Readystate Asset Management LP Cuts Stake in Cardinal Infrastructure Group Inc. $CDNL

Readystate Asset Management LP cut its holdings in shares of Cardinal Infrastructure Group Inc. (NASDAQ:CDNL) by 29.1% during the 1st quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 74,450 shares of the company’s stock after selling 30,572 shares during the quarter. Readystate Asset Management LP owned 0.17% of Cardinal Infrastructure Group worth $2,952,000 at the end of the most recent quarter.

A number of other institutional investors also recently made changes to their positions in the business. Schonfeld Strategic Advisors LLC purchased a new position in Cardinal Infrastructure Group in the 4th quarter worth $31,082,000. Ophir Asset Management Pty Ltd purchased a new stake in Cardinal Infrastructure Group during the fourth quarter valued at about $23,865,000. Wasatch Advisors LP purchased a new position in shares of Cardinal Infrastructure Group in the fourth quarter worth about $16,539,000. Adage Capital Partners GP L.L.C. bought a new stake in shares of Cardinal Infrastructure Group in the 4th quarter valued at about $14,992,000. Finally, TimesSquare Capital Management LLC bought a new stake in shares of Cardinal Infrastructure Group in the 4th quarter valued at about $14,612,000.

Insider Activity at Cardinal Infrastructure Group

In other Cardinal Infrastructure Group news, COO Benjamin Wood bought 20,000 shares of Cardinal Infrastructure Group stock in a transaction dated Wednesday, May 27th. The shares were purchased at an average cost 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 of the company’s stock, valued at $1,026,000. This represents a ∞ increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 61.70% of the company’s stock.

Cardinal Infrastructure Group Price Performance

Shares of CDNL opened at $60.25 on Wednesday. The business has a 50-day moving average of $68.50. 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 $2.58 billion and a price-to-earnings ratio of 261.96. Cardinal Infrastructure Group Inc. has a one year low of $21.98 and a one year high of $96.40.

Cardinal Infrastructure Group (NASDAQ:CDNL) last released its earnings results on Monday, March 23rd. The company reported $1.98 EPS for the quarter. The firm had revenue of $418.92 million during the quarter. Analysts expect that Cardinal Infrastructure Group Inc. will post 1.86 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

CDNL has been the topic of several recent research reports. Zacks Research lowered Cardinal Infrastructure Group from a “strong-buy” rating to a “hold” rating in a research report on Monday, July 13th. Oppenheimer lifted their target price on shares of Cardinal Infrastructure Group from $60.00 to $80.00 and gave the stock an “outperform” rating in a research note on Monday, June 15th. Weiss Ratings upgraded shares of Cardinal Infrastructure Group from a “sell (e)” rating to a “sell (e+)” rating in a report on Monday, June 1st. Finally, Stifel Nicolaus raised their price target 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. Three 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. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $59.33.

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.