Cardinal Infrastructure Group Inc. $CDNL Shares Sold by Readystate Asset Management LP

Readystate Asset Management LP lessened its position in shares of Cardinal Infrastructure Group Inc. (NASDAQ:CDNL) by 77.6% during the second quarter, HoldingsChannel reports. The institutional investor owned 16,709 shares of the company’s stock after selling 57,741 shares during the quarter. Readystate Asset Management LP’s holdings in Cardinal Infrastructure Group were worth $1,574,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors have also modified their holdings of the business. Schonfeld Strategic Advisors LLC bought a new position in Cardinal Infrastructure Group during the 4th quarter worth $31,082,000. Ophir Asset Management Pty Ltd acquired a new position in Cardinal Infrastructure Group during the 4th quarter valued at about $23,865,000. Wasatch Advisors LP raised its holdings in Cardinal Infrastructure Group by 1.3% during the first quarter. Wasatch Advisors LP now owns 693,050 shares of the company’s stock worth $27,483,000 after purchasing an additional 9,064 shares in the last quarter. Adage Capital Partners GP L.L.C. bought a new stake in shares of Cardinal Infrastructure Group in the 4th quarter worth $14,992,000. Finally, TimesSquare Capital Management LLC bought a new stake in Cardinal Infrastructure Group in the fourth quarter worth about $14,612,000.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently commented on CDNL shares. Stifel Nicolaus cut their price objective on 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. Weiss Ratings restated a “sell (e+)” rating on shares of Cardinal Infrastructure Group in a report on Thursday, August 27th. Zacks Research lowered Cardinal Infrastructure Group from a “strong-buy” rating to a “hold” rating in a research report on Monday, July 13th. Finally, Oppenheimer cut their price target 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 investment 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, the stock presently has an average rating of “Hold” and an average price target of $52.33.

Cardinal Infrastructure Group Price Performance

Shares of Cardinal Infrastructure Group stock opened at $36.43 on Tuesday. Cardinal Infrastructure Group Inc. has a fifty-two week low of $21.98 and a fifty-two week high of $96.40. The company has a market cap of $1.73 billion and a PE ratio of 66.24. The firm has a fifty day moving average price of $57.10 and a two-hundred day moving average price of $51.97. The company has a debt-to-equity ratio of 0.32, a current ratio of 3.59 and a quick ratio of 3.59.

Cardinal Infrastructure Group (NASDAQ:CDNL) last posted its quarterly earnings results on Tuesday, August 11th. The company reported $0.26 EPS for the quarter, missing the consensus estimate of $0.48 by ($0.22). The business had revenue of $226.93 million during the quarter. Analysts expect that Cardinal Infrastructure Group Inc. will post 1.85 EPS for the current year.

Insider Transactions at Cardinal Infrastructure Group

In related news, CEO Jeremy Spivey acquired 83,350 shares of the company’s stock in a transaction on Friday, August 14th. The stock was purchased at an average cost of $38.41 per share, for a total transaction of $3,201,473.50. Following the completion of the purchase, the chief executive officer directly owned 83,350 shares of the company’s stock, valued at $3,201,473.50. The trade was a ∞ increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Ivy Zelman purchased 12,647 shares of the business’s stock in a transaction that occurred on Friday, August 14th. The shares were purchased at an average cost of $39.61 per share, with a total value of $500,947.67. Following the completion of the acquisition, the director directly owned 32,891 shares in the company, valued at $1,302,812.51. The trade was a 62.47% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Over the last three months, insiders have acquired 214,597 shares of company stock valued at $8,285,516. Corporate 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.