Gabelli Funds LLC Increases Stake in Cannae Holdings, Inc. $CNNE

Key Points

• Gabelli Funds increased its Cannae Holdings stake by 90.4% in the first quarter, reaching 191,152 shares valued at approximately $2.17 million. Institutional investors collectively own 88.12% of CNNE.
• Analyst sentiment is mixed, with two Buy ratings, one Hold, and one Sell; the consensus rating is Hold with an average price target of $17.00.
• Cannae reported a quarterly loss of $0.70 per share, missing estimates, while revenue fell 6.8% year over year. The company paid a quarterly dividend of $0.15, equivalent to a 4.0% annualized yield.

Gabelli Funds LLC raised its position in shares of Cannae Holdings, Inc. (NYSE:CNNE - Free Report) by 90.4% in the first quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 191,152 shares of the company's stock after purchasing an additional 90,741 shares during the quarter. Gabelli Funds LLC owned 0.44% of Cannae worth $2,173,000 at the end of the most recent quarter.

Several other large investors have also bought and sold shares of CNNE. Quantbot Technologies LP bought a new position in shares of Cannae in the second quarter worth approximately $62,000. Kelleher Financial Advisors bought a new stake in shares of Cannae during the third quarter valued at approximately $73,000. Parallel Advisors LLC bought a new stake in shares of Cannae during the first quarter valued at approximately $50,000. Eurizon Capital SGR S.p.A. purchased a new position in Cannae in the 4th quarter worth approximately $85,000. Finally, CWM LLC raised its holdings in Cannae by 79.9% in the 4th quarter. CWM LLC now owns 7,313 shares of the company's stock worth $115,000 after acquiring an additional 3,248 shares during the last quarter. 88.12% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on the company. Royal Bank Of Canada reaffirmed an "outperform" rating on shares of Cannae in a research report on Tuesday, May 12th. Stephens reissued an "overweight" rating and issued a $17.00 target price on shares of Cannae in a report on Thursday, April 23rd. Finally, Weiss Ratings restated a "sell (d-)" rating on shares of Cannae in a research note on Monday, July 6th. Two investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat, the stock has an average rating of "Hold" and an average target price of $17.00.

Cannae Stock Performance

Shares of NYSE CNNE opened at $14.87 on Thursday. The firm's 50-day moving average price is $14.44 and its 200-day moving average price is $13.62. The company has a quick ratio of 1.71, a current ratio of 1.71 and a debt-to-equity ratio of 0.07. The company has a market cap of $653.52 million, a PE ratio of -1.90 and a beta of 1.20. Cannae Holdings, Inc. has a 52-week low of $10.46 and a 52-week high of $21.78.

Cannae (NYSE:CNNE - Get Free Report) last announced its quarterly earnings results on Monday, May 11th. The company reported ($0.70) EPS for the quarter, missing analysts' consensus estimates of ($0.40) by ($0.30). The company had revenue of $96.20 million during the quarter, compared to the consensus estimate of $99.77 million. Cannae had a negative return on equity of 36.53% and a negative net margin of 103.77%.The business's revenue was down 6.8% compared to the same quarter last year. During the same quarter in the prior year, the firm earned ($1.81) earnings per share. As a group, analysts anticipate that Cannae Holdings, Inc. will post -2.4 EPS for the current year.

Cannae Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, June 30th. Shareholders of record on Tuesday, June 16th were given a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a yield of 4.0%. The ex-dividend date of this dividend was Tuesday, June 16th. Cannae's payout ratio is -7.68%.

Cannae Company Profile

Cannae Holdings, Inc NYSE: CNNE is a publicly traded diversified holding company that focuses on partnering with and investing in businesses across a range of industry sectors. The company seeks to identify attractive opportunities in both private and public markets, leveraging its capital resources and management expertise to support operational growth and value creation. Cannae's investment strategy emphasizes companies in data and analytics, marketing services, healthcare technology, and payment processing.

Through its portfolio, Cannae holds controlling or significant minority stakes in companies that provide critical software, data and services to corporate clients.

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