Construction Partners (NASDAQ:ROAD) Reaches New 52-Week High – Still a Buy?

Shares of Construction Partners, Inc. (NASDAQ:ROAD) hit 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 trading hands. The stock had previously closed at $99.98.

Analysts Set New Price Targets

A number of research firms recently commented on ROAD. Robert W. Baird lifted their price objective on Construction Partners from $68.00 to $92.00 and gave the stock a “neutral” rating in a research note on Tuesday, October 22nd. Stifel Nicolaus boosted their price target on shares of Construction Partners from $61.00 to $67.00 and gave the stock a “buy” rating in a research report on Monday, August 12th. DA Davidson increased their price objective on shares of Construction Partners from $50.00 to $55.00 and gave the stock a “neutral” rating in a research report on Tuesday, August 13th. Finally, Raymond James lifted their target price on shares of Construction Partners from $69.00 to $72.00 and gave the stock a “strong-buy” rating in a research note on Monday, August 12th. Three research analysts have rated the stock with a hold rating, one has given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $69.00.

Construction Partners Price Performance

The stock has a market capitalization of $5.25 billion, a P/E ratio of 75.39, a PEG ratio of 1.22 and a beta of 0.65. The company has a debt-to-equity ratio of 0.82, a quick ratio of 1.30 and a current ratio of 1.60. The business has a fifty day simple moving average of $79.76 and a 200-day simple moving average of $66.10.

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

Hedge Funds Weigh In On Construction Partners

A number of institutional investors and hedge funds have recently made changes to their positions in ROAD. Vanguard Group Inc. raised its stake in Construction Partners by 3.0% during the 1st quarter. Vanguard Group Inc. now owns 2,415,461 shares of the company’s stock worth $135,628,000 after buying an additional 69,223 shares during the period. Ninepoint Partners LP acquired a new position in Construction Partners during the second quarter worth $954,000. Segall Bryant & Hamill LLC bought a new position in shares of Construction Partners in the third quarter valued at $10,377,000. Engle Capital Management L.P. acquired a new stake in shares of Construction Partners in the 2nd quarter worth about $5,742,000. Finally, Allspring Global Investments Holdings LLC lifted its position in Construction Partners by 47.9% in 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 in the last quarter. Institutional investors own 94.83% of the company’s stock.

Construction Partners Company 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.