Construction Partners (NASDAQ:ROAD) Cut to Hold at Zacks Research

Zacks Research cut shares of Construction Partners (NASDAQ:ROAD) from a strong-buy rating to a hold rating in a research note issued to investors on Thursday,Zacks.com reports.

A number of other equities analysts have also commented on the company. B. Riley Financial raised Construction Partners from a “neutral” rating to a “buy” rating and increased their price target for the company from $117.00 to $135.00 in a research note on Thursday, April 2nd. Robert W. Baird dropped their target price on Construction Partners from $169.00 to $145.00 and set an “outperform” rating for the company in a research report on Wednesday, July 1st. Raymond James Financial lowered their target price on shares of Construction Partners from $161.00 to $150.00 and set a “strong-buy” rating for the company in a research note on Wednesday. Weiss Ratings cut Construction Partners from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Tuesday, May 26th. Finally, Truist Financial assumed coverage on shares of Construction Partners in a research report on Wednesday, June 3rd. They set a “hold” rating and a $130.00 target price on the stock. One analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and four have issued a Hold rating to the company. Based on data from MarketBeat.com, Construction Partners has an average rating of “Moderate Buy” and a consensus target price of $134.17.

Construction Partners Stock Performance

Shares of NASDAQ ROAD opened at $104.47 on Thursday. The stock has a market cap of $5.91 billion, a PE ratio of 45.82, a price-to-earnings-growth ratio of 0.88 and a beta of 0.88. The company has a debt-to-equity ratio of 1.75, a current ratio of 1.53 and a quick ratio of 1.21. The firm has a fifty day moving average price of $113.53 and a 200-day moving average price of $117.32. Construction Partners has a 1 year low of $93.22 and a 1 year high of $151.00.

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

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of the stock. Vaughan Nelson Investment Management L.P. purchased a new position in shares of Construction Partners during the 4th quarter valued at approximately $42,518,000. Artemis Investment Management LLP grew its stake in Construction Partners by 7.8% during the 4th quarter. Artemis Investment Management LLP now owns 708,617 shares of the company’s stock valued at $76,920,000 after acquiring an additional 51,052 shares in the last quarter. Comerica Bank grew its stake in Construction Partners by 30.1% during the 4th quarter. Comerica Bank now owns 255,975 shares of the company’s stock valued at $27,786,000 after acquiring an additional 59,244 shares in the last quarter. Allspring Global Investments Holdings LLC raised its holdings in Construction Partners by 38.3% in the 4th quarter. Allspring Global Investments Holdings LLC now owns 810,881 shares of the company’s stock valued at $90,948,000 after acquiring an additional 224,575 shares during the last quarter. Finally, 49 Wealth Management LLC acquired a new stake in Construction Partners in the 4th quarter valued at about $3,076,000. 94.83% of the stock is owned by institutional investors and hedge funds.

About Construction Partners

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.