Envestnet Asset Management Inc. Reduces Stock Position in Cannae Holdings, Inc. (NYSE:CNNE)

Key Points

• Envestnet Asset Management Inc. reduced its stake in Cannae Holdings by 6.9%, owning 220,670 shares worth approximately $4,045,000.
• Several hedge funds modified their positions in Cannae, with Saba Capital Management L.P. boosting its stake by 92.3%, now owning over 2.2 million shares.
• Cannae recently announced a quarterly dividend of $0.12 per share, resulting in an annualized yield of 2.21%.

Envestnet Asset Management Inc. lessened its position in shares of Cannae Holdings, Inc. (NYSE:CNNE - Free Report) by 6.9% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 220,670 shares of the company's stock after selling 16,366 shares during the period. Envestnet Asset Management Inc. owned approximately 0.35% of Cannae worth $4,045,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also bought and sold shares of the company. Saba Capital Management L.P. increased its holdings in Cannae by 92.3% during the 4th quarter. Saba Capital Management L.P. now owns 2,219,230 shares of the company's stock worth $44,074,000 after acquiring an additional 1,065,083 shares during the period. Newtyn Management LLC increased its holdings in 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 acquiring an additional 300,000 shares during the period. Carronade Capital Management LP increased its holdings 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 period. Nuveen Asset Management LLC increased its holdings in 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 period. Finally, Northern Trust Corp increased its holdings in Cannae by 1.8% during the 4th quarter. Northern Trust Corp now owns 609,504 shares of the company's stock worth $12,105,000 after acquiring an additional 10,895 shares during the period. Institutional investors own 88.12% of the company's stock.

Cannae Price Performance

CNNE stock traded down $0.06 during midday trading on Tuesday, reaching $21.62. The company had a trading volume of 34,191 shares, compared to its average volume of 638,419. 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 company has a market capitalization of $1.36 billion, a P/E ratio of -4.11 and a beta of 1.02. The firm has a 50-day moving average price of $20.18 and a 200-day moving average price of $19.00.

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). The business had revenue of $103.20 million during the quarter, compared to analysts' expectations of $105.30 million. Cannae had a negative net margin of 73.64% and a negative return on equity of 4.86%. Cannae's revenue for the quarter was down 6.8% on a year-over-year basis. During the same period last year, the company posted ($1.27) EPS. On average, research analysts anticipate that Cannae Holdings, Inc. will post -3.14 earnings per share for the current fiscal year.

Cannae Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, June 30th. Shareholders of record on Monday, June 16th were given a dividend of $0.12 per share. The ex-dividend date of this dividend was Monday, June 16th. This represents a $0.48 annualized dividend and a yield of 2.22%. Cannae's payout ratio is -9.13%.

Wall Street Analysts Forecast Growth

Separately, Royal Bank Of Canada boosted 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.

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.