Kayne Anderson Rudnick Investment Management LLC Reduces Stock Position in Construction Partners, Inc. (NASDAQ:ROAD)

Kayne Anderson Rudnick Investment Management LLC cut its stake in shares of Construction Partners, Inc. (NASDAQ:ROAD) by 26.0% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 2,715,900 shares of the company’s stock after selling 956,387 shares during the period. Kayne Anderson Rudnick Investment Management LLC owned about 5.15% of Construction Partners worth $149,945,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Conestoga Capital Advisors LLC grew its position in shares of Construction Partners by 3.0% during the 2nd quarter. Conestoga Capital Advisors LLC now owns 4,135,202 shares of the company’s stock valued at $228,305,000 after acquiring an additional 120,155 shares during the period. Geneva Capital Management LLC lifted its position in shares of 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 buying an additional 268,225 shares in the last quarter. Vanguard Group Inc. grew its stake in shares of Construction Partners by 3.0% during the 1st quarter. Vanguard Group Inc. now owns 2,415,461 shares of the company’s stock valued at $135,628,000 after acquiring an additional 69,223 shares during the period. Wasatch Advisors LP increased its holdings in Construction Partners by 188.3% in the 1st 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, Dimensional Fund Advisors LP raised its stake in Construction Partners by 2.6% during the 2nd quarter. Dimensional Fund Advisors LP now owns 972,400 shares of the company’s stock worth $53,687,000 after acquiring an additional 24,828 shares during the period. 94.83% of the stock is owned by institutional investors.

Insider Buying and Selling at Construction Partners

In other news, Director Mark R. Matteson sold 25,408 shares of the company’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 transaction of $1,574,533.76. Following the sale, the director now directly owns 102,592 shares of the company’s stock, valued at approximately $6,357,626.24. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 18.80% of the stock is currently owned by company insiders.

Construction Partners Price Performance

Shares of NASDAQ:ROAD opened at $72.53 on Friday. The firm has a market cap of $3.83 billion, a price-to-earnings ratio of 61.99, a P/E/G ratio of 1.52 and a beta of 0.67. The firm has a fifty day moving average price of $61.98 and a 200 day moving average price of $57.32. Construction Partners, Inc. has a fifty-two week low of $34.21 and a fifty-two week high of $76.73. The company has a debt-to-equity ratio of 0.82, a quick ratio of 1.30 and a current ratio of 1.60.

Construction Partners (NASDAQ:ROAD) last released its quarterly earnings data on Friday, August 9th. The company reported $0.59 EPS for the quarter, beating the consensus estimate of $0.54 by $0.05. Construction Partners had a net margin of 4.01% and a return on equity of 13.34%. The business had revenue of $517.80 million during the quarter, compared to the consensus estimate of $503.57 million. During the same quarter in the prior year, the firm earned $0.41 EPS. The business’s revenue was up 22.7% on a year-over-year basis. As a group, sell-side analysts expect that Construction Partners, Inc. will post 1.43 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of analysts have recently issued reports on the stock. Raymond James increased 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. Stifel Nicolaus increased their price target 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 boosted 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. Three analysts have rated the stock with a hold rating, one has assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $59.67.

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.