Cannae (CNNE) Sets New 12-Month High on Strong Earnings

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Shares of Cannae Holdings Inc (NYSE:CNNE) hit a new 52-week high during mid-day trading on Thursday following a stronger than expected earnings report. The stock traded as high as $23.78 and last traded at $23.19, with a volume of 3302 shares changing hands. The stock had previously closed at $23.05.

The company reported $0.94 earnings per share for the quarter, beating analysts’ consensus estimates of ($0.09) by $1.03. Cannae had a negative net margin of 1.99% and a negative return on equity of 2.08%. The business had revenue of $317.20 million during the quarter, compared to the consensus estimate of $321.10 million. The company’s quarterly revenue was down .1% on a year-over-year basis.

A number of equities research analysts recently weighed in on CNNE shares. Zacks Investment Research downgraded shares of Cannae from a “buy” rating to a “hold” rating in a research report on Wednesday, February 6th. ValuEngine downgraded shares of Cannae from a “strong-buy” rating to a “buy” rating in a research report on Monday, February 4th.

A number of hedge funds and other institutional investors have recently bought and sold shares of CNNE. FMR LLC grew its position in Cannae by 158.9% in the 4th quarter. FMR LLC now owns 2,936,463 shares of the company’s stock worth $50,273,000 after purchasing an additional 1,802,072 shares during the last quarter. Norges Bank bought a new position in Cannae in the 4th quarter worth about $15,439,000. Walthausen & Co. LLC bought a new position in Cannae in the 3rd quarter worth about $10,049,000. Maltese Capital Management LLC bought a new position in Cannae in the 3rd quarter worth about $9,979,000. Finally, Millennium Management LLC grew its position in Cannae by 3,308.5% in the 4th quarter. Millennium Management LLC now owns 345,216 shares of the company’s stock worth $5,910,000 after purchasing an additional 335,088 shares during the last quarter. Hedge funds and other institutional investors own 81.82% of the company’s stock.

The company has a current ratio of 2.12, a quick ratio of 1.75 and a debt-to-equity ratio of 0.01. The stock has a market capitalization of $1.65 billion, a P/E ratio of 15.45 and a beta of 0.79.

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Cannae Company Profile (NYSE:CNNE)

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 is based in Las Vegas, Nevada.

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