share repurchase plan 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 plans are typically a sign that the company's management believes its shares are undervalued.

Institutional Investors Weigh In On Cannae

A number of hedge funds and other institutional investors have recently made changes to their positions in CNNE. Jane Street Group LLC increased its holdings in Cannae by 95.4% in the 1st quarter. Jane Street Group LLC now owns 54,393 shares of the company's stock valued at $997,000 after buying an additional 26,550 shares during the period. Caxton Associates LLP bought a new stake in Cannae during the 1st quarter worth approximately $838,000. Goldman Sachs Group Inc. raised its holdings in shares of Cannae by 4.1% during the first quarter. Goldman Sachs Group Inc. now owns 299,843 shares of the company's stock worth $5,496,000 after acquiring an additional 11,788 shares during the period. Newtyn Management LLC boosted its position in shares of Cannae by 143.4% during the first quarter. Newtyn Management LLC now owns 4,600,000 shares of the company's stock worth $84,318,000 after buying an additional 2,710,000 shares during the period. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in Cannae by 4.4% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 33,465 shares of the company's stock worth $613,000 after purchasing an additional 1,405 shares during the last quarter. 88.12% of the stock is owned by hedge funds and other institutional investors.

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.

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