Cardinal Infrastructure Group Inc. (CDNL) shareholders
CDNLNasdaqHeavy Construction Other Than Bldg Const - ContractorsFiscal year ends December 31
Financials through Q3 FY2026, quarter ended Sep 30, 2026Last filing: 10-Q on Nov 12, 2026Score 7/3058% below fair value
$6.46+0.82 (+14.54%)
Close on Nov 13, 2026Market cap $306.68MP/E –Yield –
Ownership
Institutional holdings as of Jun 30, 2026, from 13F filings
Held by institutions
46.3%
22M of 47M shares
Institutional holders
158
75 new, 10 sold out
Net institutional buying
7M
In Q2 2026
Insider trades, 12 months
23 buys · 0 sales
Net bought $10.68M
Shares held by institutions
Holders of more than 5%
Latest Schedule 13D (active) or 13G (passive) filed by each holder
| Holder | Shares | % of class | Filing | As of |
|---|---|---|---|---|
| Jeremy Simmons Spivey Joint filing with Spivey Family 2024 Irrevocable Trust U/A dated 5/13/24 (45.00%) | 12,229,848 | 45.00% | 13G (passive) | Dec 31, 2025 |
| Erik Daniel West Joint filing with West Family 2024 Irrevocable Trust U/A dated 3/20/24 (29.00%) | 6,114,009 | 29.00% | 13G (passive) | Dec 31, 2025 |
| FMR LLC Joint filing with Abigail P. Johnson (14.90%) | 2,957,660 | 14.90% | 13G (passive) amendment | Jun 30, 2026 |
| Michael Bruce Rowe, Jr. Joint filing with Rowe Family 2024 Irrevocable Trust U/A dated 3/13/24 (29.00%) | 2,038,003 | 29.00% | 13G (passive) | Dec 31, 2025 |
| The Charger Corporation Joint filing with First Trust Portfolios L.P. (6.71%), First Trust Advisors L.P. (6.71%) | 1,370,274 | 6.71% | 13G (passive) | Sep 30, 2026 |
| Driehaus Capital Management LLC | 1,208,910 | 6.08% | 13G (passive) | Jun 30, 2026 |
| BlackRock, Inc. | 1,207,344 | 6.30% | 13G (passive) | Jun 30, 2026 |
| Conversant Opportunity Master Fund LP Joint filing with Conversant Capital LLC (5.50%), Conversant GP Holdings LLC (5.50%) and 1 more | 1,179,659 | 5.50% | 13G (passive) | Oct 9, 2026 |
| Ross Berner | 804,405 | 5.40% | 13G (passive) | Dec 31, 2025 |
| Mark McKinney | 760,438 | 5.10% | 13G (passive) | Dec 31, 2025 |
Top institutional holders
13F holdings as of Jun 30, 2026
| Holder | Shares | % of CDNL | Value | Change | % of portfolio |
|---|---|---|---|---|---|
| FMR LLC | 2,957,660 | 6.23% | $278.61M | +971,368 | 0.01% |
| Driehaus Capital Management LLC | 1,208,910 | 2.55% | $113.88M | +548,396 | 0.66% |
| BlackRock, Inc. | 1,207,548 | 2.54% | $113.75M | +510,349 | 0.00% |
| Alliancebernstein L.P. | 982,766 | 2.07% | $38.97M | +50,446 | 0.01% |
| Lord, Abbett & Co. LLC | 859,431 | 1.81% | $80.96M | +107,873 | 0.23% |
| Emerald Advisers, LLC | 847,969 | 1.79% | $79.88M | +269,369 | 1.88% |
| Ameriprise Financial Inc | 771,009 | 1.62% | $72.63M | New | 0.01% |
| Price T Rowe Associates Inc /Md/ | 752,941 | 1.59% | $70.93M | +743,877 | 0.01% |
| Fred Alger Management, LLC | 727,033 | 1.53% | $68.49M | +40,448 | 0.23% |
| American Century Companies Inc | 710,881 | 1.50% | $66.96M | New | 0.03% |
| Vanguard Capital Management LLC | 704,186 | 1.48% | $66.33M | +188,767 | 0.00% |
