Castleark Management LLC Makes New Investment in Construction Partners, Inc. $ROAD

Castleark Management LLC bought a new stake in shares of Construction Partners, Inc. (NASDAQ:ROAD) in the second quarter, according to its most recent filing with the Securities and Exchange Commission. The fund bought 50,680 shares of the company’s stock, valued at approximately $5,386,000. Castleark Management LLC owned about 0.09% of Construction Partners at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Atria Investments Inc raised its holdings in Construction Partners by 5.5% in the 2nd quarter. Atria Investments Inc now owns 16,129 shares of the company’s stock worth $1,714,000 after purchasing an additional 835 shares during the period. Vanguard Personalized Indexing Management LLC purchased a new stake in Construction Partners in the second quarter worth about $542,000. Wealth Enhancement Advisory Services LLC bought a new position in shares of Construction Partners in the second quarter worth about $344,000. GAMMA Investing LLC raised its stake in shares of Construction Partners by 33.6% in the second quarter. GAMMA Investing LLC now owns 1,164 shares of the company’s stock worth $124,000 after buying an additional 293 shares during the period. Finally, Janney Montgomery Scott LLC purchased a new position in shares of Construction Partners during the 2nd quarter valued at about $802,000. 94.83% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on the stock. Bank of America reduced their target price on shares of Construction Partners from $120.00 to $115.00 and set a “buy” rating for the company in a report on Friday, November 21st. DA Davidson restated a “neutral” rating and set a $120.00 price objective on shares of Construction Partners in a research report on Friday, November 21st. Weiss Ratings upgraded shares of Construction Partners from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Monday, December 8th. Robert W. Baird cut their price target on Construction Partners from $131.00 to $124.00 and set an “outperform” rating for the company in a research note on Friday, November 21st. Finally, Raymond James Financial restated a “strong-buy” rating and issued a $135.00 price objective (up from $120.00) on shares of Construction Partners in a research report on Tuesday, October 21st. Two equities research analysts have rated the stock with a Strong Buy rating, three have issued a Buy rating and two have assigned a Hold rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Buy” and a consensus price target of $123.50.

Construction Partners Stock Performance

ROAD opened at $110.08 on Monday. The company has a debt-to-equity ratio of 1.73, a quick ratio of 1.34 and a current ratio of 1.61. The stock has a market capitalization of $6.22 billion, a price-to-earnings ratio of 60.15, a PEG ratio of 1.05 and a beta of 0.89. The company has a fifty day moving average of $112.13 and a 200 day moving average of $112.18. Construction Partners, Inc. has a fifty-two week low of $64.79 and a fifty-two week high of $138.90.

Construction Partners (NASDAQ:ROAD) last released its quarterly earnings data on Thursday, November 20th. The company reported $1.07 EPS for the quarter, missing the consensus estimate of $1.11 by ($0.04). The company had revenue of $899.85 million for the quarter, compared to the consensus estimate of $896.17 million. Construction Partners had a net margin of 3.62% and a return on equity of 14.42%. The firm’s revenue for the quarter was up 67.2% on a year-over-year basis. During the same period last year, the company earned $0.56 EPS. As a group, sell-side analysts forecast 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.