Private Management Group Inc. Has $34.63 Million Stock Position in Cannae Holdings, Inc. $CNNE

Key Points

• Private Management Group increased its Cannae Holdings stake by 4.4% in the second quarter, owning 2.4 million shares valued at approximately $34.6 million, or 5.55% of the company. Institutional investors and hedge funds collectively own 88.12% of CNNE.
• Cannae reported quarterly earnings of $0.86 per share, far exceeding analysts’ estimate of a $0.42 loss, while revenue of $102.2 million also surpassed expectations.
• Analyst sentiment remains mixed, with the stock carrying an average “Hold” rating and a $16.50 price target. Cannae also announced a quarterly dividend of $0.15 per share, representing a 3.8% annualized yield.

Private Management Group Inc. increased its stake in shares of Cannae Holdings, Inc. (NYSE:CNNE - Free Report) by 4.4% during the 2nd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 2,404,943 shares of the company's stock after acquiring an additional 101,200 shares during the period. Private Management Group Inc. owned about 5.55% of Cannae worth $34,631,000 as of its most recent filing with the SEC.

Other large investors have also recently bought and sold shares of the company. BlackRock Inc. bought a new position in Cannae in the second quarter valued at approximately $59,496,000. Carronade Capital Management LP raised its stake in shares of Cannae by 2.3% during the 4th quarter. Carronade Capital Management LP now owns 3,262,648 shares of the company's stock worth $51,321,000 after purchasing an additional 73,621 shares in the last quarter. Rubric Capital Management LP boosted its holdings in shares of Cannae by 41.3% in the 2nd quarter. Rubric Capital Management LP now owns 2,105,864 shares of the company's stock valued at $43,907,000 after buying an additional 615,616 shares during the last quarter. Saba Capital Management L.P. boosted its holdings in shares of Cannae by 23.3% in the 4th quarter. Saba Capital Management L.P. now owns 1,714,994 shares of the company's stock valued at $26,977,000 after buying an additional 323,531 shares during the last quarter. Finally, Poehling Capital Management INC. grew its stake in shares of Cannae by 46.4% in the first quarter. Poehling Capital Management INC. now owns 954,190 shares of the company's stock valued at $10,849,000 after buying an additional 302,494 shares in the last quarter. 88.12% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of equities analysts recently weighed in on the stock. Wall Street Zen upgraded shares of Cannae from a "sell" rating to a "hold" rating in a report on Saturday, August 15th. Weiss Ratings upgraded shares of Cannae from a "sell (d-)" rating to a "sell (d)" rating in a research note on Wednesday. Finally, Royal Bank Of Canada reissued an "outperform" rating and issued a $16.00 price objective on shares of Cannae in a research report on Tuesday, August 11th. Two investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat.com, the company presently has an average rating of "Hold" and an average price target of $16.50.

Cannae Stock Performance

CNNE opened at $15.64 on Friday. The company has a quick ratio of 1.24, a current ratio of 1.24 and a debt-to-equity ratio of 0.07. The stock has a market cap of $678.37 million, a price-to-earnings ratio of -5.18 and a beta of 1.20. Cannae Holdings, Inc. has a 12-month low of $10.46 and a 12-month high of $19.88. The business has a 50 day moving average of $14.79 and a 200-day moving average of $13.60.

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, beating analysts' consensus estimates of ($0.42) by $1.28. Cannae had a negative return on equity of 14.10% and a negative net margin of 38.18%.The business 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 paid a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a dividend yield of 3.8%. The ex-dividend date is Wednesday, September 16th. Cannae's dividend payout ratio (DPR) is currently -19.87%.

About Cannae

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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