Newtyn Management LLC Sells 97,324 Shares of Cannae Holdings, Inc. $CNNE

Key Points

• Newtyn Management reduced its Cannae Holdings stake by 3.0%, selling 97,324 shares and retaining 3.17 million shares worth approximately $45.6 million. Institutional investors own 88.12% of the company, with several other funds increasing or initiating positions.
• Analyst sentiment remains mixed, with Cannae receiving an average “Hold” rating and a consensus price target of $16.50; RBC maintained an “Outperform” rating with a $16.00 target.
• Cannae reported quarterly EPS of $0.86, beating estimates by $1.28, while revenue of $102.2 million exceeded expectations. The company also announced a quarterly dividend of $0.15 per share, equivalent to a 3.8% annualized yield.

Newtyn Management LLC lowered its holdings in Cannae Holdings, Inc. (NYSE:CNNE - Free Report) by 3.0% during the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 3,169,631 shares of the company's stock after selling 97,324 shares during the period. Cannae comprises about 5.8% of Newtyn Management LLC's investment portfolio, making the stock its 4th biggest holding. Newtyn Management LLC owned about 7.31% of Cannae worth $45,643,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors also recently made changes to their positions in the company. BlackRock Inc. acquired a new stake in shares of Cannae during the 2nd quarter worth approximately $59,496,000. Almitas Capital LLC acquired a new position in Cannae during the 2nd quarter valued at approximately $10,675,000. Rubric Capital Management LP grew its stake in Cannae by 41.3% during the 2nd quarter. Rubric Capital Management LP now owns 2,105,864 shares of the company's stock worth $43,907,000 after buying an additional 615,616 shares during the last quarter. State of Wisconsin Investment Board grew its stake in Cannae by 109.6% during the 4th quarter. State of Wisconsin Investment Board now owns 815,918 shares of the company's stock worth $12,834,000 after buying an additional 426,736 shares during the last quarter. Finally, Jane Street Group LLC grew its stake in Cannae by 467.8% during the 4th quarter. Jane Street Group LLC now owns 468,356 shares of the company's stock worth $7,367,000 after buying an additional 385,865 shares during the last quarter. 88.12% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of research firms have issued reports on CNNE. Weiss Ratings upgraded Cannae from a "sell (d-)" rating to a "sell (d)" rating in a research note on Wednesday. Wall Street Zen upgraded shares of Cannae from a "sell" rating to a "hold" rating in a research report on Saturday, August 15th. Finally, Royal Bank Of Canada reissued an "outperform" rating and set a $16.00 target price on shares of Cannae in a research note on Tuesday, August 11th. Two research 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 MarketBeat, the company has an average rating of "Hold" and a consensus price target of $16.50.

Cannae Stock Performance

Shares of NYSE CNNE opened at $15.64 on Monday. The stock has a fifty day moving average price of $14.79 and a two-hundred day moving average price of $13.59. Cannae Holdings, Inc. has a 1 year low of $10.46 and a 1 year high of $19.88. The firm has a market cap of $678.31 million, a P/E ratio of -5.18 and a beta of 1.20. The company has a debt-to-equity ratio of 0.07, a quick ratio of 1.24 and a current ratio of 1.24.

Cannae (NYSE:CNNE - Get Free Report) last issued its quarterly earnings results on Monday, August 10th. The company reported $0.86 EPS for the quarter, topping the consensus estimate of ($0.42) by $1.28. Cannae had a negative net margin of 38.18% and a negative return on equity of 14.10%. The firm had revenue of $102.20 million for the quarter, compared to analysts' expectations of $99.65 million.

Cannae Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, September 30th. Stockholders of record on Wednesday, September 16th will be given a dividend of $0.15 per share. The ex-dividend date of this dividend is Wednesday, September 16th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 3.8%. Cannae's payout ratio is -19.87%.

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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