Principal Financial Group Inc. Acquires 284,918 Shares of Cardinal Infrastructure Group Inc. $CDNL

Principal Financial Group Inc. grew its holdings in shares of Cardinal Infrastructure Group Inc. (NASDAQ:CDNL) by 198.8% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 428,263 shares of the company’s stock after buying an additional 284,918 shares during the quarter. Principal Financial Group Inc.’s holdings in Cardinal Infrastructure Group were worth $16,983,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently made changes to their positions in the business. Taylor Frigon Capital Management LLC acquired a new stake in shares of Cardinal Infrastructure Group in the 4th quarter worth about $1,209,000. Kornitzer Capital Management Inc. KS acquired a new position in Cardinal Infrastructure Group during the 4th quarter valued at about $850,000. TimesSquare Capital Management LLC bought a new stake in Cardinal Infrastructure Group during the 4th quarter worth approximately $14,612,000. Goldman Sachs Group Inc. bought a new stake in Cardinal Infrastructure Group during the 4th quarter worth approximately $3,893,000. Finally, CenterBook Partners LP purchased a new stake in shares of Cardinal Infrastructure Group in the fourth quarter worth approximately $1,994,000.

Analyst Ratings Changes

A number of research firms have recently weighed in on CDNL. Stifel Nicolaus raised 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. Oppenheimer increased their price target 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 raised Cardinal Infrastructure Group from a “sell (e)” rating to a “sell (e+)” rating in a research report on Monday, June 1st. Finally, Zacks Research downgraded shares of Cardinal Infrastructure Group from a “strong-buy” rating to a “hold” rating in a report on Monday, July 13th. Three research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, Cardinal Infrastructure Group has an average rating of “Hold” and an average target price of $59.33.

Insider Buying and Selling

In other Cardinal Infrastructure Group news, COO Benjamin Wood purchased 20,000 shares of the company’s stock in a transaction that occurred on Wednesday, May 27th. The shares were acquired at an average cost of $51.30 per share, for a total transaction of $1,026,000.00. Following the completion of the acquisition, the chief operating officer owned 20,000 shares of the company’s stock, valued at $1,026,000. The trade was a ∞ increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 61.70% of the company’s stock.

Cardinal Infrastructure Group Stock Performance

NASDAQ:CDNL opened at $70.18 on Thursday. Cardinal Infrastructure Group Inc. has a 52 week low of $21.98 and a 52 week high of $96.40. The company has a 50-day moving average price of $67.48. 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 $3.01 billion and a price-to-earnings ratio of 305.13.

Cardinal Infrastructure Group (NASDAQ:CDNL) last announced its earnings results on Monday, March 23rd. The company reported $1.98 earnings per share for the quarter. The business had revenue of $418.92 million during the quarter. As a group, sell-side analysts forecast that Cardinal Infrastructure Group Inc. will post 1.86 earnings per share for the current year.

Cardinal Infrastructure Group Company 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.