Shares of Cannae Holdings Inc (NYSE:CNNE) shot up 5.1% during mid-day trading on Friday following a better than expected earnings announcement. The stock traded as high as $18.99 and last traded at $18.07. 1,024,316 shares changed hands during trading, an increase of 171% from the average session volume of 377,716 shares. The stock had previously closed at $17.20.
The company reported $0.02 EPS for the quarter, beating the consensus estimate of ($0.02) by $0.04. The business had revenue of $293.50 million for the quarter, compared to the consensus estimate of $315.25 million. Cannae had a negative return on equity of 1.37% and a negative net margin of 2.53%. The company’s revenue was up 9.0% on a year-over-year basis. During the same period last year, the business posted ($0.24) EPS.
Several brokerages recently commented on CNNE. Zacks Investment Research downgraded Cannae from a “strong-buy” rating to a “hold” rating in a report on Tuesday, November 6th. TheStreet upgraded Cannae from a “d+” rating to a “c-” rating in a report on Thursday, September 6th. Finally, Piper Jaffray Companies upgraded Cannae from a “neutral” rating to an “overweight” rating and set a $25.00 price objective on the stock in a report on Friday.
In other Cannae news, Director Richard N. Massey acquired 39,000 shares of the company’s stock in a transaction on Wednesday, August 15th. The shares were bought at an average cost of $18.70 per share, for a total transaction of $729,300.00. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 4.90% of the stock is owned by insiders.
A number of hedge funds have recently bought and sold shares of the business. Millennium Management LLC grew its position in shares of Cannae by 386.1% in the 2nd quarter. Millennium Management LLC now owns 373,622 shares of the company’s stock worth $6,931,000 after acquiring an additional 296,765 shares in the last quarter. Trexquant Investment LP acquired a new position in shares of Cannae in the 2nd quarter worth approximately $431,000. Laurel Wealth Advisors Inc. acquired a new position in shares of Cannae in the 2nd quarter worth approximately $271,000. Rhumbline Advisers grew its position in shares of Cannae by 6.9% in the 2nd quarter. Rhumbline Advisers now owns 69,858 shares of the company’s stock worth $1,296,000 after acquiring an additional 4,491 shares in the last quarter. Finally, NumerixS Investment Technologies Inc acquired a new position in shares of Cannae in the 2nd quarter worth approximately $109,000. Institutional investors own 78.69% of the company’s stock.
The stock has a market capitalization of $1.31 billion, a P/E ratio of 11.73 and a beta of 0.73. The company has a quick ratio of 1.33, a current ratio of 1.69 and a debt-to-equity ratio of 0.01.
TRADEMARK VIOLATION NOTICE: “Cannae (CNNE) Shares Up 5.1% Following Strong Earnings” was originally posted by Dispatch Tribunal and is the sole property of of Dispatch Tribunal. If you are accessing this article on another website, it was copied illegally and republished in violation of US and international copyright and trademark laws. The legal version of this article can be viewed at https://www.dispatchtribunal.com/2018/11/11/cannae-cnne-shares-up-5-1-following-strong-earnings.html.
Cannae Company Profile (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.
Featured Article: How to interpret a stock’s beta number
Receive News & Ratings for Cannae Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Cannae and related companies with MarketBeat.com's FREE daily email newsletter.