State of New Jersey Common Pension Fund D Decreases Stock Holdings in Construction Partners, Inc. (NASDAQ:ROAD)

State of New Jersey Common Pension Fund D cut its position in Construction Partners, Inc. (NASDAQ:ROAD) by 23.1% in the second quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 31,268 shares of the company’s stock after selling 9,368 shares during the quarter. State of New Jersey Common Pension Fund D owned approximately 0.06% of Construction Partners worth $1,726,000 at the end of the most recent reporting period.

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

Construction Partners Price Performance

NASDAQ:ROAD opened at $71.22 on Wednesday. The stock’s fifty day moving average is $62.44 and its two-hundred day moving average is $57.71. Construction Partners, Inc. has a 52 week low of $35.46 and a 52 week high of $76.73. 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 company has a market capitalization of $3.75 billion, a P/E ratio of 60.87, a P/E/G ratio of 1.52 and a beta of 0.67.

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

Wall Street Analysts Forecast Growth

A number of brokerages have recently weighed in on ROAD. DA Davidson boosted their price target on Construction Partners from $50.00 to $55.00 and gave the stock a “neutral” rating in a research note on Tuesday, August 13th. Raymond James lifted their price objective on shares of Construction Partners from $69.00 to $72.00 and gave the stock a “strong-buy” rating in a research note on Monday, August 12th. Finally, Stifel Nicolaus upped their target price on Construction Partners from $61.00 to $67.00 and gave the company a “buy” rating in a research report on Monday, August 12th. Three equities research 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. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $59.67.

Insider Buying and Selling at Construction Partners

In other news, Director Mark R. Matteson sold 25,408 shares of the company’s stock in a transaction on Thursday, August 22nd. The shares were sold at an average price of $61.97, for a total value of $1,574,533.76. Following the completion of the transaction, the director now owns 102,592 shares in the company, valued at approximately $6,357,626.24. The sale was disclosed in a document filed with the SEC, which is available at this link. Insiders own 18.80% of the company’s stock.

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.