Park Avenue Securities LLC Raises Stock Position in Construction Partners, Inc. (NASDAQ:ROAD)

Park Avenue Securities LLC raised its stake in shares of Construction Partners, Inc. (NASDAQ:ROAD) by 10.2% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 8,179 shares of the company’s stock after buying an additional 760 shares during the period. Park Avenue Securities LLC’s holdings in Construction Partners were worth $571,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Wasatch Advisors LP grew its holdings in shares of Construction Partners by 188.3% in the first quarter. Wasatch Advisors LP now owns 1,692,328 shares of the company’s stock worth $95,024,000 after acquiring an additional 1,105,423 shares during the period. Clearbridge Investments LLC bought a new stake in shares of Construction Partners during the 2nd quarter valued at about $20,360,000. TimesSquare Capital Management LLC purchased a new stake in shares of Construction Partners during the 1st quarter valued at about $19,832,000. Geneva Capital Management LLC lifted its stake 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 during the period. Finally, Driehaus Capital Management LLC boosted its holdings in shares of Construction Partners by 31.9% in the second quarter. Driehaus Capital Management LLC now owns 569,440 shares of the company’s stock worth $31,439,000 after buying an additional 137,572 shares during the last quarter. 94.83% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of analysts have commented on ROAD shares. Raymond James upped their target price on shares of Construction Partners from $69.00 to $72.00 and gave the company a “strong-buy” rating in a report on Monday, August 12th. Stifel Nicolaus upped their price objective on Construction Partners from $61.00 to $67.00 and gave the stock a “buy” rating in a research note on Monday, August 12th. Finally, DA Davidson lifted their target price on Construction Partners from $50.00 to $55.00 and gave the company a “neutral” rating in a research report on Tuesday, August 13th. Three equities research analysts have rated the stock with a hold rating, one has assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $62.60.

Construction Partners Stock Performance

ROAD opened at $73.54 on Friday. The firm has a market cap of $3.88 billion, a P/E ratio of 54.47, a PEG ratio of 1.28 and a beta of 0.67. Construction Partners, Inc. has a 1-year low of $36.70 and a 1-year high of $76.73. The company has a 50 day simple moving average of $64.86 and a two-hundred day simple moving average of $59.19. The company has a debt-to-equity ratio of 0.82, a current ratio of 1.60 and a quick ratio of 1.30.

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

Insider Buying and Selling

In related news, Director Mark R. Matteson sold 25,408 shares of the business’s stock in a transaction that occurred on Thursday, August 22nd. The stock was sold at an average price of $61.97, for a total value of $1,574,533.76. Following the transaction, the director now directly owns 102,592 shares of the company’s stock, valued at approximately $6,357,626.24. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 18.80% of the stock is currently owned by company insiders.

Construction Partners Company 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.