Wellington Management Group LLP Invests $14.69 Million in Cardinal Infrastructure Group Inc. $CDNL

Key Points

• Wellington Management acquired 155,910 shares of Cardinal Infrastructure Group worth approximately $14.69 million, representing about 0.36% of the company. Several other institutional investors also established positions.
• Analyst sentiment is mixed, with three Buy ratings, one Hold, and one Sell; the consensus rating is Hold with a target price of $52.33. Recent targets were lowered by Stifel and Oppenheimer.
• CDNL opened at $36.43, well below its 12-month high of $96.40, after quarterly EPS of $0.26 missed the $0.48 consensus estimate. Insiders bought roughly $8.29 million of shares over the past three months, while insiders own 61.7% of the stock.

Wellington Management Group LLP acquired a new position in Cardinal Infrastructure Group Inc. (NASDAQ:CDNL - Free Report) during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund acquired 155,910 shares of the company's stock, valued at approximately $14,687,000. Wellington Management Group LLP owned about 0.36% of Cardinal Infrastructure Group as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also bought and sold shares of the stock. TimesSquare Capital Management LLC bought a new stake in shares of Cardinal Infrastructure Group in the 4th quarter valued at about $14,612,000. Goldman Sachs Group Inc. bought a new position in shares of Cardinal Infrastructure Group during the fourth quarter worth about $3,893,000. CenterBook Partners LP acquired a new position in shares of Cardinal Infrastructure Group in the fourth quarter worth approximately $1,994,000. Nuveen LLC bought a new stake in Cardinal Infrastructure Group in the fourth quarter valued at approximately $7,246,000. Finally, Federated Hermes Inc. acquired a new stake in Cardinal Infrastructure Group during the 4th quarter valued at approximately $8,955,000.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on CDNL. Weiss Ratings restated a "sell (e+)" rating on shares of Cardinal Infrastructure Group in a report on Thursday, August 27th. Stifel Nicolaus decreased 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. 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. Finally, Oppenheimer dropped 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. Three research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of "Hold" and a consensus target price of $52.33.

Cardinal Infrastructure Group Price Performance

Shares of NASDAQ CDNL opened at $36.43 on Tuesday. The company has a quick ratio of 3.59, a current ratio of 3.59 and a debt-to-equity ratio of 0.32. The firm has a market cap of $1.73 billion and a PE ratio of 66.24. The company's fifty day simple moving average is $57.10 and its 200 day simple moving average is $51.97. Cardinal Infrastructure Group Inc. has a 12-month low of $21.98 and a 12-month high of $96.40.

Cardinal Infrastructure Group (NASDAQ:CDNL - Get Free Report) last announced 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 firm had revenue of $226.93 million for the quarter. As a group, sell-side analysts forecast that Cardinal Infrastructure Group Inc. will post 1.85 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, CEO Jeremy Spivey acquired 83,350 shares of Cardinal Infrastructure Group stock in a transaction on Friday, August 14th. The stock was purchased at an average price of $38.41 per share, with a total value of $3,201,473.50. Following the completion of the purchase, the chief executive officer owned 83,350 shares of the company's stock, valued at approximately $3,201,473.50. The trade was a ∞ increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Richard Bennett Wimmer acquired 7,500 shares of the firm's stock in a transaction dated Monday, August 17th. The shares were purchased at an average price of $39.13 per share, with a total value of $293,475.00. Following the acquisition, the director owned 29,349 shares of the company's stock, valued at approximately $1,148,426.37. This represents a 34.33% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Insiders purchased a total of 214,597 shares of company stock worth $8,285,516 over the last three months. Insiders own 61.70% of the company's stock.

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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