Private Management Group Inc. Increases Stake in Cannae Holdings, Inc. (NYSE:CNNE)

Key Points

• Private Management Group Inc. increased its stake in Cannae Holdings by 91.1% during the first quarter, holding approximately 2.55% of the company's shares valued at $29.35 million.
• Royal Bank Of Canada raised its price target for Cannae from $22.00 to $26.00 with an "outperform" rating.
• Cannae Holdings reported a revenue of $103.20 million for the quarter, missing estimates, and shows a negative earnings per share of ($0.59).

Private Management Group Inc. increased its stake in Cannae Holdings, Inc. (NYSE:CNNE - Free Report) by 91.1% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 1,601,334 shares of the company's stock after buying an additional 763,324 shares during the period. Private Management Group Inc. owned 2.55% of Cannae worth $29,352,000 as of its most recent SEC filing.

Several other institutional investors also recently added to or reduced their stakes in the stock. Spire Wealth Management grew its holdings in Cannae by 81.4% during the 1st quarter. Spire Wealth Management now owns 4,100 shares of the company's stock worth $75,000 after acquiring an additional 1,840 shares in the last quarter. Nomura Asset Management Co. Ltd. grew its holdings in Cannae by 133.0% during the 4th quarter. Nomura Asset Management Co. Ltd. now owns 4,268 shares of the company's stock worth $85,000 after acquiring an additional 2,436 shares in the last quarter. Ameriflex Group Inc. bought a new position in Cannae during the 4th quarter worth about $122,000. GAMMA Investing LLC grew its holdings in Cannae by 2,236.9% during the 1st quarter. GAMMA Investing LLC now owns 8,413 shares of the company's stock worth $154,000 after acquiring an additional 8,053 shares in the last quarter. Finally, Envestnet Portfolio Solutions Inc. bought a new position in Cannae during the 4th quarter worth about $203,000. Hedge funds and other institutional investors own 88.12% of the company's stock.

Analyst Upgrades and Downgrades

Separately, Royal Bank Of Canada increased their target price on shares of Cannae from $22.00 to $26.00 and gave the stock an "outperform" rating in a report on Thursday, July 10th.

Cannae Stock Down 0.4%

Shares of NYSE:CNNE traded down $0.10 during trading on Monday, reaching $21.71. The stock had a trading volume of 286,569 shares, compared to its average volume of 641,605. Cannae Holdings, Inc. has a one year low of $15.91 and a one year high of $22.36. The company has a market capitalization of $1.36 billion, a P/E ratio of -4.13 and a beta of 1.02. The company has a current ratio of 4.19, a quick ratio of 4.19 and a debt-to-equity ratio of 0.04. The firm's 50-day simple moving average is $20.11 and its 200 day simple moving average is $18.98.

Cannae (NYSE:CNNE - Get Free Report) last released its quarterly earnings results on Monday, May 12th. The company reported ($0.59) earnings per share for the quarter, missing analysts' consensus estimates of ($0.56) by ($0.03). Cannae had a negative net margin of 73.64% and a negative return on equity of 4.86%. The firm had revenue of $103.20 million during the quarter, compared to the consensus estimate of $105.30 million. During the same quarter in the prior year, the business posted ($1.27) earnings per share. The firm's quarterly revenue was down 6.8% on a year-over-year basis. As a group, research analysts expect that Cannae Holdings, Inc. will post -3.14 EPS for the current fiscal year.

Cannae Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, June 30th. Investors of record on Monday, June 16th were given a $0.12 dividend. This represents a $0.48 annualized dividend and a dividend yield of 2.21%. The ex-dividend date was Monday, June 16th. Cannae's payout ratio is currently -9.13%.

About Cannae

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.