Cannae (NYSE:CNNE) Reaches New 52-Week High at $39.37

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Shares of Cannae Holdings Inc (NYSE:CNNE) hit a new 52-week high on Thursday . The stock traded as high as $39.37 and last traded at $39.08, with a volume of 54008 shares trading hands. The stock had previously closed at $38.84.

Several brokerages have recently weighed in on CNNE. Stephens reissued a “buy” rating and issued a $45.00 price target on shares of Cannae in a research note on Wednesday, November 20th. Zacks Investment Research raised Cannae from a “hold” rating to a “buy” rating and set a $44.00 price target for the company in a research note on Tuesday. TheStreet raised Cannae from a “c+” rating to a “b-” rating in a research note on Monday, November 18th. Finally, ValuEngine cut Cannae from a “buy” rating to a “hold” rating in a research note on Wednesday, October 2nd.

The company has a market cap of $2.76 billion, a price-to-earnings ratio of 56.64 and a beta of 0.97. The firm has a 50 day moving average price of $37.57 and a two-hundred day moving average price of $31.31. The company has a quick ratio of 1.13, a current ratio of 1.30 and a debt-to-equity ratio of 0.32.

Cannae (NYSE:CNNE) last released its earnings results on Tuesday, November 12th. The company reported $0.64 EPS for the quarter, topping the consensus estimate 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 quarter last year, the firm posted $0.02 earnings per share. The firm’s revenue was up 9.2% on a year-over-year basis. On average, equities analysts expect that Cannae Holdings Inc will post 0.93 earnings per share for the current year.

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

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in CNNE. Bank of Montreal Can grew its stake in Cannae by 1,123.1% during the second quarter. Bank of Montreal Can now owns 6,189 shares of the company’s stock worth $180,000 after purchasing an additional 5,683 shares during the period. Bank of New York Mellon Corp grew its stake in Cannae by 2.9% in the second quarter. Bank of New York Mellon Corp now owns 325,039 shares of the company’s stock valued at $9,420,000 after acquiring an additional 9,011 shares during the period. Northern Trust Corp grew its stake in Cannae by 2.3% in the second quarter. Northern Trust Corp now owns 822,452 shares of the company’s stock valued at $23,836,000 after acquiring an additional 18,250 shares during the period. HighTower Advisors LLC acquired a new stake in Cannae in the second quarter valued at approximately $927,000. Finally, A.R.T. Advisors LLC grew its stake in Cannae by 308.8% in the second quarter. A.R.T. Advisors LLC now owns 45,143 shares of the company’s stock valued at $1,308,000 after acquiring an additional 34,100 shares during the period. 79.46% of the stock is owned by institutional investors and hedge funds.

About Cannae (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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