Cannae Holdings, Inc. $CNNE Stock: Private Management Group Inc. Trims Stake

Key Points

• Private Management Group cut its Cannae stake by 6.5% in the third quarter, selling 156,543 shares; it retained 2,248,400 shares, about 5.68% of the company.
• Institutional investors and hedge funds owned 88.12% of Cannae shares. Other investors disclosed both new positions and increased holdings, including BlackRock’s newly acquired stake valued at about $59.5 million.
• Cannae reported quarterly earnings of $0.86 per share, ahead of analyst expectations, and declared a $0.15 quarterly dividend. Analysts’ average rating was “Hold,” with a consensus price target of $17.

Private Management Group Inc. cut its position in Cannae Holdings, Inc. (NYSE:CNNE - Free Report) by 6.5% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 2,248,400 shares of the company's stock after selling 156,543 shares during the quarter. Private Management Group Inc. owned about 5.68% of Cannae worth $34,490,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in CNNE. BlackRock Inc. acquired a new stake in shares of Cannae during the second quarter worth $59,496,000. Almitas Capital LLC acquired a new position in shares of Cannae in the second quarter valued at about $10,675,000. Cygnus Capital Advisors LLC grew its stake in shares of Cannae by 39.7% in the second quarter. Cygnus Capital Advisors LLC now owns 300,240 shares of the company's stock valued at $4,323,000 after acquiring an additional 85,392 shares in the last quarter. Bank of New York Mellon Corp acquired a new position in shares of Cannae in the second quarter valued at about $2,222,000. Finally, Gabelli Funds LLC increased its position in Cannae by 90.4% during the first quarter. Gabelli Funds LLC now owns 191,152 shares of the company's stock worth $2,173,000 after acquiring an additional 90,741 shares during the period. 88.12% of the stock is owned by institutional investors and hedge funds.

Cannae Stock Performance

Cannae stock opened at $17.60 on Tuesday. The company has a debt-to-equity ratio of 0.07, a quick ratio of 1.24 and a current ratio of 1.24. The stock's fifty day moving average price is $16.03 and its two-hundred day moving average price is $14.28. Cannae Holdings, Inc. has a one year low of $10.46 and a one year high of $18.48.

Cannae (NYSE:CNNE - Get Free Report) last released its earnings results on Monday, August 10th. The company reported $0.86 earnings per share for the quarter, beating analysts' consensus estimates of ($0.42) by $1.28. The firm had revenue of $102.20 million during the quarter, compared to the consensus estimate of $99.65 million. Cannae had a negative return on equity of 14.10% and a negative net margin of 38.18%.

Cannae Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, December 31st. Investors of record on Thursday, December 17th will be paid a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a yield of 3.4%. The ex-dividend date of this dividend is Thursday, December 17th. Cannae's payout ratio is -19.87%.

Analyst Upgrades and Downgrades

CNNE has been the subject of several analyst reports. Weiss Ratings cut shares of Cannae from a "sell (d)" rating to a "sell (d-)" rating in a research note on Thursday, October 8th. Wall Street Zen raised shares of Cannae from a "sell" rating to a "hold" rating in a report on Saturday, August 15th. Finally, Royal Bank Of Canada increased their target price on shares of Cannae from $16.00 to $17.00 and gave the stock an "outperform" rating in a research report on Friday, October 9th. Two equities research analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus target price of $17.00.

About Cannae

Cannae Holdings, Inc is a diversified investment company that manages a portfolio of operating businesses and strategic investments. The company focuses on sectors including restaurants, financial services, payments, and business services, with the goal of building long-term value through active ownership and capital allocation.

Cannae has held interests in a range of companies, including restaurant operators, payment technology businesses, and providers of financial and business services.

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