Principal Financial Group Inc. Boosts Position in Construction Partners, Inc. (NASDAQ:ROAD)

Principal Financial Group Inc. increased its position in shares of Construction Partners, Inc. (NASDAQ:ROAD) by 4.1% during the 3rd quarter, HoldingsChannel reports. The fund owned 40,215 shares of the company’s stock after acquiring an additional 1,596 shares during the quarter. Principal Financial Group Inc.’s holdings in Construction Partners were worth $2,807,000 at the end of the most recent quarter.

Other hedge funds have also recently modified their holdings of the company. Franklin Resources Inc. purchased a new position in Construction Partners during the third quarter worth about $273,000. Sanctuary Advisors LLC acquired a new stake in shares of Construction Partners during the 3rd quarter worth approximately $288,000. Virtu Financial LLC purchased a new stake in shares of Construction Partners during the 3rd quarter valued at approximately $559,000. Barclays PLC lifted its holdings in Construction Partners by 109.5% in the third quarter. Barclays PLC now owns 101,463 shares of the company’s stock valued at $7,082,000 after acquiring an additional 53,026 shares during the last quarter. Finally, MML Investors Services LLC grew its position in Construction Partners by 3.6% in the third quarter. MML Investors Services LLC now owns 32,563 shares of the company’s stock worth $2,273,000 after acquiring an additional 1,130 shares during the period. Hedge funds and other institutional investors own 94.83% of the company’s stock.

Insider Buying and Selling at Construction Partners

In related news, CAO Todd Keith Andrews sold 2,511 shares of Construction Partners stock in a transaction on Monday, December 16th. The stock was sold at an average price of $95.86, for a total value of $240,704.46. Following the completion of the transaction, the chief accounting officer now directly owns 19,339 shares in the company, valued at approximately $1,853,836.54. This trade represents a 11.49 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Charles E. Owens sold 46,596 shares of the business’s stock in a transaction on Wednesday, December 4th. The stock was sold at an average price of $101.33, for a total value of $4,721,572.68. Following the transaction, the director now directly owns 203,404 shares of the company’s stock, valued at $20,610,927.32. The trade was a 18.64 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 139,225 shares of company stock valued at $13,904,358 in the last three months. 18.80% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

Separately, Robert W. Baird lifted their target price on Construction Partners from $68.00 to $92.00 and gave the company a “neutral” rating in a research report on Tuesday, October 22nd. Three investment analysts have rated the stock with a hold rating, one has issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Construction Partners has a consensus rating of “Moderate Buy” and a consensus target price of $69.00.

Construction Partners Stock Performance

NASDAQ:ROAD opened at $91.58 on Friday. Construction Partners, Inc. has a fifty-two week low of $39.79 and a fifty-two week high of $103.69. The company has a debt-to-equity ratio of 0.85, a quick ratio of 1.26 and a current ratio of 1.54. The company has a 50 day moving average price of $92.38 and a 200 day moving average price of $73.61. The stock has a market capitalization of $5.12 billion, a P/E ratio of 69.38, a PEG ratio of 1.15 and a beta of 0.70.

Construction Partners (NASDAQ:ROAD) last released its quarterly earnings results on Thursday, November 21st. The company reported $0.56 EPS for the quarter, missing the consensus estimate of $0.57 by ($0.01). The firm had revenue of $538.16 million for the quarter, compared to analysts’ expectations of $538.04 million. Construction Partners had a return on equity of 12.90% and a net margin of 3.78%. The company’s quarterly revenue was up 13.3% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.59 earnings per share. Equities research analysts forecast that Construction Partners, Inc. will post 1.96 EPS for the current year.

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.