Construction Partners (NASDAQ:ROAD) Hits New 1-Year High – Here’s What Happened

Construction Partners, Inc. (NASDAQ:ROAD)’s share price reached a new 52-week high on Monday . The stock traded as high as $100.99 and last traded at $100.99, with a volume of 1412 shares traded. The stock had previously closed at $99.98.

Analysts Set New Price Targets

A number of brokerages recently issued reports on ROAD. Robert W. Baird increased their price objective on Construction Partners from $68.00 to $92.00 and gave the stock a “neutral” rating in a research report on Tuesday, October 22nd. DA Davidson lifted their price target on Construction Partners from $50.00 to $55.00 and gave the company a “neutral” rating in a research report on Tuesday, August 13th. Raymond James boosted their price objective on Construction Partners from $69.00 to $72.00 and gave the stock a “strong-buy” rating in a report on Monday, August 12th. Finally, Stifel Nicolaus raised 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. Three investment analysts have rated the stock with a hold rating, one has issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $69.00.

Construction Partners Stock Up 0.3 %

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 stock has a 50-day simple moving average of $79.08 and a two-hundred day simple moving average of $65.77. The firm has a market cap of $5.29 billion, a PE ratio of 75.74, a P/E/G ratio of 1.22 and a beta of 0.65.

Construction Partners (NASDAQ:ROAD) last announced its quarterly earnings data on Thursday, November 21st. The company reported $0.56 earnings per share for the quarter, missing analysts’ consensus estimates of $0.57 by ($0.01). The firm had revenue of $538.16 million for the quarter, compared to analysts’ expectations of $538.04 million. Construction Partners had a net margin of 3.78% and a return on equity of 13.15%. The business’s quarterly revenue was up 13.3% on a year-over-year basis. During the same period in the prior year, the business posted $0.59 earnings per share. Analysts expect that Construction Partners, Inc. will post 1.91 earnings per share for the current year.

Institutional Investors Weigh In On Construction Partners

A number of hedge funds have recently made changes to their positions in the business. Vanguard Group Inc. grew its holdings 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 purchasing an additional 69,223 shares during the last quarter. Ninepoint Partners LP bought a new stake in Construction Partners in the second quarter valued at approximately $954,000. Segall Bryant & Hamill LLC purchased a new stake in shares of Construction Partners during the third quarter valued at approximately $10,377,000. Engle Capital Management L.P. bought a new position in shares of Construction Partners in the second quarter worth approximately $5,742,000. Finally, Allspring Global Investments Holdings LLC increased its stake in shares of Construction Partners by 47.9% in the third quarter. Allspring Global Investments Holdings LLC now owns 207,422 shares of the company’s stock worth $14,478,000 after buying an additional 67,150 shares during the period. 94.83% of the stock is currently owned by institutional investors.

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.