Shares of Cardinal Infrastructure Group Inc. (NASDAQ:CDNL – Get Free Report) gapped up before the market opened on Monday. The stock had previously closed at $14.62, but opened at $15.56. Cardinal Infrastructure Group shares last traded at $15.2750, with a volume of 117,231 shares.
Key Cardinal Infrastructure Group News
Here are the key news stories impacting Cardinal Infrastructure Group this week:
- Positive Sentiment: Cardinal amended its agreement to acquire Hughes Brothers Construction, a Central Florida heavy civil and site-development contractor. The transaction could expand Cardinal’s capabilities and support its strategy of performing more work internally. Cardinal Infrastructure amended Hughes Brothers acquisition agreement
- Positive Sentiment: A Seeking Alpha analysis maintained a “Buy” view, arguing that the Hughes Brothers and Allied Paving acquisitions could strengthen Cardinal’s vertical integration, improve margins and create a competitive “self-perform” advantage. The analyst set a reduced $32 price target, citing dilution and near-term industry pressures. Seeking Alpha analysis of Cardinal Infrastructure acquisitions
Wall Street Analysts Forecast Growth
A number of equities analysts have weighed in on the company. Oppenheimer reduced their price target on Cardinal Infrastructure Group from $80.00 to $70.00 and set an “outperform” rating for the company in a research report on Wednesday, August 12th. Zacks Research downgraded shares of Cardinal Infrastructure Group from a “hold” rating to a “strong sell” rating in a research report on Thursday, October 15th. Truist Financial decreased their target price on shares of Cardinal Infrastructure Group from $40.00 to $30.00 and set a “buy” rating for the company in a research report on Monday. Weiss Ratings lowered shares of Cardinal Infrastructure Group from a “hold (c)” rating to a “hold (c-)” rating in a research note on Thursday, October 8th. Finally, Stifel Nicolaus cut their target price on shares of Cardinal Infrastructure Group from $63.00 to $52.00 and set a “buy” rating for the company in a research note on Wednesday, August 12th. Four investment analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $46.75.
Get Our Latest Research Report on Cardinal Infrastructure Group
Cardinal Infrastructure Group Stock Performance
The firm has a market cap of $721.54 million and a price-to-earnings ratio of 27.64. The stock has a 50 day moving average of $31.79 and a 200 day moving average of $50.71. The company has a quick ratio of 3.59, a current ratio of 3.59 and a debt-to-equity ratio of 0.32.
Cardinal Infrastructure Group (NASDAQ:CDNL – Get Free Report) last announced its quarterly earnings data on Tuesday, August 11th. The company reported $0.26 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.48 by ($0.22). The business had revenue of $226.93 million for the quarter. As a group, analysts anticipate that Cardinal Infrastructure Group Inc. will post 1.76 EPS for the current fiscal year.
Insider Activity at Cardinal Infrastructure Group
In other news, Director Richard Bennett Wimmer purchased 7,500 shares of Cardinal Infrastructure Group stock in a transaction that occurred on Monday, August 17th. The shares were acquired at an average price of $39.13 per share, for a total transaction of $293,475.00. Following the transaction, the director owned 29,349 shares of the company’s stock, valued at approximately $1,148,426.37. The trade was a 34.33% increase in their position. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, Director Ivy Zelman acquired 12,647 shares of the firm’s stock in a transaction that occurred on Friday, August 14th. The stock was 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 directly owned 32,891 shares of the company’s stock, valued at $1,302,812.51. The trade was a 62.47% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Insiders have purchased a total of 214,597 shares of company stock worth $8,285,516 in the last 90 days. Corporate insiders own 61.70% of the company’s stock.
Institutional Inflows and Outflows
Institutional investors have recently added to or reduced their stakes in the company. California State Teachers Retirement System bought a new stake in shares of Cardinal Infrastructure Group during the 1st quarter worth $28,000. Strs Ohio acquired a new stake in Cardinal Infrastructure Group in the first quarter valued at about $87,000. GatePass Capital LLC bought a new position in Cardinal Infrastructure Group in the first quarter valued at about $274,000. Bank of Nova Scotia bought a new position in Cardinal Infrastructure Group in the first quarter valued at about $366,000. Finally, Round Rock Advisors LLC raised its stake in Cardinal Infrastructure Group by 18.7% during the second quarter. Round Rock Advisors LLC now owns 22,438 shares of the company’s stock worth $2,114,000 after acquiring an additional 3,541 shares in the last quarter.
About Cardinal Infrastructure Group
Cardinal Infrastructure Group, Inc is an infrastructure services company focused on the construction, installation and maintenance of essential utility and communications infrastructure. Its activities are centered on supporting the development and upkeep of networks that enable electric, telecommunications and other infrastructure services.
The company’s operations may include underground utility construction, directional drilling, excavation, conduit and cable installation, and related field services for infrastructure owners, utilities and communications providers.
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