Bank of America Corp DE Has $4.99 Million Stake in Cardinal Infrastructure Group Inc. $CDNL

Key Points

• Bank of America increased its Cardinal Infrastructure Group stake by 139.4% in the first quarter, holding 125,804 shares valued at approximately $4.99 million, or 0.29% of the company.
• Insider buying was substantial: executives and directors purchased 214,597 shares worth $8.29 million over the past quarter, with insiders owning 61.7% of the stock.
• Cardinal reported quarterly EPS of $0.26, below the $0.48 analyst estimate, while analysts lowered price targets. The stock has an average “Hold” rating and a consensus target of $52.33, compared with a recent price of $41.34.

Bank of America Corp DE boosted its holdings in shares of Cardinal Infrastructure Group Inc. (NASDAQ:CDNL - Free Report) by 139.4% in the first quarter, according to its most recent filing with the SEC. The firm owned 125,804 shares of the company's stock after acquiring an additional 73,259 shares during the period. Bank of America Corp DE owned 0.29% of Cardinal Infrastructure Group worth $4,989,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds also recently made changes to their positions in CDNL. Schonfeld Strategic Advisors LLC bought a new stake in Cardinal Infrastructure Group in the fourth quarter valued at about $31,082,000. Ophir Asset Management Pty Ltd bought a new position in Cardinal Infrastructure Group during the fourth quarter worth about $23,865,000. Wasatch Advisors LP boosted its holdings in Cardinal Infrastructure Group by 1.3% during the first quarter. Wasatch Advisors LP now owns 693,050 shares of the company's stock worth $27,483,000 after buying an additional 9,064 shares during the last quarter. Adage Capital Partners GP L.L.C. acquired a new position in shares of Cardinal Infrastructure Group during the 4th quarter worth about $14,992,000. Finally, TimesSquare Capital Management LLC acquired a new position in shares of Cardinal Infrastructure Group during the 4th quarter worth about $14,612,000.

Insider Activity

In other Cardinal Infrastructure Group news, Director Ivy Zelman acquired 12,647 shares of the business's stock in a transaction dated Friday, August 14th. The shares were acquired at an average price of $39.61 per share, with a total value of $500,947.67. Following the completion of the transaction, the director directly owned 32,891 shares in the company, valued at $1,302,812.51. This trade represents a 62.47% increase in their position. The purchase was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Jeremy Simmons Spivey bought 83,350 shares of Cardinal Infrastructure Group stock in a transaction that occurred on Friday, August 14th. The shares were acquired at an average price of $38.41 per share, with a total value of $3,201,473.50. Following the acquisition, the chief executive officer directly owned 83,350 shares of the company's stock, valued at $3,201,473.50. The trade was a ∞ increase in their position. The SEC filing for this purchase provides additional information. Over the last quarter, insiders have acquired 214,597 shares of company stock worth $8,285,516. 61.70% of the stock is currently owned by insiders.

Cardinal Infrastructure Group Price Performance

CDNL stock opened at $41.34 on Friday. The stock has a 50-day moving average price of $63.89 and a two-hundred day moving average price of $51.42. The stock has a market cap of $1.96 billion and a PE ratio of 75.16. The company has a current ratio of 3.59, a quick ratio of 3.59 and a debt-to-equity ratio of 0.32. Cardinal Infrastructure Group Inc. has a 1 year low of $21.98 and a 1 year high of $96.40.

Cardinal Infrastructure Group (NASDAQ:CDNL - Get Free Report) last issued its quarterly earnings results on Tuesday, August 11th. The company reported $0.26 EPS for the quarter, missing analysts' consensus estimates of $0.48 by ($0.22). The firm had revenue of $226.93 million during the quarter. Equities analysts forecast that Cardinal Infrastructure Group Inc. will post 1.85 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several research analysts recently weighed in on CDNL shares. Stifel Nicolaus reduced 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 note on Wednesday, August 12th. Oppenheimer cut their target price on shares of Cardinal Infrastructure Group from $80.00 to $70.00 and set an "outperform" rating on the stock in a report on Wednesday, August 12th. Weiss Ratings raised shares of Cardinal Infrastructure Group from a "sell (e)" rating to a "sell (e+)" rating in a research report on Monday, June 1st. Finally, Zacks Research lowered shares of Cardinal Infrastructure Group from a "strong-buy" rating to a "hold" rating in a report on Monday, July 13th. Three investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, Cardinal Infrastructure Group presently has an average rating of "Hold" and a consensus target price of $52.33.

Cardinal Infrastructure Group Company Profile

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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