Conversant Capital LLC Takes $18.70 Million Position in Cardinal Infrastructure Group Inc. $CDNL

Conversant Capital LLC bought a new stake in shares of Cardinal Infrastructure Group Inc. (NASDAQ:CDNL) during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm bought 471,609 shares of the company’s stock, valued at approximately $18,702,000. Cardinal Infrastructure Group comprises about 2.6% of Conversant Capital LLC’s investment portfolio, making the stock its 9th largest holding.

Other hedge funds have also added to or reduced their stakes in the company. Schonfeld Strategic Advisors LLC bought a new stake in Cardinal Infrastructure Group in the fourth quarter worth $31,082,000. Ophir Asset Management Pty Ltd bought a new position in shares of 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. purchased a new position in shares of Cardinal Infrastructure Group in the fourth quarter worth 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.

Cardinal Infrastructure Group Trading Down 11.2%

CDNL stock opened at $63.30 on Friday. The stock has a market capitalization of $2.71 billion and a PE ratio of 275.22. The company has a 50-day moving average price of $68.03. The company has a debt-to-equity ratio of 0.73, a current ratio of 1.73 and a quick ratio of 1.73. 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 posted its earnings results on Monday, March 23rd. The company reported $1.98 earnings per share for the quarter. The firm had revenue of $418.92 million for the quarter. Equities analysts predict that Cardinal Infrastructure Group Inc. will post 1.86 EPS for the current year.

Insider Buying and Selling

In other Cardinal Infrastructure Group news, COO Benjamin Wood purchased 20,000 shares of the 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 directly owned 20,000 shares of the company’s stock, valued at approximately $1,026,000. This trade represents a ∞ increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. 61.70% of the stock is owned by insiders.

Analysts Set New Price Targets

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

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.