Cannae (NYSE:CNNE) Shares Gap Down - Time to Sell?

Cannae Holdings, Inc. (NYSE:CNNE - Get Free Report)'s share price gapped down before the market opened on Wednesday . The stock had previously closed at $19.39, but opened at $18.95. Cannae shares last traded at $19.05, with a volume of 37,939 shares.

Analysts Set New Price Targets

Several research firms have recently commented on CNNE. Royal Bank of Canada dropped their price objective on shares of Cannae from $27.00 to $23.00 and set an "outperform" rating on the stock in a report on Wednesday, February 26th. Oppenheimer cut their price target on Cannae from $27.00 to $22.00 and set an "outperform" rating on the stock in a research report on Friday, March 7th.

Cannae Stock Down 1.8 %

The company has a debt-to-equity ratio of 0.10, a quick ratio of 2.55 and a current ratio of 2.55. The firm has a market cap of $1.16 billion, a price-to-earnings ratio of -3.85 and a beta of 0.86. The business's 50 day moving average price is $18.83 and its 200 day moving average price is $19.46.

Cannae Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, March 31st. Stockholders of record on Monday, March 17th will be paid a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a dividend yield of 2.59%. The ex-dividend date of this dividend is Monday, March 17th. Cannae's payout ratio is -10.17%.

Cannae announced that its Board of Directors has approved a stock repurchase program on Tuesday, March 25th that authorizes the company to repurchase 10,000,000 shares. This repurchase authorization authorizes the company to buy shares of its stock through open market purchases. Shares repurchase programs are often an indication that the company's board believes its shares are undervalued.

Hedge Funds Weigh In On Cannae

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. FMR LLC increased its stake in Cannae by 17.6% during the 3rd quarter. FMR LLC now owns 2,653,854 shares of the company's stock worth $50,582,000 after buying an additional 397,352 shares in the last quarter. Saba Capital Management L.P. lifted its holdings in Cannae by 92.3% in the 4th quarter. Saba Capital Management L.P. now owns 2,219,230 shares of the company's stock valued at $44,074,000 after purchasing an additional 1,065,083 shares in the last quarter. Newtyn Management LLC boosted its stake in Cannae by 18.9% during the 4th quarter. Newtyn Management LLC now owns 1,890,000 shares of the company's stock worth $37,535,000 after purchasing an additional 300,000 shares during the last quarter. Carronade Capital Management LP grew its holdings in shares of Cannae by 145.5% during the fourth quarter. Carronade Capital Management LP now owns 1,728,926 shares of the company's stock worth $34,336,000 after buying an additional 1,024,663 shares in the last quarter. Finally, State Street Corp raised its position in shares of Cannae by 1.6% in the third quarter. State Street Corp now owns 1,605,351 shares of the company's stock valued at $30,598,000 after buying an additional 25,403 shares during the last quarter. 88.12% of the stock is owned by hedge funds and other institutional investors.

About Cannae

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.