Cardinal Infrastructure Group (NASDAQ:CDNL) Stock Price Down 6.4% - Here's What Happened

Key Points

• Cardinal Infrastructure Group shares fell 6.4% to about $42.24, with trading volume down 61% from its average. The stock has a $1.82 billion market capitalization and trades at a price-to-earnings ratio of 77.15.
• The company reported quarterly EPS of $0.26, missing analyst expectations of $0.48 by $0.22, while revenue totaled $226.93 million. Analysts’ consensus rating is “Hold,” with an average price target of $52.33.
• Insiders have been buying shares: executives acquired 234,597 shares worth $9.3 million over the past 90 days, and insiders own 61.7% of the company. Several institutional investors also recently initiated positions.

Cardinal Infrastructure Group Inc. (NASDAQ:CDNL - Get Free Report)'s stock price traded down 6.4% on Wednesday . The company traded as low as $42.33 and last traded at $42.2390. 201,988 shares were traded during mid-day trading, a decline of 61% from the average daily volume of 524,242 shares. The stock had previously closed at $45.14.

Wall Street Analyst Weigh In

A number of equities research analysts recently commented on CDNL shares. Weiss Ratings upgraded shares of Cardinal Infrastructure Group from a "sell (e)" rating to a "sell (e+)" rating in a research report on Monday, June 1st. Oppenheimer cut 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. Zacks Research lowered shares of Cardinal Infrastructure Group from a "strong-buy" rating to a "hold" rating in a research report on Monday, July 13th. Finally, Stifel Nicolaus lowered their price target on Cardinal Infrastructure Group from $63.00 to $52.00 and set a "buy" rating on the stock in a report on Wednesday, August 12th. Three equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, Cardinal Infrastructure Group presently has a consensus rating of "Hold" and an average target price of $52.33.

Cardinal Infrastructure Group Trading Down 6.0%

The firm has a market cap of $1.82 billion and a price-to-earnings ratio of 77.15. The business has a 50 day moving average of $67.83 and a 200 day moving average of $50.58. 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 released its earnings results 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. On average, research analysts forecast that Cardinal Infrastructure Group Inc. will post 1.82 earnings per share for the current fiscal year.

Insider Activity

In other Cardinal Infrastructure Group news, Director Anthony Leon Jr. Wood acquired 51,400 shares of the firm's stock in a transaction dated Friday, August 14th. The shares were acquired at an average price of $39.36 per share, for a total transaction of $2,023,104.00. Following the completion of the acquisition, the director directly owned 51,400 shares of the company's stock, valued at $2,023,104. This trade represents a ∞ increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Director Richard Bennett Wimmer acquired 7,500 shares of the stock in a transaction dated Monday, August 17th. The stock was acquired at an average cost of $39.13 per share, with a total value 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. This trade represents a 34.33% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Insiders have acquired 234,597 shares of company stock valued at $9,311,516 in the last 90 days. Insiders own 61.70% of the company's stock.

Institutional Trading of Cardinal Infrastructure Group

Several hedge funds and other institutional investors have recently added to or reduced their stakes in CDNL. Kornitzer Capital Management Inc. KS acquired a new position in shares of Cardinal Infrastructure Group during the 4th quarter valued at about $850,000. TimesSquare Capital Management LLC purchased a new stake in Cardinal Infrastructure Group in the fourth quarter valued at approximately $14,612,000. Goldman Sachs Group Inc. acquired a new position in Cardinal Infrastructure Group during the fourth quarter worth approximately $3,893,000. CenterBook Partners LP purchased a new position in Cardinal Infrastructure Group during the fourth quarter worth approximately $1,994,000. Finally, Nuveen LLC acquired a new position in shares of Cardinal Infrastructure Group in the 4th quarter valued at $7,246,000.

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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