Renaissance Technologies LLC Acquires New Shares in Cardinal Infrastructure Group Inc. $CDNL

Key Points

• Renaissance Technologies acquired 68,200 shares of Cardinal Infrastructure Group, valued at approximately $2.7 million, giving it a 0.16% stake. Several other institutional investors also initiated or increased positions during the first quarter.
• Analyst views remain mixed: Stifel Nicolaus and Oppenheimer raised their price targets to $63 and $80, respectively, while Zacks downgraded the stock to “hold.” The overall consensus rating is “Hold,” with a price target of $59.33.
• CDNL opened at $64, has a $2.74 billion market capitalization and a notably high 278.26 P/E ratio. The company reported quarterly revenue of $418.92 million and EPS of $1.98, while insiders own 61.70% of outstanding shares.

Renaissance Technologies LLC bought a new stake in shares of Cardinal Infrastructure Group Inc. (NASDAQ:CDNL - Free Report) during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The firm bought 68,200 shares of the company's stock, valued at approximately $2,704,000. Renaissance Technologies LLC owned about 0.16% of Cardinal Infrastructure Group at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also modified their holdings of CDNL. Bank of Nova Scotia purchased a new position in shares of Cardinal Infrastructure Group in the first quarter worth $366,000. GatePass Capital LLC bought a new stake in Cardinal Infrastructure Group in the 1st quarter worth about $274,000. Bastion Asset Management Inc. purchased a new position in Cardinal Infrastructure Group in the 1st quarter worth about $4,016,000. Bank of New York Mellon Corp purchased a new position in Cardinal Infrastructure Group in the 1st quarter worth about $1,040,000. Finally, Emerald Mutual Fund Advisers Trust lifted its stake in Cardinal Infrastructure Group by 19.7% during the 1st quarter. Emerald Mutual Fund Advisers Trust now owns 359,063 shares of the company's stock valued at $14,239,000 after acquiring an additional 59,068 shares during the period.

Analysts Set New Price Targets

A number of analysts have recently commented on the stock. 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. Zacks Research downgraded shares of Cardinal Infrastructure Group from a "strong-buy" rating to a "hold" rating in a research report on Monday, July 13th. Stifel Nicolaus raised their target price on shares of Cardinal Infrastructure Group from $41.00 to $63.00 and gave the stock a "buy" rating in a report on Wednesday, May 13th. Finally, Oppenheimer boosted 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 note on Monday, June 15th. Three analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the company has a consensus rating of "Hold" and a consensus price target of $59.33.

Cardinal Infrastructure Group Price Performance

Shares of NASDAQ:CDNL opened at $64.00 on Monday. The firm's 50 day moving average price is $70.37 and its 200-day moving average price is $49.84. 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 $2.74 billion and a PE ratio of 278.26.

Cardinal Infrastructure Group (NASDAQ:CDNL - Get Free Report) last announced its earnings results on Monday, March 23rd. The company reported $1.98 earnings per share (EPS) for the quarter. The business had revenue of $418.92 million for the quarter. Equities research analysts expect that Cardinal Infrastructure Group Inc. will post 1.86 EPS for the current year.

Insider Activity

In other Cardinal Infrastructure Group news, COO Benjamin Wood acquired 20,000 shares of the business's stock in a transaction dated Wednesday, May 27th. The stock was purchased at an average price 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 approximately $1,026,000. The trade was a ∞ increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 61.70% of the stock is currently owned by insiders.

Cardinal Infrastructure Group 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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