Construction Partners (NASDAQ:ROAD) Hits New 12-Month High Following Analyst Upgrade

Construction Partners, Inc. (NASDAQ:ROAD) reached a new 52-week high during trading on Monday after Baird R W upgraded the stock from a hold rating to a strong-buy rating. The stock traded as high as $115.63 and last traded at $115.18, with a volume of 88048 shares traded. The stock had previously closed at $112.22.

Other research analysts have also recently issued research reports about the stock. Robert W. Baird set a $122.00 target price on shares of Construction Partners and gave the stock an “outperform” rating in a research report on Friday. Raymond James Financial reiterated a “strong-buy” rating on shares of Construction Partners in a research note on Friday. One equities research analyst has rated the stock with a hold rating, two have assigned a buy rating and two have issued a strong buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Buy” and a consensus target price of $101.00.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the stock. Caitong International Asset Management Co. Ltd boosted its holdings in Construction Partners by 2,750.0% during the second quarter. Caitong International Asset Management Co. Ltd now owns 285 shares of the company’s stock worth $30,000 after buying an additional 275 shares in the last quarter. Montag A & Associates Inc. bought a new stake in Construction Partners during the first quarter worth approximately $29,000. Versant Capital Management Inc bought a new stake in Construction Partners during the first quarter worth approximately $30,000. Hazlett Burt & Watson Inc. boosted its holdings in Construction Partners by 88.9% during the second quarter. Hazlett Burt & Watson Inc. now owns 425 shares of the company’s stock worth $45,000 after buying an additional 200 shares in the last quarter. Finally, Nisa Investment Advisors LLC boosted its holdings in Construction Partners by 29.7% during the second quarter. Nisa Investment Advisors LLC now owns 743 shares of the company’s stock worth $79,000 after buying an additional 170 shares in the last quarter. Institutional investors and hedge funds own 94.83% of the company’s stock.

Construction Partners Stock Up 1.2%

The stock has a market capitalization of $6.36 billion, a P/E ratio of 82.89, a PEG ratio of 1.46 and a beta of 1.00. The company has a debt-to-equity ratio of 1.63, a current ratio of 1.42 and a quick ratio of 1.13. The stock’s fifty day moving average is $104.73 and its two-hundred day moving average is $89.64.

Construction Partners (NASDAQ:ROAD) last posted its quarterly earnings data on Thursday, August 7th. The company reported $0.81 earnings per share for the quarter, missing the consensus estimate of $0.87 by ($0.06). The firm had revenue of $779.28 million for the quarter, compared to analysts’ expectations of $810.47 million. Construction Partners had a return on equity of 12.75% and a net margin of 3.04%. The company’s revenue for the quarter was up 50.5% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.59 earnings per share. As a group, research analysts predict that Construction Partners, Inc. will post 1.96 earnings per share for the current fiscal year.

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.