PNC Financial Services Group Inc. Trims Stock Holdings in Construction Partners, Inc. (NASDAQ:ROAD)

PNC Financial Services Group Inc. lessened its position in shares of Construction Partners, Inc. (NASDAQ:ROAD) by 35.7% during the 4th quarter, Holdings Channel reports. The firm owned 3,813 shares of the company’s stock after selling 2,120 shares during the quarter. PNC Financial Services Group Inc.’s holdings in Construction Partners were worth $166,000 as of its most recent filing with the SEC.

A number of other hedge funds have also modified their holdings of ROAD. ICA Group Wealth Management LLC acquired a new stake in shares of Construction Partners during the fourth quarter worth about $30,000. USA Financial Formulas purchased a new position in Construction Partners during the 4th quarter worth approximately $72,000. Federated Hermes Inc. acquired a new stake in Construction Partners during the 4th quarter valued at approximately $150,000. Cornerstone Investment Partners LLC purchased a new stake in shares of Construction Partners in the 4th quarter valued at $209,000. Finally, Graham Capital Management L.P. acquired a new stake in shares of Construction Partners in the third quarter worth $224,000. 94.83% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on ROAD shares. Robert W. Baird boosted their target price on shares of Construction Partners from $50.00 to $60.00 and gave the company a “neutral” rating in a research report on Monday, May 13th. Sidoti lowered Construction Partners from a “buy” rating to a “neutral” rating and set a $59.00 target price on the stock. in a report on Thursday, March 28th. Two analysts have rated the stock with a hold rating, one has given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $54.00.

Construction Partners Trading Up 2.1 %

Shares of Construction Partners stock opened at $54.35 on Thursday. The firm has a 50-day simple moving average of $55.67 and a two-hundred day simple moving average of $50.90. The company has a debt-to-equity ratio of 0.81, a quick ratio of 1.28 and a current ratio of 1.64. Construction Partners, Inc. has a fifty-two week low of $27.96 and a fifty-two week high of $62.35. The company has a market cap of $2.86 billion, a P/E ratio of 46.45, a price-to-earnings-growth ratio of 1.30 and a beta of 0.66.

Construction Partners (NASDAQ:ROAD) last released its quarterly earnings results on Friday, May 10th. The company reported ($0.02) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.07) by $0.05. The company had revenue of $371.43 million during the quarter, compared to analysts’ expectations of $363.12 million. Construction Partners had a return on equity of 12.00% and a net margin of 3.68%. Construction Partners’s quarterly revenue was up 14.3% compared to the same quarter last year. During the same quarter in the prior year, the firm posted ($0.11) EPS. As a group, equities analysts predict that Construction Partners, Inc. will post 1.41 earnings per share for the current fiscal year.

About Construction Partners

Construction Partners, Inc, a civil infrastructure company, constructs and maintains roadways in Alabama, Florida, Georgia, North Carolina, South Carolina, and Tennessee. The company provides various products and services to public and private infrastructure projects, such as highways, roads, bridges, airports, and commercial and residential developments.