Newtyn Management LLC Purchases 2,710,000 Shares of Cannae Holdings, Inc. $CNNE

Key Points

• Newtyn Management LLC increased its stake in Cannae Holdings, Inc. by 143.4% in Q1, owning approximately 4.6 million shares valued at $84.318 million, making it the fund's largest position.
• Cannae recently announced a quarterly dividend of $0.15, a boost from its previous amount, representing an annualized yield of 3.2%.
• Analyst upgrades from the Royal Bank of Canada raised Cannae's target price from $22.00 to $26.00, with a consensus Buy rating and a target of $24.00.

Newtyn Management LLC boosted its position in Cannae Holdings, Inc. (NYSE:CNNE - Free Report) by 143.4% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 4,600,000 shares of the company's stock after purchasing an additional 2,710,000 shares during the period. Cannae comprises 13.4% of Newtyn Management LLC's investment portfolio, making the stock its biggest position. Newtyn Management LLC owned approximately 7.32% of Cannae worth $84,318,000 at the end of the most recent reporting period.

Several other hedge funds have also recently bought and sold shares of the company. Vanguard Group Inc. increased its stake in Cannae by 3.6% in the 1st quarter. Vanguard Group Inc. now owns 5,844,675 shares of the company's stock valued at $107,133,000 after purchasing an additional 205,785 shares in the last quarter. Carronade Capital Management LP increased its position in Cannae by 66.2% during the first quarter. Carronade Capital Management LP now owns 2,874,116 shares of the company's stock worth $52,683,000 after buying an additional 1,145,190 shares in the last quarter. Saba Capital Management L.P. increased its position in Cannae by 92.3% during the fourth quarter. Saba Capital Management L.P. now owns 2,219,230 shares of the company's stock worth $44,074,000 after buying an additional 1,065,083 shares in the last quarter. Private Management Group Inc. increased its position in Cannae by 91.1% during the first quarter. Private Management Group Inc. now owns 1,601,334 shares of the company's stock worth $29,352,000 after buying an additional 763,324 shares in the last quarter. Finally, Nuveen Asset Management LLC increased its position in Cannae by 53.4% during the fourth 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 owned by hedge funds and other institutional investors.

Insider Activity

In other news, Director Frank R. Martire sold 26,478 shares of the firm's stock in a transaction on Tuesday, September 2nd. The stock was sold at an average price of $18.43, for a total transaction of $487,989.54. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. 10.90% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

Separately, Royal Bank Of Canada raised their price target on Cannae from $22.00 to $26.00 and gave the stock an "outperform" rating in a research report on Thursday, July 10th. Two equities research analysts have rated the stock with a Buy rating, Based on data from MarketBeat, the company has an average rating of "Buy" and an average target price of $24.00.

Cannae Trading Down 1.2%

Shares of CNNE stock traded down $0.23 during mid-day trading on Wednesday, hitting $18.71. 167,022 shares of the company's stock were exchanged, compared to its average volume of 657,542. Cannae Holdings, Inc. has a fifty-two week low of $15.91 and a fifty-two week high of $22.36. The stock has a 50-day simple moving average of $20.00 and a two-hundred day simple moving average of $18.93. The company has a quick ratio of 2.78, a current ratio of 2.78 and a debt-to-equity ratio of 0.05. The stock has a market cap of $1.05 billion, a price-to-earnings ratio of -2.79 and a beta of 1.08.

Cannae Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 30th. Stockholders of record on Tuesday, September 16th will be issued a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a dividend yield of 3.2%. This is a positive change from Cannae's previous quarterly dividend of $0.12. The ex-dividend date is Tuesday, September 16th. Cannae's payout ratio is -8.96%.

Cannae 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.