Cardinal Infrastructure Group (NASDAQ:CDNL) Sets New 12-Month High – Here’s What Happened

Cardinal Infrastructure Group Inc. (NASDAQ:CDNL) shares hit a new 52-week high during trading on Friday . The company traded as high as $67.17 and last traded at $67.1610, with a volume of 56679 shares trading hands. The stock had previously closed at $65.29.

Analyst Upgrades and Downgrades

CDNL has been the subject of several recent research reports. DA Davidson increased their price target on shares of Cardinal Infrastructure Group from $30.00 to $35.00 and gave the stock a “buy” rating in a research report on Thursday, February 19th. Zacks Research lowered shares of Cardinal Infrastructure Group from a “strong-buy” rating to a “hold” rating in a research report on Monday, April 20th. Weiss Ratings raised shares of Cardinal Infrastructure Group from a “sell (e)” rating to a “sell (e+)” rating in a research report on Monday, June 1st. Oppenheimer initiated coverage on shares of Cardinal Infrastructure Group in a research report on Thursday, May 28th. They issued an “outperform” rating and a $60.00 price target for the company. Finally, Stifel Nicolaus increased 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 report on Wednesday, May 13th. Three equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $52.67.

Cardinal Infrastructure Group Stock Performance

The firm’s fifty day moving average is $52.17.

Cardinal Infrastructure Group (NASDAQ:CDNL) last issued its quarterly earnings results on Monday, March 23rd. The company reported $1.98 earnings per share for the quarter. The company had revenue of $418.92 million during the quarter. Equities research analysts anticipate that Cardinal Infrastructure Group Inc. will post 1.84 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, Director Ivy Zelman purchased 6,921 shares of the stock in a transaction that occurred on Thursday, March 26th. The stock was acquired at an average price of $36.33 per share, with a total value of $251,439.93. Following the completion of the acquisition, the director directly owned 15,326 shares in the company, valued at approximately $556,793.58. This trade represents a 82.34% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, COO Benjamin Wood purchased 20,000 shares of the stock in a transaction that occurred on Wednesday, May 27th. The stock was bought at an average cost of $51.30 per share, with a total value of $1,026,000.00. Following the acquisition, the chief operating officer owned 20,000 shares of the company’s stock, valued at $1,026,000. This represents a ∞ increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Company insiders own 61.70% of the company’s stock.

Hedge Funds Weigh In On Cardinal Infrastructure Group

A number of hedge funds and other institutional investors have recently bought and sold shares of CDNL. California State Teachers Retirement System bought a new position in Cardinal Infrastructure Group in the first quarter valued at approximately $28,000. Strs Ohio bought a new position in Cardinal Infrastructure Group in the first quarter valued at approximately $87,000. Barclays PLC bought a new position in Cardinal Infrastructure Group in the fourth quarter valued at approximately $152,000. Zuckerman Investment Group LLC bought a new position in Cardinal Infrastructure Group in the fourth quarter valued at approximately $242,000. Finally, XTX Topco Ltd bought a new position in Cardinal Infrastructure Group in the fourth quarter valued at approximately $242,000.

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.