Cardinal Infrastructure Group (NASDAQ:CDNL) Board of Directors Authorizes Share Buyback Plan

Cardinal Infrastructure Group (NASDAQ:CDNL) announced that its Board of Directors has authorized a share repurchase plan on Thursday, November 12th, RTT News reports. The company plans to buy back $50 million in outstanding shares. This buyback authorization authorizes the company to repurchase up to 7% of its stock through open market purchases. Share buyback plans are often an indication that the company’s management believes its stock is undervalued.

Cardinal Infrastructure Group Trading Down 62.4%

CDNL traded down $9.35 during trading on Thursday, hitting $5.64. 20,019,034 shares of the company’s stock traded hands, compared to its average volume of 1,088,406. The company’s 50 day simple moving average is $23.16 and its two-hundred day simple moving average is $42.82. The company has a debt-to-equity ratio of 0.32, a quick ratio of 3.59 and a current ratio of 3.59. Cardinal Infrastructure Group has a 12-month low of $5.22 and a 12-month high of $96.40.

Cardinal Infrastructure Group (NASDAQ:CDNL) last issued its earnings results on Thursday, November 12th. The company reported ($0.21) earnings per share for the quarter, missing analysts’ consensus estimates of $0.49 by ($0.70). The business had revenue of $201.93 million during the quarter. As a group, equities analysts expect that Cardinal Infrastructure Group will post 1.76 EPS for the current fiscal year.

Analyst Ratings Changes

Several brokerages recently weighed in on CDNL. Stifel Nicolaus reduced their price target on Cardinal Infrastructure Group from $63.00 to $52.00 and set a “buy” rating on the stock in a research note on Wednesday, August 12th. Oppenheimer lowered their price objective on Cardinal Infrastructure Group from $80.00 to $70.00 and set an “outperform” rating for the company in a research report on Wednesday, August 12th. Truist Financial dropped their target price on shares of Cardinal Infrastructure Group from $40.00 to $30.00 and set a “buy” rating on the stock in a report on Monday, October 19th. Weiss Ratings downgraded shares of Cardinal Infrastructure Group from a “hold (c-)” rating to a “sell (d+)” rating in a research report on Friday, October 23rd. Finally, William Blair lowered shares of Cardinal Infrastructure Group from an “outperform” rating to a “market perform” rating in a research note on Thursday. Four investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $46.75.

Insider Buying and Selling

In other Cardinal Infrastructure Group news, Director Leon Wood purchased 51,400 shares of the company’s stock in a transaction dated Friday, August 14th. The shares were acquired at an average price of $39.36 per share, for a total transaction of $2,023,104.00. Following the purchase, the director directly owned 51,400 shares of the company’s stock, valued at $2,023,104. The trade was a ∞ increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Richard Melvin Jr. Lee bought 34,000 shares of the stock in a transaction that occurred on Friday, August 14th. The shares were bought at an average price of $36.82 per share, for a total transaction of $1,251,880.00. Following the completion of the transaction, the director directly owned 68,254 shares of the company’s stock, valued at $2,513,112.28. This represents a 99.26% increase in their position. The disclosure for this purchase is available in the SEC filing. Insiders have bought a total of 214,597 shares of company stock valued at $8,285,516 in the last 90 days. 61.70% of the stock is owned by insiders.

Top Cardinal Infrastructure Group Stories

Investors following CDNL have been watching these stories:

• Neutral Sentiment: Quarterly revenue was $201.93 million, and reports described revenue growth, but that was outweighed by the decline in margins and the move to a loss. Cardinal Infrastructure Group Q3 results
• Neutral Sentiment: Call-option trading jumped to 3,140 contracts, roughly 1,726% above its average. The surge indicates unusual speculative activity, but does not establish a clear direction for the stock. MarketBeat trading report
• Negative Sentiment: Law firms announced securities investigations following the results. These are investigations, not findings of wrongdoing, but could add legal and reputational uncertainty. Hagens Berman investor alert

About Cardinal Infrastructure Group

Cardinal Infrastructure Group is a vertically integrated civil infrastructure and site development platform serving residential, commercial, industrial and municipal projects. CDNL delivers its suite of comprehensive infrastructure services that support the planning, preparation, installation, and development of residential, commercial, industrial, municipal, and state infrastructure projects through wholly owned, market leading subsidiaries. Cardinal’s operations leverage in-house, highly skilled teams and equipment fleets 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.