Bastion Asset Management Inc. Takes Position in Cardinal Infrastructure Group Inc. $CDNL

Key Points

• Bastion Asset Management initiated a new position in Cardinal Infrastructure Group, buying 109,080 shares valued at about $4.0 million in the first quarter.
• Several other institutional investors also adjusted their holdings, while analyst sentiment remained mixed: the stock’s average rating is Hold with an average price target of $59.33.
• Insider buying was notable, with COO Benjamin Wood purchasing 20,000 shares at $51.30 each; the stock recently traded at $71.39 and the company reported quarterly EPS of $1.98.

Bastion Asset Management Inc. bought a new stake in shares of Cardinal Infrastructure Group Inc. (NASDAQ:CDNL - Free Report) in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor bought 109,080 shares of the company's stock, valued at approximately $4,016,000. Bastion Asset Management Inc. owned approximately 0.25% of Cardinal Infrastructure Group as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in CDNL. Strs Ohio bought a new position in Cardinal Infrastructure Group in the 1st quarter worth $87,000. Barclays PLC bought a new stake in shares of Cardinal Infrastructure Group during the 4th quarter valued at about $152,000. Wasatch Advisors LP boosted its stake in shares of Cardinal Infrastructure Group by 1.3% during the 1st quarter. Wasatch Advisors LP now owns 693,050 shares of the company's stock valued at $27,483,000 after purchasing an additional 9,064 shares in the last quarter. Zuckerman Investment Group LLC purchased a new position in shares of Cardinal Infrastructure Group during the fourth quarter valued at about $242,000. Finally, XTX Topco Ltd bought a new position in Cardinal Infrastructure Group in the fourth quarter worth about $242,000.

Wall Street Analysts Forecast Growth

Several analysts have commented on the stock. Zacks Research lowered shares of Cardinal Infrastructure Group from a "strong-buy" rating to a "hold" rating in a report on Monday. Oppenheimer upped their target price on Cardinal Infrastructure Group from $60.00 to $80.00 and gave the stock an "outperform" rating in a report on Monday, June 15th. Stifel Nicolaus increased their target price on Cardinal Infrastructure Group from $41.00 to $63.00 and gave the stock a "buy" rating in a research report on Wednesday, May 13th. Finally, Weiss Ratings upgraded Cardinal Infrastructure Group from a "sell (e)" rating to a "sell (e+)" rating in a research note on Monday, June 1st. 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's stock. According to data from MarketBeat.com, the stock presently has an average rating of "Hold" and an average target price of $59.33.

Insider Activity

In related news, COO Benjamin Wood purchased 20,000 shares of the company's stock in a transaction dated Wednesday, May 27th. The shares were purchased at an average cost of $51.30 per share, with a total value of $1,026,000.00. Following the transaction, the chief operating officer directly owned 20,000 shares in the company, valued at $1,026,000. This trade represents a ∞ increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 61.70% of the company's stock.

Cardinal Infrastructure Group Price Performance

Shares of Cardinal Infrastructure Group stock opened at $71.39 on Friday. The company has a debt-to-equity ratio of 0.73, a quick ratio of 1.73 and a current ratio of 1.73. The stock has a 50-day simple moving average of $66.31. The company has a market cap of $3.06 billion and a price-to-earnings ratio of 310.39. 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 posted its quarterly earnings data on Monday, March 23rd. The company reported $1.98 EPS for the quarter. The business had revenue of $418.92 million for the quarter. On average, equities analysts anticipate that Cardinal Infrastructure Group Inc. will post 1.86 EPS for the current year.

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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