PDT Partners LLC Buys New Position in Cannae Holdings, Inc. $CNNE

Key Points

• PDT Partners initiated a position in Cannae Holdings during the second quarter, buying 114,284 shares valued at approximately $1.65 million. Institutional investors collectively own 88.12% of CNNE.
• Cannae reported quarterly earnings of $0.86 per share, exceeding analyst expectations of a $0.42 loss, while revenue of $102.2 million also topped estimates.
• The company declared a quarterly dividend of $0.15 per share, equivalent to an annualized $0.60 payout and a 3.9% yield. Analysts maintain a consensus “Hold” rating with a $16.50 price target.

PDT Partners LLC bought a new position in shares of Cannae Holdings, Inc. (NYSE:CNNE - Free Report) during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund bought 114,284 shares of the company's stock, valued at approximately $1,646,000. PDT Partners LLC owned 0.26% of Cannae as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. BlackRock Inc. bought a new position in shares of Cannae during the 2nd quarter valued at about $59,496,000. Carronade Capital Management LP lifted its stake in Cannae by 2.3% during the fourth quarter. Carronade Capital Management LP now owns 3,262,648 shares of the company's stock valued at $51,321,000 after purchasing an additional 73,621 shares during the last quarter. Rubric Capital Management LP lifted its stake in Cannae by 41.3% during the second quarter. Rubric Capital Management LP now owns 2,105,864 shares of the company's stock valued at $43,907,000 after purchasing an additional 615,616 shares during the last quarter. Private Management Group Inc. boosted its holdings in Cannae by 8.5% during the fourth quarter. Private Management Group Inc. now owns 1,821,685 shares of the company's stock worth $28,655,000 after buying an additional 142,025 shares in the last quarter. Finally, Saba Capital Management L.P. boosted its holdings in Cannae by 23.3% during the fourth quarter. Saba Capital Management L.P. now owns 1,714,994 shares of the company's stock worth $26,977,000 after buying an additional 323,531 shares in the last quarter. 88.12% of the stock is currently owned by institutional investors.

Cannae Trading Down 1.3%

Shares of NYSE:CNNE opened at $15.40 on Thursday. The firm has a fifty day moving average of $14.72 and a two-hundred day moving average of $13.58. The company has a quick ratio of 1.24, a current ratio of 1.24 and a debt-to-equity ratio of 0.07. Cannae Holdings, Inc. has a 12-month low of $10.46 and a 12-month high of $19.88. The firm has a market capitalization of $667.96 million, a P/E ratio of -5.10 and a beta of 1.20.

Cannae (NYSE:CNNE - Get Free Report) last posted its quarterly earnings results on Monday, August 10th. The company reported $0.86 earnings per share for the quarter, topping analysts' consensus estimates 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 business had revenue of $102.20 million for the quarter, compared to the consensus estimate of $99.65 million.

Cannae Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, September 30th. Stockholders of record on Wednesday, September 16th will be paid a dividend of $0.15 per share. The ex-dividend date is Wednesday, September 16th. This represents a $0.60 annualized dividend and a dividend yield of 3.9%. Cannae's dividend payout ratio is -19.87%.

Analysts Set New Price Targets

Several research firms have issued reports on CNNE. Royal Bank Of Canada restated an "outperform" rating and issued a $16.00 price target on shares of Cannae in a research report on Tuesday, August 11th. Weiss Ratings reissued a "sell (d-)" rating on shares of Cannae in a research note on Monday, July 6th. Finally, Wall Street Zen upgraded Cannae from a "sell" rating to a "hold" rating in a report on Saturday, August 15th. Two equities research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the company presently has a consensus rating of "Hold" and a consensus price target of $16.50.

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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