Cardinal Infrastructure Group (CDNL)
Builds wet utilities, grading, paving, and site-preparation work across Sunbelt markets.
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Provides self-performed civil infrastructure and site-development services for builders, developers, industrial projects, municipalities, and transportation agencies. Work is concentrated in the Southeast, managed as one reportable segment, and shaped by fixed-price contract execution, acquisition integration, and local bidding.
Provides turnkey civil infrastructure and site-development work for residential builders, commercial developers, industrial projects, municipalities, and state transportation agencies. The service mix includes wet utility installations, grading, site clearing, erosion control, drilling and blasting, paving, asphalt and concrete work, and related site services.
Operates through a self-performing model with skilled labor, specialized fleets, and local subsidiaries. The footprint began in Raleigh and now spans North Carolina, South Carolina, and Georgia through acquisitions and organic expansion.
Reports one segment, managed on a consolidated basis by the CEO. The business depends on fixed-price project execution, crew and equipment capacity, acquisition integration, local construction demand, surety and prequalification strength, and competitive bidding for public work.
Company facts
Target rangeAs of Sep 22, 2026
Latest analyst notes
| Date | Firm | Action | Prior | Current |
|---|---|---|---|---|
| Aug 12, 2026 | Stifel Nicolaus | Target | Target: $31 | Target: $52 |
| Aug 12, 2026 | Oppenheimer | Reiterate | Rating: —Target: $80 | Target: $70 |
| Jun 15, 2026 | Oppenheimer | Reiterate | Rating: —Target: $60 | Target: $80 |
| May 28, 2026 | Oppenheimer | Target | Target: — | Target: $60 |
| Feb 19, 2026 | DA Davidson | Reiterate | Rating: —Target: $30 | Target: $35 |
EPSReportedEstimate
RevenueReportedEstimate
Balance sheet, Jun 30, 2026Cash & short-term investments $339.1M · Total debt $227.6M · Total assets $1.01B · Shareholders' equity $245.1M
- Revenue
- $226.9M
- Operating income
- $16.1M
- Net income
- $4.7M
No dividends on record.
| Institutions | ≈ 46.17% | 21.92M shares | |
|---|---|---|---|
| 161 holders · as of Jun 30, 2026 · largest filers plus last quarter's tail | |||
| Insiders | 51.49% | 24.44M shares | |
| 12 holders · as of Aug 18, 2026 | |||
| Other | ≈ 2.34% | 1.11M shares | |
| remainder | |||
47.47M company shares as of Sep 23, 2026 · institutions as of Jun 30, 2026 · holders as of their latest filing
Two share counts disagree (47.47M in the company's Sep 23, 2026 report, 15.29M elsewhere); stakes use the report.
This quarter's institutional total failed a plausibility check; shown: the largest filers plus last quarter's remainder.
This company has 2 share classes; every stake here is a share of the whole company.
Top shareholders13F · 13D/G · Form 4
| Holder | Stake | Shares | Date |
|---|---|---|---|
Jeremy Simmons SpiveyInsiderdirector, officer: Chief Executive Officer | 25.94% | 83,350 A · 12.23M B | filed Aug 17, 2026 |
Erik Daniel WestInsider10 percent owner, officer: See Remarks | 12.88% | 6.11M A | filed Feb 17, 2026 |
FMR LLCInstitution | 6.23% | 2.96M A | as of Jun 30, 2026 |
Anthony Leon Jr. WoodInsiderdirector | 4.52% | 51,400 A · 2.09M B | filed Aug 17, 2026 |
Michael Bruce Jr. RoweInsiderofficer: Chief Financial Officer | 4.31% | 7,000 A · 2.04M B | filed Aug 17, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Aug 17, 2026 | Richard Bennett Wimmer | director | +7,500 | $39.13 |
| Aug 14, 2026 | Anthony Leon Jr. Wood | director | +51,400 | $39.36 |
| Aug 14, 2026 | Michael Bruce Jr. Rowe | officer: Chief Financial Officer | +7,000 | $36.53 |
| Aug 14, 2026 | Richard Melvin Jr. Lee | director | +34,000 | $36.82 |
| Aug 14, 2026 | Benjamin Wood | officer: Chief Operating Officer | +25,700 | $39.48 |
- Construction Partners
Closest overlap in Sunbelt sitework, paving, and asphalt
- Sterling Infrastructure
Large-site development and transportation infrastructure overlap
- Granite Construction
Heavy civil, materials, asphalt, and site-development overlap
- Primoris Services
Utility and energy infrastructure contractor with public-civil overlap
- MasTec
Broad infrastructure contractor adjacent in utilities, water, and civil
Compare
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Cardinal Infrastructure Group | $29.32 | −2.63% | $460.5M | 18.0 | 14.4 | 0.7 | — |
| Construction Partners | $92.79 | −4.06% | $5.47B | 38.1 | 25.6 | 1.6 | +28.3% |
| Sterling Infrastructure | $514.05 | −0.49% | $15.85B | 37.2 | 23.2 | 4.6 | +90.1% |
| Granite Construction | $113.16 | −1.03% | $5.00B | — | 16.1 | 1.0 | +29.3% |
| Primoris Services | $74.67 | −2.16% | $4.14B | 30.0 | 18.8 | 0.6 | −10.7% |
| MasTec | $216.55 | −2.32% | $17.80B | 35.4 | 19.5 | 1.1 | +23.4% |
| Median | 36.3 | 19.5 | 1.1 | +28.3% |