Allspring Global Investments Holdings LLC Boosts Stock Holdings in Construction Partners, Inc. $ROAD

Allspring Global Investments Holdings LLC increased its stake in Construction Partners, Inc. (NASDAQ:ROAD) by 19.3% in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 967,350 shares of the company’s stock after purchasing an additional 156,469 shares during the quarter. Allspring Global Investments Holdings LLC owned 1.71% of Construction Partners worth $109,214,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also made changes to their positions in the company. Morse Asset Management Inc grew its holdings in Construction Partners by 300.0% in the third quarter. Morse Asset Management Inc now owns 240 shares of the company’s stock valued at $30,000 after purchasing an additional 180 shares during the period. Danske Bank A S acquired a new position in Construction Partners during the 3rd quarter worth $38,000. Harbor Investment Advisory LLC acquired a new position in Construction Partners during the first quarter worth about $39,000. Quarry LP acquired a new position in shares of Construction Partners in the third quarter worth about $42,000. Finally, NewEdge Advisors LLC boosted its position in Construction Partners by 161.1% during the 2nd quarter. NewEdge Advisors LLC now owns 564 shares of the company’s stock worth $60,000 after acquiring an additional 348 shares during the period. 94.83% of the stock is currently owned by hedge funds and other institutional investors.

Construction Partners Trading Up 2.0%

NASDAQ ROAD opened at $104.47 on Friday. The firm has a market capitalization of $5.91 billion, a PE ratio of 45.82, a P/E/G ratio of 0.86 and a beta of 0.88. The stock’s 50 day moving average is $113.53 and its 200 day moving average is $117.32. Construction Partners, Inc. has a twelve month low of $93.22 and a twelve month high of $151.00. The company has a quick ratio of 1.21, a current ratio of 1.53 and a debt-to-equity ratio of 1.75.

Construction Partners (NASDAQ:ROAD) last posted its quarterly earnings results on Friday, May 8th. The company reported $0.18 earnings per share for the quarter, topping the consensus estimate of ($0.05) by $0.23. The company had revenue of $769.20 million for the quarter, compared to the consensus estimate of $678.46 million. Construction Partners had a return on equity of 15.22% and a net margin of 3.90%.The firm’s quarterly revenue was up 34.6% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.08 EPS. Research analysts forecast that Construction Partners, Inc. will post 2.91 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several brokerages have commented on ROAD. Weiss Ratings downgraded Construction Partners from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Tuesday, May 26th. Truist Financial began coverage on Construction Partners in a report on Wednesday, June 3rd. They set a “hold” rating and a $130.00 price objective for the company. Zacks Research upgraded Construction Partners from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, July 7th. Robert W. Baird decreased their target price on shares of Construction Partners from $169.00 to $145.00 and set an “outperform” rating on the stock in a research report on Wednesday, July 1st. Finally, Raymond James Financial cut their target price on shares of Construction Partners from $161.00 to $150.00 and set a “strong-buy” rating on the stock in a research report on Wednesday. Two research analysts have rated the stock with a Strong Buy rating, three have given a Buy rating and three have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, Construction Partners has a consensus rating of “Moderate Buy” and a consensus target price of $134.17.

Construction Partners Profile

Construction Partners, Inc (NASDAQ: ROAD) is a specialty contractor and infrastructure solutions provider focused on road building, paving, site development and aggregate production. The company delivers a comprehensive suite of civil construction services, including roadway paving and milling, site grading and preparation, stormwater and utility installation, and full-scale asphalt plant operations. By integrating materials production with contracting capabilities, the firm aims to streamline project delivery and maintain quality control across its contracting and materials businesses.

At the heart of Construction Partners’ operations are its network of asphalt plants, quarries and aggregate production facilities.