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

Zacks Investment Research upgraded shares of Cannae (NYSE:CNNE) from a hold rating to a buy rating in a research report report published on Tuesday, Zacks.com reports. Zacks Investment Research currently has $34.00 target price on the stock.

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 analysts have also commented on the stock. TheStreet lowered shares of Cannae from a b- rating to a c+ rating in a research note on Tuesday, September 17th. ValuEngine lowered shares of Cannae from a buy rating to a hold rating in a research note on Wednesday, October 2nd.

NYSE:CNNE traded up $0.14 during mid-day trading on Tuesday, hitting $28.85. The stock had a trading volume of 399,119 shares, compared to its average volume of 219,469. The stock has a 50-day simple moving average of $28.28 and a two-hundred day simple moving average of $27.84. The company has a market capitalization of $2.15 billion, a PE ratio of 41.81 and a beta of 0.88. Cannae has a twelve month low of $15.87 and a twelve month high of $32.03. The company has a current ratio of 0.94, a quick ratio of 0.75 and a debt-to-equity ratio of 0.33.

Cannae (NYSE:CNNE) last issued its earnings results on Thursday, August 8th. The company reported $0.27 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.06 by $0.21. The firm had revenue of $285.10 million for the quarter, compared to analysts’ expectations of $281.25 million. Cannae had a net margin of 6.21% and a return on equity of 7.73%. The firm’s revenue was down 5.7% compared to the same quarter last year. During the same quarter last year, the company earned ($0.28) earnings per share. Sell-side analysts predict that Cannae will post -0.71 EPS for the current fiscal year.

In related news, CFO Richard L. Cox purchased 3,699 shares of the company’s stock in a transaction on Friday, September 20th. The shares were bought at an average cost of $27.05 per share, for a total transaction of $100,057.95. Also, Director Richard N. Massey purchased 20,000 shares of the company’s stock in a transaction on Thursday, August 29th. The stock was bought at an average price 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 of the company’s stock, valued at $5,809,082.51. The disclosure for this purchase can be found here. Insiders acquired 33,699 shares of company stock worth $945,158 over the last quarter. 7.20% of the stock is currently owned by insiders.

Several institutional investors and hedge funds have recently made changes to their positions in the company. Vanguard Group Inc. grew its position in shares of Cannae by 3.2% during the second quarter. Vanguard Group Inc. now owns 6,134,554 shares of the company’s stock worth $177,779,000 after acquiring an additional 187,902 shares during the last quarter. River Road Asset Management LLC grew its position in shares of Cannae by 8.7% during the third quarter. River Road Asset Management LLC now owns 3,142,528 shares of the company’s stock worth $86,325,000 after acquiring an additional 251,739 shares during the last quarter. Lomas Capital Management LLC grew its position in shares of Cannae by 3.5% during the second quarter. Lomas Capital Management LLC now owns 965,821 shares of the company’s stock worth $27,989,000 after acquiring an additional 32,670 shares during the last quarter. Northern Trust Corp grew its position in shares of Cannae by 2.3% during the second quarter. Northern Trust Corp now owns 822,452 shares of the company’s stock worth $23,836,000 after acquiring an additional 18,250 shares during the last quarter. Finally, Confluence Investment Management LLC grew its position in shares of Cannae by 100.5% during the second quarter. Confluence Investment Management LLC now owns 616,167 shares of the company’s stock worth $17,857,000 after acquiring an additional 308,840 shares during the last quarter. Institutional investors and hedge funds own 80.53% 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 is based in Las Vegas, Nevada.

Further Reading: Strangles

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