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

A number of other hedge funds also recently bought and sold shares of CNNE. Saba Capital Management L.P. increased its holdings in 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 purchasing an additional 1,065,083 shares in the last quarter. Carronade Capital Management LP raised 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 purchasing an additional 1,024,663 shares during the last quarter. Private Management Group Inc. increased its position in 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 in the last quarter. Invenomic Capital Management LP bought a new position in Cannae during the fourth quarter valued at approximately $10,174,000. Finally, Nuveen Asset Management LLC lifted its stake in shares of Cannae by 53.4% during the 4th quarter. Nuveen Asset Management LLC now owns 866,870 shares of the company's stock worth $17,216,000 after acquiring an additional 301,670 shares during the last quarter. 88.12% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

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

Cannae Stock Up 0.8%

Shares of CNNE stock traded up $0.17 during trading hours on Wednesday, reaching $20.41. The company had a trading volume of 174,785 shares, compared to its average volume of 633,803. Cannae Holdings, Inc. has a 12 month low of $15.91 and a 12 month high of $22.36. The company has a debt-to-equity ratio of 0.04, a current ratio of 4.19 and a quick ratio of 4.19. The business has a fifty day simple moving average of $20.55 and a 200-day simple moving average of $19.08. The company has a market cap of $1.28 billion, a price-to-earnings ratio of -3.88 and a beta of 1.06.

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

Cannae Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, June 30th. Shareholders of record on Monday, June 16th were given a $0.12 dividend. The ex-dividend date was Monday, June 16th. This represents a $0.48 dividend on an annualized basis and a dividend yield of 2.4%. Cannae's dividend payout ratio is -9.13%.

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.