Construction Partners (NASDAQ:ROAD) Sets New 12-Month High at $17.32

Construction Partners Inc (NASDAQ:ROAD)’s share price reached a new 52-week high during mid-day trading on Monday . The stock traded as high as $17.32 and last traded at $16.86, with a volume of 49078 shares traded. The stock had previously closed at $16.95.

Several equities research analysts have recently issued reports on the stock. Raymond James increased their price objective on shares of Construction Partners from $15.00 to $16.50 and gave the stock a “strong-buy” rating in a research report on Monday, August 12th. Imperial Capital restated an “outperform” rating and issued a $17.25 target price (up from $15.50) on shares of Construction Partners in a research note on Thursday, August 15th. ValuEngine downgraded shares of Construction Partners from a “sell” rating to a “strong sell” rating in a research note on Wednesday, October 2nd. Finally, Zacks Investment Research upgraded shares of Construction Partners from a “hold” rating to a “strong-buy” rating and set a $17.00 target price for the company in a research note on Wednesday, August 14th. One equities research analyst has rated the stock with a sell rating, two have assigned a buy rating and two have issued a strong buy rating to the company’s stock. The stock has an average rating of “Buy” and an average target price of $16.44.

The firm has a market capitalization of $885.44 million, a PE ratio of 19.60 and a beta of 1.87. The firm’s 50 day moving average price is $15.75 and its two-hundred day moving average price is $14.19. The company has a quick ratio of 1.69, a current ratio of 1.97 and a debt-to-equity ratio of 0.11.

Construction Partners (NASDAQ:ROAD) last announced its earnings results on Thursday, August 8th. The company reported $0.33 earnings per share for the quarter, beating the consensus estimate of $0.29 by $0.04. The business had revenue of $227.30 million during the quarter, compared to the consensus estimate of $229.67 million. Construction Partners had a net margin of 5.48% and a return on equity of 13.47%. The business’s quarterly revenue was up 16.5% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.29 earnings per share. On average, sell-side analysts anticipate that Construction Partners Inc will post 0.85 earnings per share for the current fiscal year.

In other news, Director Cpi Expansion Fund Gp L. Suntx sold 5,000,000 shares of the company’s stock in a transaction on Friday, September 20th. The shares were sold at an average price of $13.47, for a total value of $67,350,000.00. 74.79% of the stock is currently owned by corporate insiders.

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Wasatch Advisors Inc. boosted its stake in Construction Partners by 19.4% during the 2nd quarter. Wasatch Advisors Inc. now owns 1,341,330 shares of the company’s stock valued at $20,147,000 after acquiring an additional 218,102 shares during the last quarter. Bank of New York Mellon Corp boosted its stake in Construction Partners by 8.1% during the 2nd quarter. Bank of New York Mellon Corp now owns 1,000,669 shares of the company’s stock valued at $15,030,000 after acquiring an additional 74,663 shares during the last quarter. Summit Creek Advisors LLC boosted its stake in Construction Partners by 16.1% during the 3rd quarter. Summit Creek Advisors LLC now owns 798,202 shares of the company’s stock valued at $12,436,000 after acquiring an additional 110,840 shares during the last quarter. BlackRock Inc. boosted its stake in Construction Partners by 713.6% during the 2nd quarter. BlackRock Inc. now owns 723,838 shares of the company’s stock valued at $10,871,000 after acquiring an additional 634,868 shares during the last quarter. Finally, Vanguard Group Inc. boosted its stake in Construction Partners by 22.3% during the 2nd quarter. Vanguard Group Inc. now owns 357,040 shares of the company’s stock valued at $5,363,000 after acquiring an additional 65,059 shares during the last quarter. Hedge funds and other institutional investors own 23.27% of the company’s stock.

About Construction Partners (NASDAQ:ROAD)

Construction Partners, Inc, an infrastructure and road construction company, provides construction products and services to public and private sectors. It offers construction of highways, roads, bridges, airports, and commercial and residential sites. The company provides a range of sitework construction services, including site development, paving, and utility and drainage systems construction, as well as supplies hot mix asphalt required for the projects.

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