Creative Planning Sells 1,817 Shares of Construction Partners, Inc. (NASDAQ:ROAD)

Creative Planning lessened its position in Construction Partners, Inc. (NASDAQ:ROAD) by 24.0% during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 5,749 shares of the company’s stock after selling 1,817 shares during the quarter. Creative Planning’s holdings in Construction Partners were worth $317,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors have also added to or reduced their stakes in the company. Algert Global LLC purchased a new stake in shares of Construction Partners during the second quarter worth about $244,000. Driehaus Capital Management LLC lifted its holdings in Construction Partners by 31.9% in the second quarter. Driehaus Capital Management LLC now owns 569,440 shares of the company’s stock worth $31,439,000 after buying an additional 137,572 shares during the period. Ninepoint Partners LP purchased a new stake in Construction Partners in the second quarter worth about $954,000. The Manufacturers Life Insurance Company lifted its holdings in Construction Partners by 7.5% in the second quarter. The Manufacturers Life Insurance Company now owns 23,570 shares of the company’s stock worth $1,301,000 after buying an additional 1,649 shares during the period. Finally, Dark Forest Capital Management LP lifted its holdings in Construction Partners by 147.1% in the second quarter. Dark Forest Capital Management LP now owns 17,229 shares of the company’s stock worth $951,000 after buying an additional 10,256 shares during the period. Institutional investors own 94.83% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages have commented on ROAD. Raymond James raised their price objective on shares of Construction Partners from $69.00 to $72.00 and gave the stock a “strong-buy” rating in a report on Monday, August 12th. DA Davidson lifted their target price on shares of Construction Partners from $50.00 to $55.00 and gave the company a “neutral” rating in a report on Tuesday, August 13th. Finally, Stifel Nicolaus lifted their target price on shares of Construction Partners from $61.00 to $67.00 and gave the company a “buy” rating in a report on Monday, August 12th. Three equities research 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 company’s stock. According to data from MarketBeat, Construction Partners presently has an average rating of “Moderate Buy” and a consensus price target of $62.60.

Insider Transactions at Construction Partners

In related news, Director Mark R. Matteson sold 25,408 shares of the stock in a transaction that occurred on 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 sale, the director now owns 102,592 shares of the company’s stock, valued at $6,357,626.24. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Corporate insiders own 18.80% of the company’s stock.

Construction Partners Stock Performance

Construction Partners stock opened at $75.43 on Friday. The company’s 50-day moving average price is $66.31 and its 200-day moving average price is $59.70. Construction Partners, Inc. has a twelve month low of $36.70 and a twelve month high of $76.74. The company has a quick ratio of 1.30, a current ratio of 1.60 and a debt-to-equity ratio of 0.82. The company has a market cap of $3.98 billion, a PE ratio of 55.87, a price-to-earnings-growth ratio of 1.35 and a beta of 0.67.

Construction Partners (NASDAQ:ROAD) last issued its quarterly earnings results on Friday, August 9th. The company reported $0.59 EPS for the quarter, beating the consensus estimate of $0.54 by $0.05. The company had revenue of $517.80 million for 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 firm’s revenue was up 22.7% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.41 EPS. On average, equities research analysts forecast that Construction Partners, Inc. will post 1.43 EPS for the current fiscal 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.