Rhumbline Advisers Raises Stock Position in Construction Partners, Inc. (NASDAQ:ROAD)

Rhumbline Advisers lifted its stake in shares of Construction Partners, Inc. (NASDAQ:ROAD) by 6.7% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 61,425 shares of the company’s stock after buying an additional 3,853 shares during the quarter. Rhumbline Advisers’ holdings in Construction Partners were worth $3,391,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently bought and sold shares of ROAD. Wasatch Advisors LP raised its position in Construction Partners by 188.3% in the 1st quarter. Wasatch Advisors LP now owns 1,692,328 shares of the company’s stock valued at $95,024,000 after purchasing an additional 1,105,423 shares during the last quarter. TimesSquare Capital Management LLC purchased a new stake in Construction Partners in the 1st quarter valued at $19,832,000. Tyro Capital Management LLC purchased a new stake in Construction Partners in the 4th quarter valued at $12,410,000. Geneva Capital Management LLC raised its position in Construction Partners by 8.5% in the 1st quarter. Geneva Capital Management LLC now owns 3,408,788 shares of the company’s stock valued at $191,403,000 after purchasing an additional 268,225 shares during the last quarter. Finally, Conestoga Capital Advisors LLC raised its position in Construction Partners by 3.0% in the 2nd quarter. Conestoga Capital Advisors LLC now owns 4,135,202 shares of the company’s stock valued at $228,305,000 after purchasing an additional 120,155 shares during the last quarter. Hedge funds and other institutional investors own 94.83% of the company’s stock.

Construction Partners Price Performance

Shares of NASDAQ ROAD opened at $71.29 on Wednesday. Construction Partners, Inc. has a fifty-two week low of $34.21 and a fifty-two week high of $71.49. The firm’s 50-day simple moving average is $60.54 and its 200 day simple moving average is $56.77. The company has a quick ratio of 1.30, a current ratio of 1.60 and a debt-to-equity ratio of 0.82. The stock has a market cap of $3.76 billion, a P/E ratio of 60.93, a P/E/G ratio of 1.43 and a beta of 0.67.

Construction Partners (NASDAQ:ROAD) last released its earnings results on Friday, August 9th. The company reported $0.59 earnings per share for the quarter, beating the consensus estimate of $0.54 by $0.05. The company had revenue of $517.80 million for the quarter, compared to analysts’ expectations of $503.57 million. Construction Partners had a return on equity of 13.34% and a net margin of 4.01%. The business’s revenue for the quarter was up 22.7% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.41 EPS. Equities analysts expect that Construction Partners, Inc. will post 1.43 EPS for the current year.

Insider Activity

In other Construction Partners news, Director Mark R. Matteson sold 25,408 shares of the firm’s stock in a transaction dated Thursday, August 22nd. The stock was sold at an average price of $61.97, for a total transaction of $1,574,533.76. Following the transaction, the director now owns 102,592 shares in the company, valued at $6,357,626.24. The sale was disclosed in a document filed with the SEC, which is available through this link. 18.80% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

Several analysts recently commented on the stock. Raymond James upped their price target on shares of Construction Partners from $69.00 to $72.00 and gave the company a “strong-buy” rating in a research report on Monday, August 12th. Stifel Nicolaus upped their price objective on shares of Construction Partners from $61.00 to $67.00 and gave the stock a “buy” rating in a research report on Monday, August 12th. Finally, DA Davidson upped their price objective on shares of Construction Partners from $50.00 to $55.00 and gave the stock a “neutral” rating in a research report on Tuesday, August 13th. Three analysts have rated the stock with a hold rating, one has assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $59.67.

Construction Partners Profile

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.