Millennium Management LLC Lowers Stock Position in Cannae Holdings, Inc. (NYSE:CNNE)

Millennium Management LLC cut its holdings in shares of Cannae Holdings, Inc. (NYSE:CNNE - Free Report) by 84.4% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 37,070 shares of the company's stock after selling 200,187 shares during the period. Millennium Management LLC owned about 0.06% of Cannae worth $736,000 at the end of the most recent quarter.

Other large investors have also bought and sold shares of the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in shares of Cannae by 3.7% during the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 32,060 shares of the company's stock valued at $637,000 after purchasing an additional 1,151 shares during the last quarter. Invenomic Capital Management LP acquired a new position in shares of Cannae during the fourth quarter worth $10,174,000. Deutsche Bank AG lifted its stake in shares of Cannae by 27.6% in the 4th quarter. Deutsche Bank AG now owns 55,018 shares of the company's stock valued at $1,093,000 after acquiring an additional 11,917 shares during the last quarter. Bulldog Investors LLP boosted its holdings in shares of Cannae by 14.0% during the 4th quarter. Bulldog Investors LLP now owns 269,631 shares of the company's stock valued at $5,355,000 after acquiring an additional 33,190 shares in the last quarter. Finally, Carronade Capital Management LP grew its position in Cannae by 145.5% during the 4th quarter. Carronade Capital Management LP now owns 1,728,926 shares of the company's stock worth $34,336,000 after acquiring an additional 1,024,663 shares during the last quarter. 88.12% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of equities research analysts have weighed in on the stock. Oppenheimer reduced their target price on shares of 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 reaffirmed an "outperform" rating and set a $22.00 target price on shares of Cannae in a report on Wednesday, May 14th.

Cannae Trading Up 1.2%

Cannae stock traded up $0.24 during mid-day trading on Tuesday, hitting $19.90. 612,704 shares of the stock were exchanged, compared to its average volume of 475,364. The company has a quick ratio of 2.55, a current ratio of 2.55 and a debt-to-equity ratio of 0.10. The stock has a market capitalization of $1.25 billion, a price-to-earnings ratio of -4.14 and a beta of 1.00. The firm's fifty day simple moving average is $17.88 and its two-hundred day simple moving average is $18.87. Cannae Holdings, Inc. has a 12 month low of $15.92 and a 12 month high of $22.36.

Cannae (NYSE:CNNE - Get Free Report) last announced its quarterly earnings data on Monday, May 12th. The company reported ($0.59) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.56) by ($0.03). Cannae had a negative net margin of 68.61% and a negative return on equity of 8.26%. The business had revenue of $103.20 million during the quarter, compared to analyst estimates of $105.30 million. During the same period in the prior year, the firm earned ($1.27) earnings per share. The firm's revenue for the quarter was down 6.8% compared to the same quarter last year. Analysts forecast that Cannae Holdings, Inc. will post -3.14 EPS for the current year.

Cannae declared that its Board of Directors has authorized a stock repurchase plan on Tuesday, March 25th that authorizes the company to buyback 10,000,000 outstanding shares. This buyback authorization authorizes the company to reacquire shares of its stock through open market purchases. Stock buyback plans are usually a sign that the company's management believes its shares are undervalued.

Cannae Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, June 30th. Stockholders of record on Monday, June 16th will be given a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a dividend yield of 2.41%. The ex-dividend date of this dividend is Monday, June 16th. Cannae's dividend payout ratio (DPR) 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.