Wellington Management Group LLP Acquires Shares of 155,910 Cardinal Infrastructure Group Inc. $CDNL

Wellington Management Group LLP acquired a new stake in shares of Cardinal Infrastructure Group Inc. (NASDAQ:CDNL) in the second quarter, Holdings Channel.com reports. The institutional investor acquired 155,910 shares of the company’s stock, valued at approximately $14,687,000.

Several other hedge funds and other institutional investors also recently made changes to their positions in CDNL. California State Teachers Retirement System bought a new position in Cardinal Infrastructure Group in the 1st quarter valued at about $28,000. Strs Ohio bought a new stake in Cardinal Infrastructure Group during the 1st quarter worth approximately $87,000. Barclays PLC purchased a new stake in shares of Cardinal Infrastructure Group in the fourth quarter worth approximately $152,000. Zuckerman Investment Group LLC purchased a new stake in shares of Cardinal Infrastructure Group in the fourth quarter worth approximately $242,000. Finally, XTX Topco Ltd bought a new position in shares of Cardinal Infrastructure Group in the fourth quarter valued at approximately $242,000.

Analysts Set New Price Targets

CDNL has been the topic of several analyst reports. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Cardinal Infrastructure Group in a research report on Thursday, August 27th. Oppenheimer dropped their price objective on Cardinal Infrastructure Group from $80.00 to $70.00 and set an “outperform” rating on the stock in a research note on Wednesday, August 12th. Zacks Research downgraded shares of Cardinal Infrastructure Group from a “strong-buy” rating to a “hold” rating in a report on Monday, July 13th. Finally, Stifel Nicolaus reduced their target price on shares of Cardinal Infrastructure Group from $63.00 to $52.00 and set a “buy” rating for the company in a research note on Wednesday, August 12th. Three investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $52.33.

Cardinal Infrastructure Group Stock Performance

CDNL stock 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 business has a 50 day moving average of $57.10 and a 200-day moving average of $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) last issued its quarterly earnings results on Tuesday, August 11th. The company reported $0.26 EPS for the quarter, missing analysts’ consensus estimates of $0.48 by ($0.22). The company had revenue of $226.93 million during the quarter. As a group, sell-side analysts expect that Cardinal Infrastructure Group Inc. will post 1.85 earnings per share for the current year.

Insider Activity

In related news, CEO Jeremy Spivey acquired 83,350 shares of the stock in a transaction on Friday, August 14th. The shares were acquired at an average price of $38.41 per share, with a total value of $3,201,473.50. Following the completion of the transaction, the chief executive officer owned 83,350 shares in the company, 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 SEC, which is accessible through this link. Also, Director Richard Bennett Wimmer bought 7,500 shares of Cardinal Infrastructure Group stock in a transaction dated Monday, August 17th. The shares were bought at an average cost of $39.13 per share, with a total value of $293,475.00. Following the completion of the transaction, the director directly owned 29,349 shares in the company, valued at approximately $1,148,426.37. This trade represents a 34.33% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Over the last quarter, insiders bought 214,597 shares of company stock worth $8,285,516. 61.70% of the stock is owned by insiders.

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.