Construction Partners, Inc. (NASDAQ:ROAD) Holdings Trimmed by Wealth Alliance

Wealth Alliance reduced its position in shares of Construction Partners, Inc. (NASDAQ:ROAD) by 21.4% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 5,155 shares of the company’s stock after selling 1,400 shares during the quarter. Wealth Alliance’s holdings in Construction Partners were worth $285,000 at the end of the most recent quarter.

A number of other hedge funds also recently modified their holdings of ROAD. Conestoga Capital Advisors LLC raised its position in Construction Partners by 3.0% during 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 period. Geneva Capital Management LLC grew its stake in Construction Partners by 8.5% during the 1st quarter. Geneva Capital Management LLC now owns 3,408,788 shares of the company’s stock valued at $191,403,000 after acquiring an additional 268,225 shares in the last quarter. Vanguard Group Inc. increased its holdings in shares of Construction Partners by 3.0% in the 1st quarter. Vanguard Group Inc. now owns 2,415,461 shares of the company’s stock valued at $135,628,000 after purchasing an additional 69,223 shares during the period. Wasatch Advisors LP lifted its position 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 purchasing an additional 1,105,423 shares in the last quarter. Finally, Dimensional Fund Advisors LP boosted its holdings in shares of Construction Partners by 2.6% during the second quarter. Dimensional Fund Advisors LP now owns 972,400 shares of the company’s stock worth $53,687,000 after purchasing an additional 24,828 shares during the period. Hedge funds and other institutional investors own 94.83% of the company’s stock.

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 stock was 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 of the company’s stock, valued at $6,357,626.24. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Company insiders own 18.80% of the company’s stock.

Construction Partners Price Performance

NASDAQ ROAD opened at $76.29 on Friday. The firm has a market cap of $4.03 billion, a P/E ratio of 65.21, a price-to-earnings-growth ratio of 1.52 and a beta of 0.67. The stock’s 50-day moving average is $61.25 and its two-hundred day moving average is $57.03. Construction Partners, Inc. has a fifty-two week low of $34.21 and a fifty-two week high of $76.44. 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 announced its earnings results on Friday, August 9th. The company reported $0.59 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.54 by $0.05. Construction Partners had a return on equity of 13.34% and a net margin of 4.01%. The firm had revenue of $517.80 million during the quarter, compared to analysts’ expectations of $503.57 million. During the same quarter in the prior year, the business earned $0.41 earnings per share. The company’s revenue was up 22.7% on a year-over-year basis. On average, analysts anticipate that Construction Partners, Inc. will post 1.43 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on the stock. Stifel Nicolaus upped their price objective 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. DA Davidson lifted their price objective on Construction Partners from $50.00 to $55.00 and gave the company a “neutral” rating in a research report on Tuesday, August 13th. Finally, Raymond James raised their price target on Construction Partners from $69.00 to $72.00 and gave the stock a “strong-buy” rating in a research note on Monday, August 12th. Three research analysts have rated the stock with a hold rating, one has given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $59.67.

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.