Allspring Global Investments Holdings LLC Buys 67,150 Shares of Construction Partners, Inc. (NASDAQ:ROAD)

Allspring Global Investments Holdings LLC raised its position in shares of Construction Partners, Inc. (NASDAQ:ROAD) by 47.9% during the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 207,422 shares of the company’s stock after acquiring an additional 67,150 shares during the period. Allspring Global Investments Holdings LLC owned approximately 0.39% of Construction Partners worth $14,478,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. nVerses Capital LLC boosted its position in shares of Construction Partners by 19.0% during the third quarter. nVerses Capital LLC now owns 2,500 shares of the company’s stock valued at $174,000 after buying an additional 400 shares during the period. NBC Securities Inc. lifted its stake in shares of Construction Partners by 36.9% during the 3rd quarter. NBC Securities Inc. now owns 4,927 shares of the company’s stock worth $343,000 after acquiring an additional 1,327 shares during the last quarter. Creative Planning boosted its holdings in Construction Partners by 22.8% during the 3rd quarter. Creative Planning now owns 7,060 shares of the company’s stock valued at $493,000 after acquiring an additional 1,311 shares during the period. GAMMA Investing LLC grew its position in Construction Partners by 24.4% in the 3rd quarter. GAMMA Investing LLC now owns 873 shares of the company’s stock valued at $61,000 after acquiring an additional 171 shares during the last quarter. Finally, Handelsbanken Fonder AB increased its stake in Construction Partners by 40.9% in the third quarter. Handelsbanken Fonder AB now owns 12,400 shares of the company’s stock worth $866,000 after purchasing an additional 3,600 shares during the period. Hedge funds and other institutional investors own 94.83% of the company’s stock.

Construction Partners Price Performance

NASDAQ ROAD opened at $77.49 on Friday. The company has a market cap of $4.08 billion, a PE ratio of 66.23, a P/E/G ratio of 1.50 and a beta of 0.67. Construction Partners, Inc. has a 52-week low of $36.70 and a 52-week high of $86.00. The company has a debt-to-equity ratio of 0.82, a quick ratio of 1.30 and a current ratio of 1.60. The firm’s 50 day moving average price is $68.63 and its 200-day moving average price is $60.67.

Construction Partners (NASDAQ:ROAD) last announced its quarterly earnings results on Friday, August 9th. The company reported $0.59 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.54 by $0.05. The business had revenue of $517.80 million for the quarter, compared to the consensus estimate 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 was up 22.7% compared to the same quarter last year. During the same period last year, the business posted $0.41 EPS. Sell-side analysts forecast that Construction Partners, Inc. will post 1.43 EPS for the current fiscal year.

Analyst Ratings Changes

A number of analysts have recently issued reports on ROAD shares. Stifel Nicolaus boosted their target price on shares of Construction Partners from $61.00 to $67.00 and gave the company a “buy” rating in a research note on Monday, August 12th. Robert W. Baird upped their target price on shares of Construction Partners from $68.00 to $92.00 and gave the stock a “neutral” rating in a research note on Tuesday. Raymond James boosted their price target on Construction Partners from $69.00 to $72.00 and gave the company a “strong-buy” rating in a report on Monday, August 12th. Finally, DA Davidson raised their price objective on Construction Partners from $50.00 to $55.00 and gave the stock a “neutral” rating in a report on Tuesday, August 13th. Three analysts have rated the stock with a hold rating, one has issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, Construction Partners presently has a consensus rating of “Moderate Buy” and a consensus price target of $69.00.

Insiders Place Their Bets

In other news, Director Mark R. Matteson sold 25,408 shares of the firm’s stock in a transaction dated 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 sale, the director now directly owns 102,592 shares in the company, valued at approximately $6,357,626.24. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 18.80% of the stock is currently owned by corporate insiders.

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.