Arrowstreet Capital Limited Partnership Invests $7.09 Million in Construction Partners, Inc. $ROAD

Arrowstreet Capital Limited Partnership bought a new stake in Construction Partners, Inc. (NASDAQ:ROAD) during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor bought 66,741 shares of the company’s stock, valued at approximately $7,093,000. Arrowstreet Capital Limited Partnership owned about 0.12% of Construction Partners at the end of the most recent reporting period.

Other large investors have also recently made changes to their positions in the company. Quantbot Technologies LP boosted its holdings in Construction Partners by 484.8% during the 2nd quarter. Quantbot Technologies LP now owns 42,723 shares of the company’s stock valued at $4,541,000 after acquiring an additional 35,418 shares during the period. New York State Common Retirement Fund boosted its position in Construction Partners by 12.4% in the 2nd quarter. New York State Common Retirement Fund now owns 15,462 shares of the company’s stock valued at $1,643,000 after buying an additional 1,700 shares during the period. Hsbc Holdings PLC acquired a new position in Construction Partners during the 2nd quarter worth $552,000. XTX Topco Ltd purchased a new stake in Construction Partners during the 2nd quarter worth about $2,177,000. Finally, Ameritas Investment Partners Inc. increased its holdings in Construction Partners by 2.5% during the 2nd quarter. Ameritas Investment Partners Inc. now owns 4,794 shares of the company’s stock worth $510,000 after purchasing an additional 118 shares during the period. 94.83% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several brokerages recently weighed in on ROAD. Weiss Ratings raised shares of Construction Partners from a “hold (c+)” rating to a “buy (b-)” rating in a report on Monday. Bank of America reduced their price objective on shares of Construction Partners from $120.00 to $115.00 and set a “buy” rating for the company in a research report on Friday, November 21st. Robert W. Baird reduced their target price on shares of Construction Partners from $131.00 to $124.00 and set an “outperform” rating for the company in a report on Friday, November 21st. DA Davidson reaffirmed a “neutral” rating and set a $120.00 price objective on shares of Construction Partners in a research note on Friday, November 21st. Finally, Raymond James Financial reaffirmed a “strong-buy” rating and issued a $135.00 price objective (up previously from $120.00) on shares of Construction Partners in a report on Tuesday, October 21st. Two investment analysts have rated the stock with a Strong Buy rating, three have issued a Buy rating and two have given a Hold rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Buy” and an average target price of $123.50.

Construction Partners Trading Up 2.8%

Shares of ROAD stock opened at $106.54 on Thursday. The company has a market capitalization of $6.02 billion, a price-to-earnings ratio of 58.22, a PEG ratio of 0.99 and a beta of 0.88. The company has a current ratio of 1.61, a quick ratio of 1.34 and a debt-to-equity ratio of 1.73. Construction Partners, Inc. has a twelve month low of $64.79 and a twelve month high of $138.90. The firm has a 50-day moving average price of $112.78 and a 200 day moving average price of $112.06.

Construction Partners (NASDAQ:ROAD) last issued its quarterly earnings results on Thursday, November 20th. The company reported $1.07 earnings per share for the quarter, missing analysts’ consensus estimates of $1.11 by ($0.04). Construction Partners had a return on equity of 14.42% and a net margin of 3.62%.The business had revenue of $899.85 million for the quarter, compared to analysts’ expectations of $896.17 million. During the same period in the prior year, the company earned $0.56 EPS. The company’s revenue for the quarter was up 67.2% compared to the same quarter last year. Research analysts forecast that Construction Partners, Inc. will post 1.96 earnings per share for the current fiscal year.

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.