Zacks Research Downgrades Construction Partners (NASDAQ:ROAD) to Hold

Construction Partners (NASDAQ:ROAD) was downgraded by research analysts at Zacks Research from a “strong-buy” rating to a “hold” rating in a report released on Thursday,Zacks.com reports.

A number of other equities research analysts have also weighed in on the stock. B. Riley Financial upgraded shares of Construction Partners from a “neutral” rating to a “buy” rating and upped their target price for the stock from $117.00 to $135.00 in a report on Thursday, April 2nd. Raymond James Financial reduced their target price on shares of Construction Partners from $161.00 to $150.00 and set a “strong-buy” rating for the company in a research note on Wednesday. Truist Financial initiated coverage on shares of Construction Partners in a report on Wednesday, June 3rd. They issued a “hold” rating and a $130.00 target price for the company. Robert W. Baird dropped their price target on shares of Construction Partners from $169.00 to $145.00 and set an “outperform” rating on the stock in a research report on Wednesday, July 1st. Finally, Weiss Ratings cut shares of Construction Partners from a “buy (b-)” rating to a “hold (c+)” rating in a report on Tuesday, May 26th. One investment analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and four have assigned a Hold rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $134.17.

Construction Partners Trading Up 2.0%

Shares of Construction Partners stock opened at $104.47 on Thursday. The company has a debt-to-equity ratio of 1.75, a quick ratio of 1.21 and a current ratio of 1.53. Construction Partners has a 52 week low of $93.22 and a 52 week high of $151.00. The stock has a 50 day moving average price of $113.53 and a two-hundred day moving average price of $117.32. The stock has a market capitalization of $5.91 billion, a PE ratio of 45.82, a price-to-earnings-growth ratio of 0.86 and a beta of 0.88.

Construction Partners (NASDAQ:ROAD) last posted its quarterly earnings results on Friday, May 8th. The company reported $0.18 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.05) by $0.23. Construction Partners had a net margin of 3.90% and a return on equity of 15.22%. The business had revenue of $769.20 million during the quarter, compared to the consensus estimate of $678.46 million. During the same quarter last year, the firm posted $0.08 EPS. Construction Partners’s revenue was up 34.6% compared to the same quarter last year. As a group, equities analysts anticipate that Construction Partners will post 2.91 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Construction Partners

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Wasatch Advisors LP boosted its position in Construction Partners by 20.6% during the second quarter. Wasatch Advisors LP now owns 1,008,474 shares of the company’s stock worth $119,776,000 after purchasing an additional 172,034 shares during the period. Handelsbanken Fonder AB boosted its holdings in Construction Partners by 9.5% in the 2nd quarter. Handelsbanken Fonder AB now owns 16,100 shares of the company’s stock worth $1,912,000 after buying an additional 1,400 shares during the period. Revolve Wealth Partners LLC bought a new position in Construction Partners in the 2nd quarter worth approximately $302,000. Thurston Springer Miller Herd & Titak Inc. grew its stake in Construction Partners by 30.7% in the 2nd quarter. Thurston Springer Miller Herd & Titak Inc. now owns 3,391 shares of the company’s stock valued at $403,000 after buying an additional 797 shares in the last quarter. Finally, GAMMA Investing LLC raised its holdings in Construction Partners by 29.5% during the 2nd quarter. GAMMA Investing LLC now owns 3,824 shares of the company’s stock valued at $454,000 after acquiring an additional 872 shares during the period. 94.83% of the stock is currently owned by institutional investors.

About Construction Partners

Construction Partners, Inc (NASDAQ: ROAD) is a specialty contractor and infrastructure solutions provider focused on road building, paving, site development and aggregate production. The company delivers a comprehensive suite of civil construction services, including roadway paving and milling, site grading and preparation, stormwater and utility installation, and full-scale asphalt plant operations. By integrating materials production with contracting capabilities, the firm aims to streamline project delivery and maintain quality control across its contracting and materials businesses.

At the heart of Construction Partners’ operations are its network of asphalt plants, quarries and aggregate production facilities.