| Victory Capital Management Inc | 666,645 | 1.40% | $62.80M | New | 0.04% |
| Principal Financial Group Inc | 646,899 | 1.36% | $60.94M | +218,636 | 0.03% |
| Emerald Mutual Fund Advisers Trust | 549,297 | 1.16% | $51.74M | +190,234 | 1.82% |
| Franklin Resources Inc | 524,122 | 1.10% | $49.37M | New | 0.01% |
| Kayne Anderson Rudnick Investment Management LLC | 455,366 | 0.96% | $42.90M | New | 0.13% |
| Engle Capital Management, L.P. | 447,655 | 0.94% | $42.17M | +129,655 | 11.58% |
| Geode Capital Management, LLC | 421,713 | 0.89% | $39.74M | +114,770 | 0.00% |
| Federated Hermes, Inc. | 392,348 | 0.83% | $36.96M | +33,400 | 0.05% |
| Wasatch Advisors LP | 349,444 | 0.74% | $32.92M | −343,606 | 0.22% |
Institutional buying and selling by quarter
Positions opened, added to, reduced and closed by 13F filers
| Quarter | Holders | Shares held | % of shares | New / added | Reduced / closed | Shares bought | Shares sold |
|---|---|---|---|---|---|---|---|
| Q2 2026 | 158 | 22M | 46.3% | 75 / 57 | 24 / 10 | 10M | 4M |
| Q1 2026 | 93 | 15M | 31.7% | 54 / 27 | 10 / 14 | 6M | 4M |
| Q4 2025 | 54 | 13M | 27.9% | 54 / 0 | 0 / 0 | 13M | 0M |
Top mutual fund and ETF holders
Latest monthly portfolio reports (Form N-PORT)
| Fund | Shares | % of CDNL | Value | % of fund | As of |
|---|---|---|---|---|---|
| Fidelity Stock Selector Small Cap Fund | 628,795 | 1.32% | $38.92M | 0.53% | Jul 31, 2026 |
| Victory Sycamore Small Company Opportunity Fund | 518,000 | 1.09% | $48.80M | 1.04% | Jun 30, 2026 |
| Columbia Small Cap Growth Fund | 510,739 | 1.08% | $26.50M | 0.72% | May 31, 2026 |
| Vanguard Total Stock Market Index Fund | 490,070 | 1.03% | $46.16M | 0.00% | Jun 30, 2026 |
| Fidelity Small Cap Growth Fund | 485,344 | 1.02% | $30.04M | 0.34% | Jul 31, 2026 |
| Lord Abbett Developing Growth Fund Inc | 440,520 | 0.93% | $27.26M | 1.23% | Jul 31, 2026 |
| iShares Russell 2000 ETF | 439,158 | 0.93% | $41.37M | 0.05% | Jun 30, 2026 |
| Fidelity Series Small Cap Opportunities Fund | 424,635 | 0.89% | $26.28M | 0.56% | Jul 31, 2026 |
| Small Cap Value Fund | 387,110 | 0.82% | $36.47M | 1.20% | Jun 30, 2026 |
| Alger Small Cap Focus Fund | 363,065 | 0.76% | $22.47M | 2.63% | Jul 31, 2026 |
| Federated Hermes Kaufmann Small Cap Fund | 349,748 | 0.74% | $21.65M | 0.76% | Jul 31, 2026 |
| T. Rowe Price Integrated U.S. Small-Cap Growth Equity Fund | 336,252 | 0.71% | $31.67M | 0.32% | Jun 30, 2026 |
| Emerald Growth Fund | 324,498 | 0.68% | $20.08M | 1.36% | Jul 31, 2026 |
| Putnam Small Cap Growth Fund | 274,108 | 0.58% | $25.82M | 0.76% | Jun 30, 2026 |
| Virtus KAR Mid-Cap Growth Fund | 247,712 | 0.52% | $23.33M | 5.77% | Jun 30, 2026 |
Officers, directors and major owners
People who filed Forms 3, 4 or 5 in the last two years
| Name | Role | Shares owned | % of shares | Latest filing |
|---|---|---|---|---|
| Jeremy Simmons Spivey | Chief Executive Officer, Director | 12,242,214 | 25.79% | Aug 17, 2026 |
| Benjamin Wood | Chief Operating Officer | 2,138,731 | 4.51% | Aug 17, 2026 |
