Cannae Holdings, Inc. (NYSE:CNNE) Sees Large Increase in Short Interest

Cannae Holdings, Inc. (NYSE:CNNE - Get Free Report) saw a large growth in short interest during the month of May. As of May 31st, there was short interest totalling 2,390,000 shares, a growth of 40.6% from the May 15th total of 1,700,000 shares. Based on an average daily trading volume, of 737,700 shares, the days-to-cover ratio is currently 3.2 days. Currently, 4.3% of the shares of the company are sold short.

Wall Street Analyst Weigh In

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

Institutional Investors Weigh In On Cannae

Several hedge funds and other institutional investors have recently modified their holdings of CNNE. Strategic Financial Concepts LLC bought a new stake in shares of Cannae during the fourth quarter valued at about $281,000. State of New Jersey Common Pension Fund D increased its position in shares of Cannae by 3.2% during the fourth quarter. State of New Jersey Common Pension Fund D now owns 103,356 shares of the company's stock valued at $2,053,000 after buying an additional 3,175 shares during the period. Bfsg LLC bought a new stake in shares of Cannae during the fourth quarter valued at about $134,000. C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors bought a new stake in shares of Cannae during the fourth quarter valued at about $76,000. Finally, Global Retirement Partners LLC increased its position in shares of Cannae by 29.6% during the fourth quarter. Global Retirement Partners LLC now owns 5,251 shares of the company's stock valued at $104,000 after buying an additional 1,198 shares during the period. 88.12% of the stock is currently owned by institutional investors.

Cannae Stock Up 0.0%

Cannae stock traded up $0.00 during midday trading on Thursday, reaching $19.79. The stock had a trading volume of 906,215 shares, compared to its average volume of 488,734. Cannae has a 12 month low of $15.92 and a 12 month high of $22.36. The firm's 50-day moving average price is $18.29 and its 200 day moving average price is $18.82. The company has a current ratio of 4.19, a quick ratio of 4.19 and a debt-to-equity ratio of 0.04.

Cannae (NYSE:CNNE - Get Free Report) last announced its quarterly earnings data on Monday, May 12th. The company reported ($0.59) earnings per share (EPS) 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 firm posted ($1.27) earnings per share. The company's revenue was down 6.8% on a year-over-year basis. On average, research analysts predict that Cannae will post -3.14 earnings per share for the current fiscal year.

Cannae announced that its Board of Directors has authorized a stock buyback plan on Tuesday, March 25th that authorizes the company to buyback 10,000,000 outstanding shares. This buyback authorization authorizes the company to purchase shares of its stock through open market purchases. Stock buyback plans are typically an indication that the company's leadership believes its stock is undervalued.

Cannae Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, June 30th. Investors of record on Monday, June 16th will be paid a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a yield of 2.43%. The ex-dividend date is Monday, June 16th. Cannae's dividend payout ratio is currently -9.13%.

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.