Cannae Holdings, Inc. (NYSE:CNNE) Sees Significant Decline in Short Interest

Cannae Holdings, Inc. (NYSE:CNNE) was the target of a significant drop in short interest in October. As of October 31st, there was short interest totalling 860,900 shares, a drop of 35.8% from the October 15th total of 1,340,000 shares. Currently, 1.5% of the shares of the stock are sold short. Based on an average daily trading volume, of 357,100 shares, the days-to-cover ratio is currently 2.4 days.

Institutional Trading of Cannae

A number of hedge funds have recently added to or reduced their stakes in CNNE. BNP Paribas Financial Markets lifted its stake in shares of Cannae by 82.8% in the 1st quarter. BNP Paribas Financial Markets now owns 32,482 shares of the company’s stock valued at $722,000 after purchasing an additional 14,711 shares in the last quarter. SG Americas Securities LLC lifted its stake in shares of Cannae by 90.3% in the 1st quarter. SG Americas Securities LLC now owns 22,804 shares of the company’s stock valued at $507,000 after purchasing an additional 10,823 shares in the last quarter. Oppenheimer Asset Management Inc. lifted its stake in shares of Cannae by 3.7% in the 1st quarter. Oppenheimer Asset Management Inc. now owns 14,071 shares of the company’s stock valued at $313,000 after purchasing an additional 498 shares in the last quarter. Sei Investments Co. lifted its stake in shares of Cannae by 1.7% in the 1st quarter. Sei Investments Co. now owns 44,237 shares of the company’s stock valued at $984,000 after purchasing an additional 756 shares in the last quarter. Finally, Russell Investments Group Ltd. lifted its stake in shares of Cannae by 17.8% in the 1st quarter. Russell Investments Group Ltd. now owns 226,852 shares of the company’s stock valued at $5,045,000 after purchasing an additional 34,246 shares in the last quarter. 88.12% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Separately, Royal Bank of Canada raised their price target on Cannae from $26.00 to $27.00 and gave the company an “outperform” rating in a research report on Thursday.

Cannae Price Performance

Cannae stock traded down $0.59 during midday trading on Thursday, reaching $20.43. 411,090 shares of the company were exchanged, compared to its average volume of 537,153. The company has a market capitalization of $1.28 billion, a price-to-earnings ratio of -4.29 and a beta of 0.87. The firm’s 50-day simple moving average is $19.34 and its 200-day simple moving average is $19.17. Cannae has a 1 year low of $16.94 and a 1 year high of $22.99. The company has a debt-to-equity ratio of 0.04, a quick ratio of 1.01 and a current ratio of 1.01.

Cannae (NYSE:CNNE) last posted its quarterly earnings data on Tuesday, November 12th. The company reported ($0.22) EPS for the quarter, hitting analysts’ consensus estimates of ($0.22). The firm had revenue of $113.90 million during the quarter, compared to analysts’ expectations of $105.67 million. Cannae had a negative return on equity of 7.98% and a negative net margin of 68.61%. The firm’s quarterly revenue was down 20.7% compared to the same quarter last year. During the same quarter last year, the business posted ($2.18) EPS. On average, analysts anticipate that Cannae will post -3.03 EPS for the current year.

Cannae Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, December 31st. Shareholders of record on Tuesday, December 17th will be paid a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a yield of 2.35%. The ex-dividend date is Tuesday, December 17th. Cannae’s payout ratio is -9.98%.

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.