DAVENPORT & Co LLC Decreases Stock Position in Construction Partners, Inc. (NASDAQ:ROAD)

DAVENPORT & Co LLC cut its position in Construction Partners, Inc. (NASDAQ:ROAD) by 1.3% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 41,369 shares of the company’s stock after selling 527 shares during the quarter. DAVENPORT & Co LLC owned 0.07% of Construction Partners worth $3,660,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also made changes to their positions in ROAD. Fred Alger Management LLC purchased a new position in shares of Construction Partners in the third quarter valued at $16,535,000. Artemis Investment Management LLP purchased a new position in shares of Construction Partners in the fourth quarter valued at $18,893,000. Segall Bryant & Hamill LLC bought a new position in Construction Partners during the 3rd quarter valued at $10,377,000. Allspring Global Investments Holdings LLC boosted its stake in Construction Partners by 47.9% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 207,422 shares of the company’s stock valued at $14,478,000 after acquiring an additional 67,150 shares during the last quarter. Finally, Aubrey Capital Management Ltd bought a new position in Construction Partners during the 3rd quarter valued at $4,410,000. 94.83% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, Director Charles E. Owens sold 49,695 shares of the stock in a transaction dated Friday, December 6th. The shares were sold at an average price of $100.81, for a total value of $5,009,752.95. Following the completion of the transaction, the director now owns 130,291 shares in the company, valued at $13,134,635.71. This represents a 27.61 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director Suntx Capital Ii Management Co sold 12,731 shares of the stock in a transaction dated Monday, December 9th. The shares were sold at an average price of $99.78, for a total transaction of $1,270,299.18. Following the completion of the transaction, the director now owns 17,000 shares of the company’s stock, valued at $1,696,260. This represents a 42.82 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 139,225 shares of company stock valued at $13,904,358 in the last quarter. Company insiders own 18.80% of the company’s stock.

Construction Partners Stock Down 0.7 %

Shares of NASDAQ:ROAD opened at $79.82 on Tuesday. The stock has a market capitalization of $4.46 billion, a price-to-earnings ratio of 60.47, a price-to-earnings-growth ratio of 0.99 and a beta of 0.75. Construction Partners, Inc. has a 1-year low of $44.77 and a 1-year high of $103.69. The company’s fifty day moving average is $91.41 and its two-hundred day moving average is $78.39. The company has a debt-to-equity ratio of 0.85, a quick ratio of 1.26 and a current ratio of 1.54.

Construction Partners (NASDAQ:ROAD) last issued its earnings results 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). Construction Partners had a return on equity of 12.90% and a net margin of 3.78%. The business had revenue of $538.16 million for the quarter, compared to analyst estimates of $538.04 million. During the same period last year, the company posted $0.59 earnings per share. The firm’s revenue for the quarter was up 13.3% on a year-over-year basis. Equities analysts anticipate that Construction Partners, Inc. will post 1.95 EPS for the current year.

Analyst Upgrades and Downgrades

A number of research firms have commented on ROAD. Robert W. Baird increased their price objective on shares of Construction Partners from $68.00 to $92.00 and gave the company a “neutral” rating in a research note on Tuesday, October 22nd. DA Davidson reiterated a “neutral” rating and set a $95.00 price objective on shares of Construction Partners in a research note on Thursday, January 30th. Finally, Raymond James reduced their price objective on shares of Construction Partners from $112.00 to $104.00 and set a “strong-buy” rating on the stock in a research note on Thursday, January 16th. Three research analysts have rated the stock with a hold rating, one has given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, Construction Partners currently has a consensus rating of “Moderate Buy” and an average target price of $83.40.

Construction Partners 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.