Construction Partners (NASDAQ:ROAD) Lifted to “Buy” at Zacks Investment Research

Zacks Investment Research upgraded shares of Construction Partners (NASDAQ:ROAD) from a hold rating to a buy rating in a research note issued to investors on Wednesday, Zacks.com reports. Zacks Investment Research currently has $24.00 price objective on the stock.

According to Zacks, “Construction Partners Inc. is an infrastructure and road construction company. It provides construction products and services to public and private sectors. The company’s services include construction of highways, roads, bridges, airports and commercial and residential sites. Construction Partners Inc. is based in Alabama, United States. “

ROAD has been the subject of several other research reports. BidaskClub upgraded Construction Partners from a strong sell rating to a sell rating in a research report on Friday, August 7th. Imperial Capital dropped their price target on Construction Partners from $20.00 to $16.00 and set an outperform rating for the company in a report on Wednesday, May 13th. TheStreet cut Construction Partners from a b- rating to a c+ rating in a report on Friday, July 24th. Bank of America dropped their price target on Construction Partners from $20.00 to $17.00 and set a buy rating for the company in a report on Friday, May 15th. Finally, Raymond James raised their price target on Construction Partners from $18.00 to $21.50 and gave the company an outperform rating in a report on Monday, August 10th. Two investment analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. The company presently has a consensus rating of Buy and a consensus price target of $19.42.

Shares of Construction Partners stock traded down $0.19 during midday trading on Wednesday, hitting $19.73. 345,676 shares of the company were exchanged, compared to its average volume of 260,401. The company has a debt-to-equity ratio of 0.16, a current ratio of 2.15 and a quick ratio of 1.79. The firm has a market cap of $1.13 billion, a P/E ratio of 25.96, a PEG ratio of 4.96 and a beta of 0.89. Construction Partners has a 52 week low of $11.96 and a 52 week high of $22.15. The firm has a 50 day simple moving average of $17.36 and a 200-day simple moving average of $16.92.

Construction Partners (NASDAQ:ROAD) last posted its earnings results on Friday, August 7th. The company reported $0.30 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.25 by $0.05. The business had revenue of $217.00 million during the quarter, compared to the consensus estimate of $233.95 million. Construction Partners had a return on equity of 11.29% and a net margin of 4.92%. Construction Partners’s revenue was down 4.4% on a year-over-year basis. During the same quarter last year, the company earned $0.33 EPS. Equities research analysts expect that Construction Partners will post 0.66 earnings per share for the current year.

In other news, Director Suntx Capital Management Corp. sold 5,750,000 shares of Construction Partners stock in a transaction on Thursday, June 11th. The stock was sold at an average price of $16.00, for a total value of $92,000,000.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Charles E. Owens sold 56,955 shares of Construction Partners stock in a transaction on Tuesday, August 11th. The shares were sold at an average price of $20.06, for a total value of $1,142,517.30. The disclosure for this sale can be found here. Insiders sold a total of 6,669,455 shares of company stock valued at $106,942,517 over the last three months. Insiders own 63.94% of the company’s stock.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Captrust Financial Advisors bought a new position in shares of Construction Partners in the 2nd quarter worth $25,000. Point72 Hong Kong Ltd boosted its position in shares of Construction Partners by 1,070.7% in the 2nd quarter. Point72 Hong Kong Ltd now owns 1,838 shares of the company’s stock worth $33,000 after purchasing an additional 1,681 shares during the last quarter. Harel Insurance Investments & Financial Services Ltd. bought a new position in shares of Construction Partners in the 2nd quarter worth $44,000. Legal & General Group Plc boosted its position in shares of Construction Partners by 24.7% in the 1st quarter. Legal & General Group Plc now owns 3,905 shares of the company’s stock worth $60,000 after purchasing an additional 773 shares during the last quarter. Finally, Bank of Montreal Can boosted its position in shares of Construction Partners by 64.7% in the 2nd quarter. Bank of Montreal Can now owns 3,814 shares of the company’s stock worth $60,000 after purchasing an additional 1,498 shares during the last quarter. 68.70% of the stock is owned by institutional investors.

About Construction Partners

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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