Ranger Investment Management L.P. Takes $11.77 Million Position in Cardinal Infrastructure Group Inc. $CDNL

Key Points

• Ranger Investment Management initiated an approximately $11.77 million position in Cardinal Infrastructure Group, purchasing 124,927 shares, while several other institutional investors also increased or established holdings.
• Company insiders bought 234,597 shares worth $9.31 million during the last quarter; insiders now own 61.7% of CDNL. Directors Ivy Zelman and Anthony Leon Jr. Wood made substantial purchases in August.
• Cardinal reported quarterly EPS of $0.26, below the $0.48 consensus estimate, while analysts maintain a “Hold” average rating and an average price target of $52.33.

Ranger Investment Management L.P. purchased a new position in Cardinal Infrastructure Group Inc. (NASDAQ:CDNL - Free Report) during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 124,927 shares of the company's stock, valued at approximately $11,768,000. Ranger Investment Management L.P. owned 0.29% of Cardinal Infrastructure Group as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds have also recently modified their holdings of the business. Renaissance Technologies LLC bought a new position in Cardinal Infrastructure Group in the 1st quarter valued at $2,704,000. Kornitzer Capital Management Inc. KS bought a new stake in shares of Cardinal Infrastructure Group during the fourth quarter worth $850,000. Principal Financial Group Inc. lifted its position in shares of Cardinal Infrastructure Group by 198.8% during the first quarter. Principal Financial Group Inc. now owns 428,263 shares of the company's stock worth $16,983,000 after purchasing an additional 284,918 shares during the last quarter. Bastion Asset Management Inc. purchased a new stake in shares of Cardinal Infrastructure Group during the first quarter valued at $4,016,000. Finally, Engle Capital Management L.P. grew its holdings in shares of Cardinal Infrastructure Group by 142.7% in the first quarter. Engle Capital Management L.P. now owns 318,000 shares of the company's stock worth $12,610,000 after purchasing an additional 187,000 shares during the last quarter.

Insider Activity

In related news, Director Ivy Zelman bought 12,647 shares of the stock in a transaction on Friday, August 14th. The stock was bought at an average price of $39.61 per share, for a total transaction of $500,947.67. Following the completion of the acquisition, the director directly owned 32,891 shares in the company, valued at approximately $1,302,812.51. This represents a 62.47% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Director Anthony Leon Jr. Wood bought 51,400 shares of the company's stock in a transaction on Friday, August 14th. The shares were bought at an average cost of $39.36 per share, for a total transaction of $2,023,104.00. Following the transaction, the director directly owned 51,400 shares in the company, valued at approximately $2,023,104. This represents a ∞ increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. In the last quarter, insiders purchased 234,597 shares of company stock valued at $9,311,516. 61.70% of the stock is currently owned by corporate insiders.

Cardinal Infrastructure Group Price Performance

Shares of CDNL stock opened at $43.50 on Monday. Cardinal Infrastructure Group Inc. has a twelve month low of $21.98 and a twelve month high of $96.40. The company has a current ratio of 3.59, a quick ratio of 3.59 and a debt-to-equity ratio of 0.32. The stock has a fifty day simple moving average of $66.51 and a two-hundred day simple moving average of $50.95. The stock has a market capitalization of $2.06 billion and a price-to-earnings ratio of 79.09.

Cardinal Infrastructure Group (NASDAQ:CDNL - Get Free Report) last released its quarterly earnings data on Tuesday, August 11th. The company reported $0.26 earnings per share for the quarter, missing the consensus estimate of $0.48 by ($0.22). The company had revenue of $226.93 million during the quarter. On average, analysts predict that Cardinal Infrastructure Group Inc. will post 1.82 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several research firms recently commented on CDNL. 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. Stifel Nicolaus lowered their price objective on shares of Cardinal Infrastructure Group from $63.00 to $52.00 and set a "buy" rating for the company in a research report on Wednesday, August 12th. Weiss Ratings upgraded shares of Cardinal Infrastructure Group from a "sell (e)" rating to a "sell (e+)" rating in a research note on Monday, June 1st. Finally, Oppenheimer reduced 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 research report on Wednesday, August 12th. Three investment analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the company has an average rating of "Hold" and an average target price of $52.33.

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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