| Michael Bruce Rowe Jr. | Chief Financial Officer | 2,045,003 | 4.31% | Aug 17, 2026 |
| Tiffany Leann Gidley | General Counsel and Secretary | 6,000 | 0.01% | Dec 11, 2025 |
| Erik Daniel West | See Remarks, 10% owner | 6,114,009 | 12.88% | Dec 11, 2025 |
| Richard Bennett Wimmer | Director | 29,349 | 0.06% | Aug 18, 2026 |
| Anthony Leon Wood Jr. | Director | 2,127,050 | 4.48% | Aug 17, 2026 |
| Richard Melvin Lee Jr. | Director | 68,254 | 0.14% | Aug 17, 2026 |
| Ivy Zelman | Director | 32,891 | 0.07% | Aug 17, 2026 |
| Austin J. Shanfelter | Director | 11,529 | 0.02% | Jun 9, 2026 |
| Ross Berner | 10% owner | 859,374 | 1.81% | Dec 10, 2025 |
| Mark McKinney | 10% owner | 773,438 | 1.63% | Dec 10, 2025 |
Insider trades
Common stock transactions reported on Form 4, newest first
| Insider | Date | Transaction | Shares | Price | Value | Shares after |
|---|---|---|---|---|---|---|
| Richard Bennett Wimmer Director | Aug 17, 2026 | Buy | +7,500 | $39.13 | $293.48K | 29,349 |
| Anthony Leon Wood Jr. Director | Aug 14, 2026 | Buy | +34,019 | $39.16 | $1.33M | 34,019 |
| Anthony Leon Wood Jr. Director | Aug 14, 2026 | Buy | +17,381 | $39.75 | $690.89K | 51,400 |
| Benjamin Wood Chief Operating Officer | Aug 14, 2026 | Buy | +12,073 | $39.77 | $480.14K | 45,700 |
| Benjamin Wood Chief Operating Officer | Aug 14, 2026 | Buy | +13,627 | $39.22 | $534.45K | 33,627 |
| Richard Melvin Lee Jr. Director | Aug 14, 2026 | Buy | +7,000 | $37.73 | $264.11K | 68,254 |
| Richard Melvin Lee Jr. Director | Aug 14, 2026 | Buy | +27,000 | $36.59 | $987.93K | 61,254 |
| Michael Bruce Rowe Jr. Chief Financial Officer | Aug 14, 2026 | Buy | +7,000 | $36.53 | $255.71K | 7,000 |
| Jeremy Simmons Spivey Chief Executive Officer, Director | Aug 14, 2026 | Buy | +12,366 | $36.58 | $452.35K | 12,366 |
| Jeremy Simmons Spivey Chief Executive Officer, Director | Aug 14, 2026 | Buy | +14,224 | $37.69 | $536.10K | 26,590 |
| Jeremy Simmons Spivey Chief Executive Officer, Director | Aug 14, 2026 | Buy | +11,511 | $39.65 | $456.41K | 83,350 |
| Jeremy Simmons Spivey Chief Executive Officer, Director | Aug 14, 2026 | Buy | +45,249 | $38.82 | $1.76M | 71,839 |
| Ivy Zelman Director | Aug 14, 2026 | Buy | +12,647 | $39.61 | $500.95K | 32,891 |
| Richard Bennett Wimmer Director | Jun 5, 2026 | Award | +2,023 | – | – | 21,849 |
| Richard Melvin Lee Jr. Director | Jun 5, 2026 | Award | +1,941 | – | – | 34,254 |
| Ivy Zelman Director | Jun 5, 2026 | Award | +1,817 | – | – | 20,244 |
| Austin J. Shanfelter Director | Jun 5, 2026 | Award | +1,941 | – | – | 11,529 |
| Benjamin Wood CHIEF OPERATING OFFICER | May 27, 2026 | Buy | +5,355 | $50.78 | $271.93K | 12,094 |
| Benjamin Wood CHIEF OPERATING OFFICER | May 27, 2026 | Buy | +6,739 | $49.89 | $336.21K | 6,739 |
| Benjamin Wood CHIEF OPERATING OFFICER | May 27, 2026 | Buy | +100 | $54.33 | $5.43K | 20,000 |
| Benjamin Wood CHIEF OPERATING OFFICER | May 27, 2026 | Buy | +3,600 | $53.90 | $194.04K | 19,900 |
| Benjamin Wood CHIEF OPERATING OFFICER | May 27, 2026 | Buy | +4,206 | $51.90 | $218.29K | 16,300 |
