Two Sigma Investments LP Acquires 52,621 Shares of Cannae Holdings, Inc. (NYSE:CNNE)

Two Sigma Investments LP boosted its holdings in shares of Cannae Holdings, Inc. (NYSE:CNNE - Free Report) by 357.8% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 67,328 shares of the company's stock after buying an additional 52,621 shares during the quarter. Two Sigma Investments LP owned 0.11% of Cannae worth $1,337,000 as of its most recent SEC filing.

Other hedge funds also recently added to or reduced their stakes in the company. Saba Capital Management L.P. grew its position in Cannae by 92.3% in the 4th quarter. Saba Capital Management L.P. now owns 2,219,230 shares of the company's stock valued at $44,074,000 after buying an additional 1,065,083 shares during the last quarter. ProShare Advisors LLC raised its stake in shares of Cannae by 49.0% during the 4th quarter. ProShare Advisors LLC now owns 15,865 shares of the company's stock worth $315,000 after buying an additional 5,219 shares in the last quarter. Man Group plc raised its stake in shares of Cannae by 1.7% during the 4th quarter. Man Group plc now owns 435,421 shares of the company's stock worth $8,647,000 after buying an additional 7,218 shares in the last quarter. Newtyn Management LLC raised its stake in shares of Cannae by 18.9% during the 4th quarter. Newtyn Management LLC now owns 1,890,000 shares of the company's stock worth $37,535,000 after buying an additional 300,000 shares in the last quarter. Finally, Nuveen Asset Management LLC raised 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 buying an additional 301,670 shares in the last quarter. 88.12% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of equities research analysts have commented on the company. Oppenheimer lowered 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. Royal Bank of Canada reissued an "outperform" rating and issued a $22.00 price objective on shares of Cannae in a research report on Wednesday, May 14th.

Cannae Trading Up 0.7%

NYSE CNNE traded up $0.13 on Friday, hitting $19.35. 704,908 shares of the stock were exchanged, compared to its average volume of 473,888. The company's 50-day moving average price is $17.87 and its two-hundred day moving average price is $18.90. The company has a debt-to-equity ratio of 0.10, a current ratio of 2.55 and a quick ratio of 2.55. Cannae Holdings, Inc. has a 52-week low of $15.92 and a 52-week high of $22.36. The company has a market capitalization of $1.22 billion, a price-to-earnings ratio of -4.02 and a beta of 1.00.

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 analysts' consensus estimates of ($0.56) by ($0.03). The firm had revenue of $103.20 million for the quarter, compared to analyst estimates of $105.30 million. Cannae had a negative return on equity of 8.26% and a negative net margin of 68.61%. The firm's revenue was down 6.8% on a year-over-year basis. During the same period in the prior year, the firm earned ($1.27) EPS. Research analysts predict that Cannae Holdings, Inc. will post -3.14 EPS for the current year.

Cannae Announces Dividend

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 yield of 2.48%. Cannae's payout ratio is presently -9.13%.

Cannae declared that its board has authorized a share repurchase plan on Tuesday, March 25th that allows the company to repurchase 10,000,000 shares. This repurchase authorization allows the company to reacquire shares of its stock through open market purchases. Shares repurchase plans are usually an indication that the company's management believes its shares are undervalued.

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.