Cannae (NYSE:CNNE) Lowered to Hold at Zacks Investment Research

Zacks Investment Research lowered shares of Cannae (NYSE:CNNE) from a buy rating to a hold rating in a report issued on Monday, Zacks.com reports.

According to Zacks, “Cannae Holdings, Inc. holds majority and minority equity investment stakes in a number of entities, including Ceridian Holdings, LLC, American Blue Ribbon Holdings, LLC and T-System Holding LLC. Cannae Holdings, Inc., formerly known as Fidelity National Financial Inc., is based in FL, United States. “

Several other equities research analysts also recently issued reports on CNNE. TheStreet downgraded shares of Cannae from a b- rating to a c+ rating in a research note on Tuesday, September 17th. ValuEngine downgraded shares of Cannae from a buy rating to a hold rating in a research note on Wednesday, October 2nd.

CNNE stock traded up $0.14 on Monday, hitting $28.85. 400,600 shares of the company were exchanged, compared to its average volume of 219,469. Cannae has a twelve month low of $15.87 and a twelve month high of $32.03. The company has a debt-to-equity ratio of 0.33, a current ratio of 0.94 and a quick ratio of 0.75. The business’s fifty day moving average is $28.28 and its two-hundred day moving average is $27.84. The stock has a market capitalization of $2.15 billion, a price-to-earnings ratio of 41.81 and a beta of 0.88.

Cannae (NYSE:CNNE) last issued its quarterly earnings results on Thursday, August 8th. The company reported $0.27 EPS for the quarter, topping the consensus estimate of $0.06 by $0.21. Cannae had a net margin of 6.21% and a return on equity of 7.73%. The firm had revenue of $285.10 million during the quarter, compared to analyst estimates of $281.25 million. During the same quarter in the prior year, the business posted ($0.28) earnings per share. Cannae’s revenue for the quarter was down 5.7% compared to the same quarter last year. Equities research analysts expect that Cannae will post -0.71 earnings per share for the current year.

In other Cannae news, Director Richard N. Massey acquired 20,000 shares of the firm’s stock in a transaction on Thursday, August 29th. The stock was bought at an average cost of $28.49 per share, for a total transaction of $569,800.00. Following the completion of the purchase, the director now directly owns 203,899 shares in the company, valued at $5,809,082.51. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Richard L. Cox acquired 3,699 shares of the firm’s stock in a transaction on Friday, September 20th. The shares were acquired at an average price of $27.05 per share, with a total value of $100,057.95. Over the last quarter, insiders have acquired 33,699 shares of company stock valued at $945,158. 7.20% of the stock is owned by insiders.

Hedge funds have recently made changes to their positions in the company. Lomas Capital Management LLC boosted its stake in shares of Cannae by 3.5% in the second quarter. Lomas Capital Management LLC now owns 965,821 shares of the company’s stock valued at $27,989,000 after purchasing an additional 32,670 shares during the period. Crescent Grove Advisors LLC boosted its stake in shares of Cannae by 1.2% in the second quarter. Crescent Grove Advisors LLC now owns 117,434 shares of the company’s stock valued at $3,403,000 after purchasing an additional 1,355 shares during the period. Aperio Group LLC purchased a new position in shares of Cannae in the second quarter valued at $198,000. Hennessy Advisors Inc. purchased a new position in shares of Cannae in the second quarter valued at $3,370,000. Finally, Vanguard Group Inc. boosted its stake in shares of Cannae by 3.2% in the second quarter. Vanguard Group Inc. now owns 6,134,554 shares of the company’s stock valued at $177,779,000 after purchasing an additional 187,902 shares during the period. Institutional investors and hedge funds own 80.53% of the company’s stock.

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 is based in Las Vegas, Nevada.

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