| Austin J. Shanfelter Director | May 7, 2026 | Award | +3,101 | $24.18 | $74.98K | 8,726 |
| Richard Bennett Wimmer Director | May 7, 2026 | Award | +3,101 | $24.18 | $74.98K | 19,826 |
| Richard Melvin Lee Jr. Director | May 7, 2026 | Award | +3,101 | $24.18 | $74.98K | 25,826 |
| Ivy Zelman Director | May 7, 2026 | Award | +3,101 | $24.18 | $74.98K | 18,427 |
| Ivy Zelman Director | Mar 26, 2026 | Buy | +6,921 | $36.33 | $251.44K | 15,326 |
| Jeremy Simmons Spivey Chief Executive Officer, Director, 10% owner | Dec 11, 2025 | Returned to company | −665,476 | – | – | 2,050,844 |
| Jeremy Simmons Spivey Chief Executive Officer, Director, 10% owner | Dec 11, 2025 | Returned to company | −3,302,980 | – | – | 10,179,004 |
| Ivy Zelman Director | Dec 11, 2025 | Buy | +2,275 | $21.00 | $47.78K | 8,405 |
| Richard Melvin Lee Jr. Director | Dec 11, 2025 | Buy | +22,725 | $21.00 | $477.23K | 29,212 |
| Tiffany Leann Gidley General Counsel and Secretary | Dec 11, 2025 | Buy | +6,000 | $21.00 | $126.00K | 6,000 |
| Erik Daniel West See Remarks, 10% owner | Dec 11, 2025 | Returned to company | −330,357 | – | – | 1,018,084 |
| Erik Daniel West See Remarks, 10% owner | Dec 11, 2025 | Returned to company | −1,653,571 | – | – | 5,095,925 |
| Michael Bruce Rowe Jr. Chief Financial Officer | Dec 11, 2025 | Returned to company | −595,238 | – | – | 1,834,386 |
| Michael Bruce Rowe Jr. Chief Financial Officer | Dec 11, 2025 | Returned to company | −66,071 | – | – | 203,617 |
| Richard Bennett Wimmer Director | Dec 11, 2025 | Buy | +10,000 | $21.00 | $210.00K | 16,725 |
| Jeremy Simmons Spivey Chief Executive Officer, Director, 10% owner | Dec 9, 2025 | Award | +13,481,984 | – | – | 13,481,984 |
| Jeremy Simmons Spivey Chief Executive Officer, Director, 10% owner | Dec 9, 2025 | Award | +2,716,320 | – | – | 2,716,320 |
| Erik Daniel West See Remarks, 10% owner | Dec 9, 2025 | Award | +1,348,441 | – | – | 1,348,441 |
| Erik Daniel West See Remarks, 10% owner | Dec 9, 2025 | Award | +6,749,496 | – | – | 6,749,496 |
| Michael Bruce Rowe Jr. Chief Financial Officer | Dec 9, 2025 | Award | +269,688 | – | – | 269,688 |
| Michael Bruce Rowe Jr. Chief Financial Officer | Dec 9, 2025 | Award | +2,429,624 | – | – | 2,429,624 |
Awards, option exercises, tax withholding and gifts are shown alongside open-market buys and sales. Each name links to the filing on SEC EDGAR.
Short interest
Shares sold short and not yet bought back, as of Oct 30, 2026 (FINRA, reported twice a month)
Short % of float
11.16%
3M shares short
Days to cover
2.5
At 1M shares a day
Change since last report
+4.2%
From 3M shares
Short volume, 20 days
45.7%
Of volume reported to FINRA
Shares sold short, last 11 months
Short sale volume counts trades marked short on any given day, including market-maker hedging, so it runs far higher than the share of Cardinal Infrastructure's stock actually held short. Settlement fails (shares not delivered on time) peaked at 60,393 shares on Aug 19, 2026 over the last 90 days.
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