Readystate Asset Management LP Lowers Holdings in Cardinal Infrastructure Group Inc. $CDNL

Readystate Asset Management LP trimmed its stake in Cardinal Infrastructure Group Inc. (NASDAQ:CDNL) by 29.1% during the 1st quarter, HoldingsChannel reports. The fund owned 74,450 shares of the company’s stock after selling 30,572 shares during the quarter. Readystate Asset Management LP’s holdings in Cardinal Infrastructure Group were worth $2,952,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Engle Capital Management L.P. raised its position in shares of Cardinal Infrastructure Group by 142.7% in the 1st quarter. Engle Capital Management L.P. now owns 318,000 shares of the company’s stock worth $12,610,000 after purchasing an additional 187,000 shares during the last quarter. Conversant Capital LLC purchased a new stake in Cardinal Infrastructure Group during the 1st quarter valued at about $18,702,000. Granahan Investment Management LLC purchased a new stake in Cardinal Infrastructure Group during the 1st quarter valued at about $3,270,000. Renaissance Technologies LLC bought a new stake in Cardinal Infrastructure Group during the 1st quarter valued at about $2,704,000. Finally, Bank of Nova Scotia purchased a new position in Cardinal Infrastructure Group in the first quarter worth about $366,000.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on CDNL. Stifel Nicolaus increased their price target on shares of Cardinal Infrastructure Group from $41.00 to $63.00 and gave the company a “buy” rating in a report on Wednesday, May 13th. Oppenheimer upped their price objective on Cardinal Infrastructure Group from $60.00 to $80.00 and gave the company an “outperform” rating in a research report on Monday, June 15th. Weiss Ratings upgraded Cardinal Infrastructure Group from a “sell (e)” rating to a “sell (e+)” rating in a research note on Monday, June 1st. Finally, Zacks Research lowered Cardinal Infrastructure Group from a “strong-buy” rating to a “hold” rating in a report on Monday, July 13th. Three investment analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $59.33.

Insider Transactions at Cardinal Infrastructure Group

In related news, COO Benjamin Wood bought 20,000 shares of the business’s stock in a transaction on Wednesday, May 27th. The stock was acquired at an average price of $51.30 per share, with a total value of $1,026,000.00. Following the transaction, the chief operating officer owned 20,000 shares in the company, valued at approximately $1,026,000. This trade represents a ? increase in their position. The purchase was disclosed in a filing with the SEC, which is accessible through this link. Corporate insiders own 61.70% of the company’s stock.

Cardinal Infrastructure Group Stock Down 4.8%

Shares of NASDAQ CDNL opened at $60.25 on Wednesday. The company’s 50-day moving average is $68.50. The company has a debt-to-equity ratio of 0.73, a quick ratio of 1.73 and a current ratio of 1.73. The stock has a market cap of $2.58 billion and a P/E ratio of 261.96. Cardinal Infrastructure Group Inc. has a 52-week low of $21.98 and a 52-week high of $96.40.

Cardinal Infrastructure Group (NASDAQ:CDNL) last released its quarterly earnings data 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. As a group, equities research analysts anticipate that Cardinal Infrastructure Group Inc. will post 1.86 EPS for the current fiscal year.

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.