Shares of Cardinal Infrastructure Group Inc. (NASDAQ:CDNL – Get Free Report) traded down 7.2% during trading on Wednesday . The company traded as low as $35.64 and last traded at $35.4650. Approximately 146,822 shares were traded during mid-day trading, a decline of 72% from the average daily volume of 523,808 shares. The stock had previously closed at $38.22.
Wall Street Analyst Weigh In
CDNL has been the topic of several recent analyst reports. Zacks Research lowered shares of Cardinal Infrastructure Group from a “strong-buy” rating to a “hold” rating in a research note on Monday, July 13th. Oppenheimer reduced their price target on shares of Cardinal Infrastructure Group from $80.00 to $70.00 and set an “outperform” rating for the company in a report on Wednesday, August 12th. Weiss Ratings reissued a “sell (e+)” rating on shares of Cardinal Infrastructure Group in a research report on Thursday, August 27th. Finally, Stifel Nicolaus cut their price objective on shares of Cardinal Infrastructure Group from $63.00 to $52.00 and set a “buy” rating on the stock in a research report on Wednesday, August 12th. Three equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $52.33.
Read Our Latest Stock Analysis on CDNL
Cardinal Infrastructure Group Stock Performance
Cardinal Infrastructure Group (NASDAQ:CDNL – Get Free Report) last announced its earnings results on Tuesday, August 11th. The company reported $0.26 earnings per share for the quarter, missing analysts’ consensus estimates of $0.48 by ($0.22). The firm had revenue of $226.93 million during the quarter. As a group, analysts forecast that Cardinal Infrastructure Group Inc. will post 1.85 earnings per share for the current year.
Insiders Place Their Bets
In other Cardinal Infrastructure Group news, Director Leon Wood purchased 51,400 shares of the company’s stock in a transaction on Friday, August 14th. The shares were purchased at an average cost of $39.36 per share, with a total value of $2,023,104.00. Following the completion of the purchase, the director owned 51,400 shares in the company, valued at $2,023,104. This represents a ∞ increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Ivy Zelman purchased 12,647 shares of the company’s stock in a transaction that occurred on Friday, August 14th. The shares were purchased at an average cost of $39.61 per share, for a total transaction of $500,947.67. Following the completion of the purchase, the director owned 32,891 shares in the company, valued at $1,302,812.51. This trade represents a 62.47% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Insiders have acquired 214,597 shares of company stock valued at $8,285,516 over the last quarter. Company insiders own 61.70% of the company’s stock.
Institutional Trading of Cardinal Infrastructure Group
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. TimesSquare Capital Management LLC purchased a new stake in shares of Cardinal Infrastructure Group during the 4th quarter valued at $14,612,000. Goldman Sachs Group Inc. bought a new stake in shares of Cardinal Infrastructure Group in the fourth quarter valued at $3,893,000. CenterBook Partners LP bought a new position in shares of Cardinal Infrastructure Group during the 4th quarter worth $1,994,000. Nuveen LLC purchased a new stake in Cardinal Infrastructure Group during the fourth quarter valued at about $7,246,000. Finally, Federated Hermes Inc. bought a new stake in shares of Cardinal Infrastructure Group in the fourth quarter valued at approximately $8,955,000.
About Cardinal Infrastructure Group
We provide a comprehensive suite of infrastructure services to the residential, commercial, industrial, municipal, and state infrastructure markets. Our operations leverage a large highly skilled workforce and a fleet of specialized equipment to deliver wet utility installations (water, sewer, and stormwater systems), as well as grading, site clearing, erosion control, drilling and blasting, paving, and other related site services. We are becoming the platform of choice for a diverse array of infrastructure construction projects in our target geographies that require high-level technical expertise and sophistication.
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