Construction Partners (NASDAQ:ROAD) Reaches New 52-Week Low – Here’s What Happened

Construction Partners, Inc. (NASDAQ:ROAD)’s stock price hit a new 52-week low during mid-day trading on Tuesday. The stock traded as low as $85.22 and last traded at $85.5790, with a volume of 113,234 shares. The stock had previously closed at $86.18.

Analyst Upgrades and Downgrades

A number of research firms recently commented on ROAD. Robert W. Baird decreased their target price on Construction Partners from $145.00 to $141.00 and set an “outperform” rating for the company in a report on Monday, August 10th. Weiss Ratings downgraded shares of Construction Partners from a “buy (b-)” rating to a “hold (c+)” rating in a report on Thursday, September 17th. Zacks Research downgraded shares of Construction Partners from a “strong-buy” rating to a “hold” rating in a report on Thursday, July 16th. Finally, Raymond James Financial reduced their price target on shares of Construction Partners from $161.00 to $150.00 and set a “strong-buy” rating for the company in a research report on Wednesday, July 15th. One analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and four have issued a Hold rating to the company. According to data from MarketBeat, Construction Partners presently has an average rating of “Moderate Buy” and an average price target of $133.50.

Construction Partners Price Performance

The firm has a 50-day simple moving average of $101.41 and a two-hundred day simple moving average of $109.38. The company has a market capitalization of $4.59 billion, a price-to-earnings ratio of 31.70, a P/E/G ratio of 0.63 and a beta of 0.93. The company has a current ratio of 1.57, a quick ratio of 1.26 and a debt-to-equity ratio of 1.68.

Construction Partners (NASDAQ:ROAD) last issued its quarterly earnings data on Friday, August 7th. The company reported $1.08 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.01 by $0.07. Construction Partners had a return on equity of 16.06% and a net margin of 4.10%. The business had revenue of $999.42 million during the quarter, compared to analysts’ expectations of $948.77 million. During the same quarter in the previous year, the firm posted $0.81 EPS. The company’s revenue for the quarter was up 28.2% on a year-over-year basis. As a group, analysts predict that Construction Partners, Inc. will post 3.08 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the stock. Wasatch Advisors LP boosted its position in Construction Partners by 20.6% in the 2nd 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 in the last quarter. First Trust Advisors LP grew its stake in shares of Construction Partners by 29.6% during the 1st quarter. First Trust Advisors LP now owns 1,030,378 shares of the company’s stock worth $114,496,000 after purchasing an additional 235,616 shares during the period. Allspring Global Investments Holdings LLC grew its stake in shares of Construction Partners by 19.3% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 967,350 shares of the company’s stock worth $109,214,000 after purchasing an additional 156,469 shares during the period. Bank of New York Mellon Corp purchased a new position in shares of Construction Partners during the 2nd quarter valued at approximately $78,248,000. Finally, Dimensional Fund Advisors LP increased its holdings in shares of Construction Partners by 11.1% during the 1st quarter. Dimensional Fund Advisors LP now owns 587,477 shares of the company’s stock valued at $65,271,000 after purchasing an additional 58,908 shares in the last quarter. 94.83% of the stock is currently owned by hedge funds and other institutional investors.

Construction Partners Company Profile

Construction Partners, Inc (NASDAQ:ROAD) is a vertically integrated civil infrastructure company that builds and maintains transportation infrastructure in the southeastern United States. The company serves public and private-sector customers, including state and local governments, commercial developers, and other contractors.

Its primary activities include the production and sale of hot-mix asphalt, aggregate production, asphalt paving, grading, site development, and road construction.