Construction Partners (NASDAQ:ROAD) Reaches New 1-Year High – Here’s Why

Construction Partners, Inc. (NASDAQ:ROAD) shares reached a new 52-week high during mid-day trading on Monday . The stock traded as high as $77.76 and last traded at $77.76, with a volume of 878 shares. The stock had previously closed at $74.70.

Analyst Ratings Changes

A number of equities analysts recently commented on ROAD shares. Raymond James raised their target price on Construction Partners from $69.00 to $72.00 and gave the company a “strong-buy” rating in a report on Monday, August 12th. Robert W. Baird raised their price objective on shares of Construction Partners from $68.00 to $92.00 and gave the company a “neutral” rating in a research note on Tuesday. DA Davidson upped their target price on shares of Construction Partners from $50.00 to $55.00 and gave the stock a “neutral” rating in a research note on Tuesday, August 13th. Finally, Stifel Nicolaus raised their price target on shares of Construction Partners from $61.00 to $67.00 and gave the company a “buy” rating in a research report on Monday, August 12th. Three analysts have rated the stock with a hold rating, one has issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $69.00.

Construction Partners Price Performance

The stock’s 50 day moving average is $67.57 and its two-hundred day moving average is $60.25. The stock has a market capitalization of $4.42 billion, a PE ratio of 71.62, a price-to-earnings-growth ratio of 1.35 and a beta of 0.67. The company has a debt-to-equity ratio of 0.82, a current ratio of 1.60 and a quick ratio of 1.30.

Construction Partners (NASDAQ:ROAD) last announced its quarterly earnings data on Friday, August 9th. The company reported $0.59 EPS for the quarter, beating analysts’ consensus estimates of $0.54 by $0.05. The company had revenue of $517.80 million for the quarter, compared to the consensus estimate of $503.57 million. Construction Partners had a net margin of 4.01% and a return on equity of 13.34%. The company’s quarterly revenue was up 22.7% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.41 EPS. As a group, sell-side analysts forecast that Construction Partners, Inc. will post 1.43 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, Director Mark R. Matteson sold 25,408 shares of the firm’s stock in a transaction dated Thursday, August 22nd. The stock was sold at an average price of $61.97, for a total transaction of $1,574,533.76. Following the sale, the director now owns 102,592 shares of the company’s stock, valued at approximately $6,357,626.24. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 18.80% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of ROAD. Covestor Ltd lifted its position in Construction Partners by 17,700.0% in the first quarter. Covestor Ltd now owns 534 shares of the company’s stock valued at $30,000 after acquiring an additional 531 shares during the last quarter. GAMMA Investing LLC increased its position in shares of Construction Partners by 24.4% during the third quarter. GAMMA Investing LLC now owns 873 shares of the company’s stock worth $61,000 after purchasing an additional 171 shares in the last quarter. Benjamin F. Edwards & Company Inc. lifted its holdings in shares of Construction Partners by 244.4% in the 1st quarter. Benjamin F. Edwards & Company Inc. now owns 1,178 shares of the company’s stock valued at $66,000 after purchasing an additional 836 shares during the last quarter. nVerses Capital LLC acquired a new stake in shares of Construction Partners in the 2nd quarter valued at about $116,000. Finally, SG Americas Securities LLC purchased a new position in Construction Partners during the 1st quarter worth approximately $139,000. 94.83% of the stock is owned by hedge funds and other institutional investors.

About Construction Partners

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.