Alberta Investment Management Corp Takes Position in Cannae Holdings, Inc. (NYSE:CNNE)

Key Points

• Alberta Investment Management Corp has acquired a new stake in Cannae Holdings, purchasing 425,000 shares valued at approximately $7.79 million, bringing their total ownership to 0.68%.
• Several institutional investors have increased their stakes in Cannae, with Saba Capital and Carronade Capital raising their holdings significantly by 92.3% and 145.5%, respectively.
• Cannae reported earnings of ($0.59) per share for the last quarter, missing estimates, and has announced a quarterly dividend of $0.12 per share, yielding 2.3%.

Alberta Investment Management Corp acquired a new stake in shares of Cannae Holdings, Inc. (NYSE:CNNE - Free Report) during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm acquired 425,000 shares of the company's stock, valued at approximately $7,790,000. Alberta Investment Management Corp owned 0.68% of Cannae as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also made changes to their positions in CNNE. Saba Capital Management L.P. increased its stake in shares of Cannae by 92.3% in the fourth 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. Carronade Capital Management LP increased its stake in shares of 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 buying an additional 1,024,663 shares during the last quarter. Private Management Group Inc. increased its stake in shares of Cannae by 91.1% in the first quarter. Private Management Group Inc. now owns 1,601,334 shares of the company's stock worth $29,352,000 after buying an additional 763,324 shares during the last quarter. Invenomic Capital Management LP bought a new stake in shares of Cannae in the fourth quarter worth $10,174,000. Finally, Nuveen Asset Management LLC increased its stake in shares of Cannae by 53.4% in the fourth quarter. Nuveen Asset Management LLC now owns 866,870 shares of the company's stock worth $17,216,000 after buying an additional 301,670 shares during the last quarter. Institutional investors own 88.12% of the company's stock.

Analysts Set New Price Targets

Separately, Royal Bank Of Canada lifted their price target on shares of Cannae from $22.00 to $26.00 and gave the stock an "outperform" rating in a research note on Thursday, July 10th.

Cannae Stock Down 3.2%

CNNE stock opened at $20.71 on Friday. 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 Holdings, Inc. has a 1-year low of $15.91 and a 1-year high of $22.36. The firm has a fifty day moving average price of $20.45 and a two-hundred day moving average price of $19.06. The firm has a market cap of $1.30 billion, a price-to-earnings ratio of -3.94 and a beta of 1.06.

Cannae (NYSE:CNNE - Get Free Report) last released its earnings results on Monday, May 12th. The company reported ($0.59) earnings per share 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 for the quarter, compared to the consensus estimate of $105.30 million. During the same quarter in the previous year, the firm earned ($1.27) EPS. The firm's revenue for the quarter was down 6.8% on a year-over-year basis. Research analysts predict that Cannae Holdings, Inc. will post -3.14 EPS for the current year.

Cannae Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, June 30th. Shareholders of record on Monday, June 16th were paid a dividend of $0.12 per share. The ex-dividend date was Monday, June 16th. This represents a $0.48 annualized dividend and a yield of 2.3%. Cannae's payout ratio is presently -9.13%.

Cannae 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.

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