Bank of New York Mellon Corp Reduces Holdings in Construction Partners, Inc. (NASDAQ:ROAD)

Bank of New York Mellon Corp trimmed its stake in Construction Partners, Inc. (NASDAQ:ROAD) by 11.1% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 272,895 shares of the company’s stock after selling 34,232 shares during the period. Bank of New York Mellon Corp owned approximately 0.49% of Construction Partners worth $24,140,000 at the end of the most recent quarter.

A number of other large investors have also recently bought and sold shares of ROAD. USA Financial Formulas acquired a new stake in Construction Partners during the 4th quarter worth $31,000. Mather Group LLC. acquired a new stake in Construction Partners during the 4th quarter worth $33,000. Byrne Asset Management LLC boosted its stake in Construction Partners by 33.3% during the 4th quarter. Byrne Asset Management LLC now owns 533 shares of the company’s stock worth $47,000 after purchasing an additional 133 shares during the period. Nisa Investment Advisors LLC boosted its stake in Construction Partners by 400.9% during the 4th quarter. Nisa Investment Advisors LLC now owns 541 shares of the company’s stock worth $48,000 after purchasing an additional 433 shares during the period. Finally, Golden State Wealth Management LLC acquired a new stake in shares of Construction Partners in the 4th quarter worth $50,000. Institutional investors and hedge funds own 94.83% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have recently commented on ROAD. Robert W. Baird raised their target price on shares of Construction Partners from $100.00 to $102.00 and gave the stock a “neutral” rating in a research note on Monday, February 10th. Raymond James reduced their price objective on shares of Construction Partners from $112.00 to $104.00 and set a “strong-buy” rating for the company in a research note on Thursday, January 16th. Finally, DA Davidson restated a “neutral” rating and set a $95.00 target price on shares of Construction Partners in a report on Thursday, January 30th. Three research 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 company’s stock. According to data from MarketBeat.com, Construction Partners currently has an average rating of “Moderate Buy” and a consensus price target of $85.40.

Construction Partners Stock Performance

Shares of NASDAQ ROAD opened at $69.41 on Monday. The company has a market cap of $3.88 billion, a PE ratio of 64.87, a price-to-earnings-growth ratio of 0.99 and a beta of 0.79. Construction Partners, Inc. has a 12 month low of $49.16 and a 12 month high of $103.69. The company has a debt-to-equity ratio of 1.46, a current ratio of 1.54 and a quick ratio of 1.23. The company has a 50-day simple moving average of $81.65 and a 200-day simple moving average of $81.01.

Insider Transactions at Construction Partners

In related news, Director Charles E. Owens sold 16,203 shares of the business’s stock in a transaction that occurred on Wednesday, December 11th. The shares were sold at an average price of $98.22, for a total value of $1,591,458.66. Following the completion of the sale, the director now directly owns 102,610 shares in the company, valued at approximately $10,078,354.20. The trade was a 13.64 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CAO Todd Keith Andrews sold 5,489 shares of the business’s stock in a transaction that occurred on Friday, December 20th. The shares were sold at an average price of $91.84, for a total transaction of $504,109.76. Following the completion of the sale, the chief accounting officer now owns 17,394 shares of the company’s stock, valued at approximately $1,597,464.96. The trade was a 23.99 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 30,203 shares of company stock worth $2,902,733 over the last ninety days. 16.36% of the stock is currently owned by corporate insiders.

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.