Conversant Capital LLC Makes New $18.70 Million Investment in Cardinal Infrastructure Group Inc. $CDNL

Key Points

• Conversant Capital LLC initiated a new position in Cardinal Infrastructure Group, buying 471,609 shares worth about $18.7 million. The stake represents roughly 1.10% of the company and makes CDNL its 9th-largest holding.
• Analyst sentiment is mixed: Oppenheimer and Stifel Nicolaus raised price targets and kept bullish ratings, while Zacks Research downgraded the stock to Hold. Overall, MarketBeat says CDNL currently carries a Hold consensus with a $59.33 average price target.
• The stock was down 11.2% and last traded at $63.30, though the company reported $1.98 EPS and $418.92 million in quarterly revenue. Insider buying also stood out, with COO Benjamin Wood purchasing 20,000 shares for about $1.03 million.

Conversant Capital LLC acquired a new stake in shares of Cardinal Infrastructure Group Inc. (NASDAQ:CDNL - Free Report) during the first quarter, according to its most recent filing with the SEC. The fund acquired 471,609 shares of the company's stock, valued at approximately $18,702,000. Cardinal Infrastructure Group accounts for approximately 2.6% of Conversant Capital LLC's investment portfolio, making the stock its 9th biggest holding. Conversant Capital LLC owned 1.10% of Cardinal Infrastructure Group as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently modified their holdings of CDNL. Strs Ohio bought a new stake in Cardinal Infrastructure Group during the 1st quarter worth approximately $87,000. Barclays PLC bought a new position in shares of Cardinal Infrastructure Group in the fourth quarter worth $152,000. Zuckerman Investment Group LLC bought a new stake in Cardinal Infrastructure Group during the fourth quarter valued at $242,000. XTX Topco Ltd purchased a new position in Cardinal Infrastructure Group during the fourth quarter worth about $242,000. Finally, GatePass Capital LLC purchased a new position in Cardinal Infrastructure Group during the first quarter worth about $274,000.

Analyst Upgrades and Downgrades

CDNL has been the subject of a number of research analyst reports. Weiss Ratings upgraded Cardinal Infrastructure Group from a "sell (e)" rating to a "sell (e+)" rating in a research report on Monday, June 1st. Zacks Research downgraded shares of Cardinal Infrastructure Group from a "strong-buy" rating to a "hold" rating in a research note on Monday, July 13th. Oppenheimer lifted their target price on shares of Cardinal Infrastructure Group from $60.00 to $80.00 and gave the company an "outperform" rating in a research report on Monday, June 15th. Finally, Stifel Nicolaus boosted their price target on shares of Cardinal Infrastructure Group from $41.00 to $63.00 and gave the stock a "buy" rating in a research note on Wednesday, May 13th. Three equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus price target of $59.33.

Insider Buying and Selling at Cardinal Infrastructure Group

In other news, COO Benjamin Wood bought 20,000 shares of the company's stock in a transaction that occurred on Wednesday, May 27th. The stock was bought at an average price of $51.30 per share, for a total transaction of $1,026,000.00. Following the transaction, the chief operating officer directly owned 20,000 shares of the company's stock, valued at $1,026,000. This represents a ∞ increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 61.70% of the company's stock.

Cardinal Infrastructure Group Stock Down 11.2%

NASDAQ CDNL opened at $63.30 on Friday. The company's 50-day moving average price is $68.03. Cardinal Infrastructure Group Inc. has a twelve month low of $21.98 and a twelve month high of $96.40. The company has a quick ratio of 1.73, a current ratio of 1.73 and a debt-to-equity ratio of 0.73. The stock has a market capitalization of $2.71 billion and a P/E ratio of 275.22.

Cardinal Infrastructure Group (NASDAQ:CDNL - Get Free Report) last issued its quarterly earnings results on Monday, March 23rd. The company reported $1.98 earnings per share (EPS) for the quarter. The firm had revenue of $418.92 million for the quarter. On average, equities analysts expect that Cardinal Infrastructure Group Inc. will post 1.86 earnings per share for the current fiscal 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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