Two Sigma Advisers LP Makes New Investment in Cannae Holdings, Inc. (NYSE:CNNE)

Two Sigma Advisers LP bought a new position in Cannae Holdings, Inc. (NYSE:CNNE - Free Report) during the fourth quarter, according to its most recent 13F filing with the SEC. The institutional investor bought 22,700 shares of the company's stock, valued at approximately $451,000.

A number of other hedge funds have also added to or reduced their stakes in CNNE. Two Sigma Investments LP boosted its stake in shares of Cannae by 357.8% during the fourth quarter. Two Sigma Investments LP now owns 67,328 shares of the company's stock valued at $1,337,000 after purchasing an additional 52,621 shares in the last quarter. Saba Capital Management L.P. boosted its stake in shares of Cannae by 92.3% during the fourth quarter. Saba Capital Management L.P. now owns 2,219,230 shares of the company's stock valued at $44,074,000 after purchasing an additional 1,065,083 shares in the last quarter. ProShare Advisors LLC boosted its stake in shares of Cannae by 49.0% during the fourth quarter. ProShare Advisors LLC now owns 15,865 shares of the company's stock valued at $315,000 after purchasing an additional 5,219 shares in the last quarter. Man Group plc boosted its stake in shares of Cannae by 1.7% during the fourth quarter. Man Group plc now owns 435,421 shares of the company's stock valued at $8,647,000 after purchasing an additional 7,218 shares in the last quarter. Finally, Newtyn Management LLC boosted its stake in shares of Cannae by 18.9% during the fourth quarter. Newtyn Management LLC now owns 1,890,000 shares of the company's stock valued at $37,535,000 after purchasing an additional 300,000 shares in the last quarter. 88.12% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of equities analysts have recently issued reports on CNNE shares. Oppenheimer dropped their price objective on shares of Cannae from $27.00 to $22.00 and set an "outperform" rating on the stock in a research note on Friday, March 7th. Royal Bank of Canada reissued an "outperform" rating and set a $22.00 target price on shares of Cannae in a research report on Wednesday, May 14th.

Cannae Stock Up 0.7%

NYSE:CNNE traded up $0.13 during midday trading on Friday, reaching $19.35. 704,908 shares of the stock traded hands, compared to its average volume of 473,888. Cannae Holdings, Inc. has a 12-month low of $15.92 and a 12-month high of $22.36. The business has a 50-day moving average of $17.87 and a two-hundred day moving average of $18.90. The company has a debt-to-equity ratio of 0.10, a quick ratio of 2.55 and a current ratio of 2.55. The stock has a market capitalization of $1.22 billion, a PE ratio of -4.02 and a beta of 1.00.

Cannae (NYSE:CNNE - Get Free Report) last posted its earnings results on Monday, May 12th. The company reported ($0.59) EPS for the quarter, missing analysts' consensus estimates of ($0.56) by ($0.03). Cannae had a negative net margin of 68.61% and a negative return on equity of 8.26%. The firm had revenue of $103.20 million for the quarter, compared to analysts' expectations of $105.30 million. During the same period in the previous year, the company earned ($1.27) EPS. The company's revenue was down 6.8% on a year-over-year basis. On average, equities analysts forecast that Cannae Holdings, Inc. will post -3.14 earnings per share for the current fiscal year.

Cannae Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, June 30th. Shareholders of record on Monday, June 16th will be issued a $0.12 dividend. The ex-dividend date of this dividend is Monday, June 16th. This represents a $0.48 dividend on an annualized basis and a dividend yield of 2.48%. Cannae's dividend payout ratio is currently -9.13%.

Cannae declared that its board has initiated a share buyback program on Tuesday, March 25th that authorizes the company to repurchase 10,000,000 shares. This repurchase authorization authorizes the company to buy shares of its stock through open market purchases. Shares repurchase programs are usually an indication that the company's management believes its stock is undervalued.

Cannae Company 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.