Cardinal Infrastructure Group (NASDAQ:CDNL) Upgraded by Zacks Research to “Strong-Buy” Rating

Cardinal Infrastructure Group (NASDAQ:CDNL) was upgraded by research analysts at Zacks Research from a “hold” rating to a “strong-buy” rating in a note issued to investors on Wednesday,Zacks.com reports.

Other equities analysts have also recently issued research reports about the stock. Oppenheimer boosted their price objective 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. Stifel Nicolaus increased their target price on shares of Cardinal Infrastructure Group from $41.00 to $63.00 and gave the stock a “buy” rating in a research note on Wednesday, May 13th. Finally, Weiss Ratings raised shares of Cardinal Infrastructure Group from a “sell (e)” rating to a “sell (e+)” rating in a report on Monday, June 1st. One research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $59.33.

Cardinal Infrastructure Group Stock Performance

Shares of CDNL opened at $74.25 on Wednesday. Cardinal Infrastructure Group has a 52-week low of $21.98 and a 52-week high of $96.40. The business’s 50-day moving average is $62.14. The company has a debt-to-equity ratio of 0.73, a current ratio of 1.73 and a quick ratio of 1.73. The stock has a market cap of $3.18 billion and a PE ratio of 322.83.

Cardinal Infrastructure Group (NASDAQ:CDNL) last posted its 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 for the quarter. On average, research analysts forecast that Cardinal Infrastructure Group will post 1.87 earnings per share for the current fiscal year.

Insider Buying and Selling at Cardinal Infrastructure Group

In related news, COO Benjamin Wood bought 20,000 shares of the stock in a transaction that occurred on Wednesday, May 27th. The shares were acquired at an average cost of $51.30 per share, with a total value of $1,026,000.00. Following the completion of the purchase, the chief operating officer directly owned 20,000 shares of the company’s stock, valued at $1,026,000. This trade represents a ∞ increase in their position. The acquisition was disclosed in a filing with the SEC, which is available through this hyperlink. 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. Bank of America Corp DE raised its position in shares of Cardinal Infrastructure Group by 139.4% during the 1st quarter. Bank of America Corp DE now owns 125,804 shares of the company’s stock valued at $4,989,000 after buying an additional 73,259 shares in the last quarter. California State Teachers Retirement System bought a new position in Cardinal Infrastructure Group in the first quarter valued at $28,000. Engle Capital Management L.P. raised its position in Cardinal Infrastructure Group by 142.7% during the first quarter. Engle Capital Management L.P. now owns 318,000 shares of the company’s stock valued at $12,610,000 after purchasing an additional 187,000 shares in the last quarter. Conversant Capital LLC purchased a new stake in Cardinal Infrastructure Group during the first quarter valued at about $18,702,000. Finally, Granahan Investment Management LLC bought a new stake in Cardinal Infrastructure Group during the first quarter worth about $3,270,000.

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.