Cannae (NYSE:CNNE) Shares Gap Up – Should You Buy?

Cannae Holdings, Inc. (NYSE:CNNE)’s share price gapped up prior to trading on Thursday . The stock had previously closed at $16.98, but opened at $17.35. Cannae shares last traded at $17.62, with a volume of 46,150 shares.

Analyst Ratings Changes

A number of analysts have recently weighed in on the stock. Oppenheimer reduced their price objective on shares of Cannae from $27.00 to $22.00 and set an “outperform” rating for the company in a research note on Friday, March 7th. Royal Bank of Canada dropped their target price on shares of Cannae from $27.00 to $23.00 and set an “outperform” rating on the stock in a research report on Wednesday, February 26th.

Cannae Price Performance

The stock’s 50-day moving average is $18.86 and its 200-day moving average is $19.49. The firm has a market cap of $1.12 billion, a P/E ratio of -3.72 and a beta of 0.86. The company has a quick ratio of 2.55, a current ratio of 2.55 and a debt-to-equity ratio of 0.10.

Cannae Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, March 31st. Investors of record on Monday, March 17th will be given a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a yield of 2.68%. The ex-dividend date of this dividend is Monday, March 17th. Cannae’s dividend payout ratio (DPR) is currently -10.17%.

Institutional Investors Weigh In On Cannae

Institutional investors and hedge funds have recently bought and sold shares of the business. Saba Capital Management L.P. grew its holdings in shares of Cannae by 92.3% in the 4th quarter. Saba Capital Management L.P. now owns 2,219,230 shares of the company’s stock worth $44,074,000 after purchasing an additional 1,065,083 shares during the last quarter. Carronade Capital Management LP grew its holdings in shares of Cannae by 145.5% in the 4th quarter. Carronade Capital Management LP now owns 1,728,926 shares of the company’s stock worth $34,336,000 after purchasing an additional 1,024,663 shares during the last quarter. Private Management Group Inc. bought a new stake in shares of Cannae in the 4th quarter worth about $16,643,000. Invenomic Capital Management LP bought a new stake in shares of Cannae in the 4th quarter worth about $10,174,000. Finally, FMR LLC grew its holdings in shares of Cannae by 17.6% in the 3rd quarter. FMR LLC now owns 2,653,854 shares of the company’s stock worth $50,582,000 after purchasing an additional 397,352 shares during the last quarter. Institutional investors own 88.12% of the company’s stock.

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 was founded in 2014 and is based in Las Vegas, Nevada.