Cannae (NYSE:CNNE) Rating Increased to Buy at Zacks Investment Research

Cannae (NYSE:CNNE) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a note issued to investors on Tuesday, Zacks.com reports. The brokerage currently has a $44.00 price target on the stock. Zacks Investment Research‘s price target suggests a potential upside of 14.76% from the company’s current price.

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. “

A number of other analysts have also recently issued reports on the company. TheStreet raised Cannae from a “c+” rating to a “b-” rating in a research note on Monday, November 18th. ValuEngine cut Cannae from a “buy” rating to a “hold” rating in a research note on Wednesday, October 2nd. Finally, Stephens reissued a “buy” rating and set a $45.00 target price on shares of Cannae in a research note on Wednesday, November 20th.

NYSE CNNE traded down $0.71 during trading hours on Tuesday, reaching $38.34. 385,600 shares of the company’s stock were exchanged, compared to its average volume of 414,344. The company’s 50-day moving average is $37.55 and its two-hundred day moving average is $31.26. Cannae has a one year low of $17.75 and a one year high of $39.32. The company has a debt-to-equity ratio of 0.32, a quick ratio of 1.13 and a current ratio of 1.30. The company has a market capitalization of $2.80 billion, a price-to-earnings ratio of 55.57 and a beta of 0.97.

Cannae (NYSE:CNNE) last posted its earnings results on Tuesday, November 12th. The company reported $0.64 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.54) by $1.18. Cannae had a return on equity of 11.22% and a net margin of 10.27%. The business had revenue of $270.40 million during the quarter, compared to analysts’ expectations of $279.65 million. During the same period in the prior year, the business earned $0.02 EPS. Cannae’s revenue for the quarter was up 9.2% compared to the same quarter last year. Research analysts predict that Cannae will post 0.93 earnings per share for the current fiscal year.

In other Cannae news, EVP Michael L. Gravelle bought 3,030 shares of the stock in a transaction that occurred on Friday, December 6th. The stock was acquired at an average cost of $36.96 per share, with a total value of $111,988.80. Following the purchase, the executive vice president now owns 149,697 shares in the company, valued at $5,532,801.12. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Frank P. Willey purchased 5,000 shares of the firm’s stock in a transaction dated Friday, December 6th. The shares were acquired at an average cost of $36.96 per share, with a total value of $184,800.00. Following the completion of the purchase, the director now directly owns 96,701 shares in the company, valued at $3,574,068.96. The disclosure for this purchase can be found here. 7.20% of the stock is currently owned by corporate insiders.

Several institutional investors and hedge funds have recently modified their holdings of the company. BB&T Securities LLC grew its stake in shares of Cannae by 4.3% during the 3rd quarter. BB&T Securities LLC now owns 11,993 shares of the company’s stock worth $328,000 after acquiring an additional 499 shares in the last quarter. Royal Bank of Canada grew its stake in shares of Cannae by 60.6% during the 2nd quarter. Royal Bank of Canada now owns 1,412 shares of the company’s stock worth $41,000 after acquiring an additional 533 shares in the last quarter. Quest Capital Management Inc. ADV bought a new position in shares of Cannae during the 3rd quarter worth approximately $25,000. Advisors Capital Management LLC grew its stake in shares of Cannae by 10.8% during the 4th quarter. Advisors Capital Management LLC now owns 12,420 shares of the company’s stock worth $462,000 after acquiring an additional 1,211 shares in the last quarter. Finally, California State Teachers Retirement System grew its stake in shares of Cannae by 1.2% during the 3rd quarter. California State Teachers Retirement System now owns 105,336 shares of the company’s stock worth $2,894,000 after acquiring an additional 1,259 shares in the last quarter. 79.46% of the stock is owned by institutional investors.

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 is based in Las Vegas, Nevada.

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