Hennessy Advisors Inc. Trims Position in Cannae Holdings Inc (NYSE:CNNE)

Hennessy Advisors Inc. cut its position in Cannae Holdings Inc (NYSE:CNNE) by 3.4% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 109,800 shares of the company’s stock after selling 3,900 shares during the period. Hennessy Advisors Inc. owned about 0.15% of Cannae worth $4,083,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Nuveen Asset Management LLC purchased a new position in Cannae during the second quarter valued at $15,390,000. Millennium Management LLC grew its stake in Cannae by 23.4% during the third quarter. Millennium Management LLC now owns 1,333,407 shares of the company’s stock valued at $36,628,000 after acquiring an additional 253,225 shares in the last quarter. River Road Asset Management LLC grew its stake in Cannae by 8.7% during the third quarter. River Road Asset Management LLC now owns 3,142,528 shares of the company’s stock valued at $86,325,000 after acquiring an additional 251,739 shares in the last quarter. Vanguard Group Inc. grew its stake in Cannae by 3.2% during the second quarter. Vanguard Group Inc. now owns 6,134,554 shares of the company’s stock valued at $177,779,000 after acquiring an additional 187,902 shares in the last quarter. Finally, Alps Advisors Inc. grew its stake in Cannae by 692.7% during the third quarter. Alps Advisors Inc. now owns 172,800 shares of the company’s stock valued at $4,747,000 after acquiring an additional 151,000 shares in the last quarter. 79.46% of the stock is owned by hedge funds and other institutional investors.

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

CNNE stock opened at $38.34 on Wednesday. Cannae Holdings Inc has a 52 week low of $17.75 and a 52 week high of $39.32. The company has a quick ratio of 1.13, a current ratio of 1.30 and a debt-to-equity ratio of 0.32. The company has a fifty day simple moving average of $37.55 and a two-hundred day simple moving average of $31.26. The firm has a market capitalization of $2.80 billion, a P/E ratio of 55.57 and a beta of 0.97.

Cannae (NYSE:CNNE) last released its quarterly earnings data on Tuesday, November 12th. The company reported $0.64 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.54) by $1.18. Cannae had a net margin of 10.27% and a return on equity of 11.22%. The business had revenue of $270.40 million during the quarter, compared to analyst estimates of $279.65 million. During the same quarter last year, the business earned $0.02 earnings per share. Cannae’s quarterly revenue was up 9.2% compared to the same quarter last year. As a group, analysts anticipate that Cannae Holdings Inc will post 0.93 EPS for the current year.

In other news, Director Frank P. Willey bought 5,000 shares of the stock in a transaction dated Friday, December 6th. The stock was purchased at an average price of $36.96 per share, for a total transaction of $184,800.00. Following the acquisition, the director now owns 96,701 shares of the company’s stock, valued at $3,574,068.96. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, EVP Michael L. Gravelle bought 3,030 shares of the stock in a transaction dated Friday, December 6th. The stock was purchased at an average price of $36.96 per share, with a total value of $111,988.80. Following the acquisition, the executive vice president now directly owns 149,697 shares in the company, valued at approximately $5,532,801.12. The disclosure for this purchase can be found here. 7.20% of the stock is owned by company insiders.

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.

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Institutional Ownership by Quarter for Cannae (NYSE:CNNE)

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