Private Management Group Inc. Sells 15,676 Shares of Cannae Holdings, Inc. $CNNE

Private Management Group Inc. cut its stake in shares of Cannae Holdings, Inc. (NYSE:CNNE) by 1.0% in the 2nd quarter, HoldingsChannel reports. The fund owned 1,585,658 shares of the company’s stock after selling 15,676 shares during the quarter. Cannae accounts for 1.1% of Private Management Group Inc.’s portfolio, making the stock its 27th biggest position. Private Management Group Inc.’s holdings in Cannae were worth $33,061,000 as of its most recent SEC filing.

A number of other large investors have also bought and sold shares of the stock. Bank of New York Mellon Corp boosted its stake in shares of Cannae by 1.5% during the first quarter. Bank of New York Mellon Corp now owns 267,675 shares of the company’s stock valued at $4,906,000 after purchasing an additional 4,016 shares during the period. Y Intercept Hong Kong Ltd bought a new stake in Cannae during the 1st quarter valued at $762,000. Universal Beteiligungs und Servicegesellschaft mbH bought a new stake in Cannae during the 1st quarter valued at $1,507,000. XTX Topco Ltd boosted its position in Cannae by 470.9% during the 1st quarter. XTX Topco Ltd now owns 61,541 shares of the company’s stock valued at $1,128,000 after buying an additional 50,762 shares during the period. Finally, Alberta Investment Management Corp bought a new stake in Cannae in the 1st quarter worth $7,790,000. 88.12% of the stock is owned by hedge funds and other institutional investors.

Cannae Trading Up 4.0%

NYSE:CNNE opened at $15.73 on Friday. The company has a 50-day moving average price of $17.88 and a 200-day moving average price of $19.00. The stock has a market cap of $775.32 million, a price-to-earnings ratio of -2.04 and a beta of 1.11. The company has a current ratio of 2.03, a quick ratio of 2.03 and a debt-to-equity ratio of 0.05. Cannae Holdings, Inc. has a 12 month low of $15.05 and a 12 month high of $22.14.

Cannae (NYSE:CNNE) last announced its quarterly earnings results on Monday, November 10th. The company reported ($1.25) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.31) by ($0.94). Cannae had a negative net margin of 108.39% and a negative return on equity of 23.16%. The company had revenue of $106.90 million for the quarter, compared to analysts’ expectations of $104.80 million. During the same quarter in the prior year, the firm earned ($0.22) EPS. Cannae’s quarterly revenue was down 6.1% compared to the same quarter last year. Equities analysts predict that Cannae Holdings, Inc. will post -3.14 EPS for the current year.

Cannae Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, December 31st. Stockholders of record on Wednesday, December 17th will be given a $0.15 dividend. The ex-dividend date of this dividend is Wednesday, December 17th. This represents a $0.60 annualized dividend and a dividend yield of 3.8%. Cannae’s dividend payout ratio is currently -7.76%.

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on the stock. Zacks Research raised shares of Cannae from a “strong sell” rating to a “hold” rating in a research note on Wednesday, October 15th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Cannae in a research report on Tuesday, October 14th. Finally, Royal Bank Of Canada dropped their price objective on Cannae from $22.00 to $19.00 and set an “outperform” rating for the company in a report on Wednesday, November 12th. Two research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the company has an average rating of “Hold” and a consensus target price of $20.50.

Insider Activity at Cannae

In related news, Director Frank R. Martire sold 106,855 shares of Cannae stock in a transaction that occurred on Friday, August 29th. The stock was sold at an average price of $18.63, for a total transaction of $1,990,708.65. Following the sale, the director directly owned 26,478 shares in the company, valued at $493,285.14. The trade was a 80.14% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 10.90% of the stock is currently owned by insiders.

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.