Construction Partners (NASDAQ:ROAD) Posts Quarterly Earnings Results, Beats Expectations By $0.06 EPS

Construction Partners (NASDAQ:ROADGet Free Report) released its quarterly earnings data on Friday. The company reported $0.19 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.13 by $0.06, Briefing.com reports. The business had revenue of $396.51 million during the quarter, compared to analysts’ expectations of $393.62 million. Construction Partners had a return on equity of 10.27% and a net margin of 3.13%. The business’s quarterly revenue was up 16.0% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.04 EPS. Construction Partners updated its FY 2024 guidance to EPS.

Construction Partners Price Performance

Shares of NASDAQ:ROAD opened at $46.81 on Friday. Construction Partners has a 52 week low of $24.12 and a 52 week high of $50.70. The company has a 50-day moving average price of $43.56 and a 200 day moving average price of $39.32. The company has a market cap of $2.47 billion, a P/E ratio of 43.34 and a beta of 0.64. The company has a quick ratio of 1.39, a current ratio of 1.70 and a debt-to-equity ratio of 0.70.

Insiders Place Their Bets

In other Construction Partners news, Director Suntx Capital Ii Management Co sold 50,000 shares of the business’s stock in a transaction on Wednesday, December 20th. The shares were sold at an average price of $44.21, for a total transaction of $2,210,500.00. Following the sale, the director now directly owns 128,134 shares in the company, valued at approximately $5,664,804.14. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 18.80% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Construction Partners

A number of hedge funds and other institutional investors have recently modified their holdings of ROAD. Bank of New York Mellon Corp increased its position in shares of Construction Partners by 11.7% in the first quarter. Bank of New York Mellon Corp now owns 573,400 shares of the company’s stock valued at $15,012,000 after buying an additional 59,957 shares in the last quarter. Cambridge Investment Research Advisors Inc. acquired a new position in Construction Partners during the first quarter worth about $229,000. MetLife Investment Management LLC lifted its holdings in shares of Construction Partners by 82.3% in the first quarter. MetLife Investment Management LLC now owns 21,313 shares of the company’s stock valued at $558,000 after purchasing an additional 9,622 shares in the last quarter. Rhumbline Advisers grew its position in shares of Construction Partners by 38.5% in the first quarter. Rhumbline Advisers now owns 34,539 shares of the company’s stock valued at $904,000 after purchasing an additional 9,598 shares during the last quarter. Finally, BlackRock Inc. increased its stake in shares of Construction Partners by 23.2% during the 1st quarter. BlackRock Inc. now owns 2,655,171 shares of the company’s stock worth $69,511,000 after purchasing an additional 500,697 shares in the last quarter. 77.19% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

ROAD has been the topic of a number of recent analyst reports. Raymond James increased their target price on shares of Construction Partners from $45.00 to $49.00 and gave the company a “strong-buy” rating in a research report on Friday, December 1st. Stifel Nicolaus raised their price objective on Construction Partners from $45.00 to $51.00 and gave the stock a “buy” rating in a report on Tuesday, December 19th.

Get Our Latest Analysis on Construction Partners

Construction Partners Company Profile

(Get Free Report)

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.

Further Reading

Earnings History for Construction Partners (NASDAQ:ROAD)

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