Bulldog Investors LLP Lowers Holdings in Cannae Holdings, Inc. $CNNE

Bulldog Investors LLP trimmed its position in Cannae Holdings, Inc. (NYSE:CNNE) by 33.8% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 302,052 shares of the company’s stock after selling 154,139 shares during the period. Bulldog Investors LLP’s holdings in Cannae were worth $3,434,000 at the end of the most recent reporting period.

Other hedge funds have also recently made changes to their positions in the company. Carronade Capital Management LP increased its holdings in shares of Cannae by 2.3% in the fourth quarter. Carronade Capital Management LP now owns 3,262,648 shares of the company’s stock worth $51,321,000 after purchasing an additional 73,621 shares during the period. Rubric Capital Management LP boosted its stake in Cannae by 41.3% during the second quarter. Rubric Capital Management LP now owns 2,105,864 shares of the company’s stock valued at $43,907,000 after buying an additional 615,616 shares during the period. Private Management Group Inc. boosted its stake in Cannae by 8.5% during the fourth quarter. Private Management Group Inc. now owns 1,821,685 shares of the company’s stock valued at $28,655,000 after buying an additional 142,025 shares during the period. Saba Capital Management L.P. grew its position in Cannae by 23.3% during the fourth quarter. Saba Capital Management L.P. now owns 1,714,994 shares of the company’s stock worth $26,977,000 after buying an additional 323,531 shares in the last quarter. Finally, Poehling Capital Management INC. grew its position in Cannae by 46.4% during the first quarter. Poehling Capital Management INC. now owns 954,190 shares of the company’s stock worth $10,849,000 after buying an additional 302,494 shares in the last quarter. 88.12% of the stock is currently owned by hedge funds and other institutional investors.

Cannae Stock Performance

Cannae stock opened at $14.67 on Tuesday. The firm’s fifty day moving average price is $14.23 and its 200-day moving average price is $13.67. The company has a debt-to-equity ratio of 0.07, a quick ratio of 1.71 and a current ratio of 1.71. The stock has a market cap of $644.60 million, a P/E ratio of -1.88 and a beta of 1.20. Cannae Holdings, Inc. has a fifty-two week low of $10.46 and a fifty-two week high of $21.96.

Cannae (NYSE:CNNE) last posted its quarterly earnings data on Monday, May 11th. The company reported ($0.70) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.40) by ($0.30). Cannae had a negative return on equity of 36.53% and a negative net margin of 103.77%.The company had revenue of $96.20 million for the quarter, compared to the consensus estimate of $99.77 million. During the same period in the prior year, the firm posted ($1.81) earnings per share. The business’s revenue was down 6.8% on a year-over-year basis. On average, equities research analysts expect that Cannae Holdings, Inc. will post -2.4 earnings per share for the current fiscal year.

Cannae Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, June 30th. Shareholders of record on Tuesday, June 16th were given a dividend of $0.15 per share. The ex-dividend date was Tuesday, June 16th. This represents a $0.60 dividend on an annualized basis and a yield of 4.1%. Cannae’s dividend payout ratio (DPR) is presently -7.68%.

Analysts Set New Price Targets

A number of brokerages have weighed in on CNNE. Weiss Ratings restated a “sell (d-)” rating on shares of Cannae in a research note on Monday, July 6th. Royal Bank Of Canada reiterated an “outperform” rating on shares of Cannae in a research report on Tuesday, May 12th. Finally, Stephens reissued an “overweight” rating and set a $17.00 price objective on shares of Cannae in a report on Thursday, April 23rd. Two equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $17.00.

About Cannae

Cannae Holdings, Inc (NYSE: CNNE) is a publicly traded diversified holding company that focuses on partnering with and investing in businesses across a range of industry sectors. The company seeks to identify attractive opportunities in both private and public markets, leveraging its capital resources and management expertise to support operational growth and value creation. Cannae’s investment strategy emphasizes companies in data and analytics, marketing services, healthcare technology, and payment processing.

Through its portfolio, Cannae holds controlling or significant minority stakes in companies that provide critical software, data and services to corporate clients.