Envestnet Asset Management Inc. Decreases Stock Position in Construction Partners, Inc. (NASDAQ:ROAD)

Envestnet Asset Management Inc. reduced its position in Construction Partners, Inc. (NASDAQ:ROAD) by 3.4% in the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 451,984 shares of the company’s stock after selling 15,996 shares during the period. Envestnet Asset Management Inc. owned about 0.86% of Construction Partners worth $24,954,000 at the end of the most recent reporting period.

Other hedge funds have also added to or reduced their stakes in the company. Dimensional Fund Advisors LP increased its stake in shares of Construction Partners by 13.4% in the 4th quarter. Dimensional Fund Advisors LP now owns 893,748 shares of the company’s stock worth $38,897,000 after purchasing an additional 105,346 shares in the last quarter. Vanguard Group Inc. grew its position in Construction Partners by 2.4% in the fourth quarter. Vanguard Group Inc. now owns 2,346,238 shares of the company’s stock worth $102,108,000 after acquiring an additional 55,752 shares in the last quarter. Tyro Capital Management LLC purchased a new position in Construction Partners in the fourth quarter worth about $12,410,000. Wasatch Advisors LP grew its position in 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 in the last quarter. Finally, Westover Capital Advisors LLC purchased a new position in Construction Partners in the second quarter worth about $674,000. 94.83% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, Director Mark R. Matteson sold 25,408 shares of the company’s stock in a transaction dated Thursday, August 22nd. The shares were sold at an average price of $61.97, for a total transaction 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 transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Insiders own 18.80% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts have issued reports on ROAD shares. Stifel Nicolaus raised their price objective on shares of Construction Partners from $61.00 to $67.00 and gave the stock a “buy” rating in a research note on Monday, August 12th. Raymond James boosted 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, DA Davidson lifted their price target on shares of Construction Partners from $50.00 to $55.00 and gave the stock a “neutral” rating in a report on Tuesday, August 13th. Three research analysts have rated the stock with a hold rating, one has issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, Construction Partners presently has a consensus rating of “Moderate Buy” and an average price target of $59.67.

Construction Partners Price Performance

Shares of ROAD opened at $72.53 on Friday. Construction Partners, Inc. has a 1-year low of $34.21 and a 1-year high of $76.73. The company has a debt-to-equity ratio of 0.82, a current ratio of 1.60 and a quick ratio of 1.30. The firm has a market capitalization of $3.83 billion, a PE ratio of 61.99, a price-to-earnings-growth ratio of 1.52 and a beta of 0.67. The company’s fifty day moving average price is $61.98 and its 200-day moving average price is $57.38.

Construction Partners (NASDAQ:ROAD) last issued its quarterly earnings data on Friday, August 9th. The company reported $0.59 earnings per share for the quarter, topping analysts’ consensus estimates of $0.54 by $0.05. The business 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%. The company’s 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 earnings per share. On average, equities research analysts predict that Construction Partners, Inc. will post 1.43 EPS for the current 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.