Short Interest in Cannae Holdings, Inc. (NYSE:CNNE) Declines By 15.2%

Cannae Holdings, Inc. (NYSE:CNNE) was the target of a significant decline in short interest during the month of August. As of August 31st, there was short interest totalling 1,400,000 shares, a decline of 15.2% from the August 15th total of 1,650,000 shares. Currently, 2.5% of the company’s stock are sold short. Based on an average trading volume of 404,900 shares, the days-to-cover ratio is presently 3.5 days.

Institutional Trading of Cannae

A number of large investors have recently bought and sold shares of the stock. Rubric Capital Management LP grew its holdings in shares of Cannae by 17.8% during the second quarter. Rubric Capital Management LP now owns 1,430,248 shares of the company’s stock worth $25,945,000 after buying an additional 216,031 shares in the last quarter. AREX Capital Management LP increased its stake in shares of Cannae by 52.2% in the 2nd quarter. AREX Capital Management LP now owns 1,260,539 shares of the company’s stock valued at $22,866,000 after purchasing an additional 432,260 shares during the last quarter. Driehaus Capital Management LLC bought a new position in shares of Cannae in the 2nd quarter valued at $18,611,000. Charles Schwab Investment Management Inc. grew its position in Cannae by 1.9% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 805,332 shares of the company’s stock worth $15,712,000 after acquiring an additional 15,295 shares during the last quarter. Finally, Thompson Siegel & Walmsley LLC lifted its holdings in Cannae by 45.1% during the 2nd quarter. Thompson Siegel & Walmsley LLC now owns 723,992 shares of the company’s stock worth $13,133,000 after buying an additional 225,161 shares during the period. 88.12% of the stock is currently owned by institutional investors.

Cannae Stock Performance

CNNE stock traded down $0.05 during midday trading on Monday, reaching $19.48. The company had a trading volume of 203,552 shares, compared to its average volume of 563,064. The company has a quick ratio of 1.01, a current ratio of 1.01 and a debt-to-equity ratio of 0.04. The stock has a 50 day moving average price of $19.35 and a 200 day moving average price of $19.74. The firm has a market capitalization of $1.22 billion, a PE ratio of -3.56 and a beta of 0.88. Cannae has a fifty-two week low of $15.93 and a fifty-two week high of $22.99.

Cannae (NYSE:CNNE) last released its earnings results on Thursday, August 8th. The company reported ($2.49) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.17) by ($2.32). Cannae had a negative return on equity of 14.30% and a negative net margin of 93.69%. The firm had revenue of $118.00 million for the quarter, compared to analyst estimates of $112.00 million. During the same period in the previous year, the firm earned ($1.16) earnings per share. Cannae’s revenue was down 22.8% on a year-over-year basis. Analysts anticipate that Cannae will post -3.03 earnings per share for the current year.

Cannae Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, September 30th. Stockholders of record on Monday, September 16th will be given a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a dividend yield of 2.46%. The ex-dividend date is Monday, September 16th. Cannae’s dividend payout ratio is presently -8.82%.

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.