Summitry LLC Lowers Stake in Construction Partners, Inc. (NASDAQ:ROAD)

Summitry LLC cut its stake in Construction Partners, Inc. (NASDAQ:ROAD) by 4.3% in the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor owned 5,131 shares of the company’s stock after selling 232 shares during the period. Summitry LLC’s holdings in Construction Partners were worth $454,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in ROAD. Vanguard Group Inc. boosted its holdings in shares of Construction Partners by 42.8% in the 4th quarter. Vanguard Group Inc. now owns 3,492,368 shares of the company’s stock worth $308,935,000 after purchasing an additional 1,046,617 shares in the last quarter. Raymond James Financial Inc. purchased a new stake in Construction Partners in the fourth quarter worth approximately $42,527,000. Allspring Global Investments Holdings LLC grew its position in Construction Partners by 197.0% during the fourth quarter. Allspring Global Investments Holdings LLC now owns 616,032 shares of the company’s stock valued at $54,104,000 after acquiring an additional 408,610 shares during the last quarter. Fred Alger Management LLC purchased a new position in shares of Construction Partners during the third quarter worth approximately $16,535,000. Finally, Artemis Investment Management LLP bought a new stake in shares of Construction Partners in the 4th quarter worth approximately $18,893,000. Institutional investors own 94.83% of the company’s stock.

Analysts Set New Price Targets

Several research firms recently commented on ROAD. Raymond James reduced their target price on shares of Construction Partners from $112.00 to $104.00 and set a “strong-buy” rating on the stock in a report on Thursday, January 16th. Robert W. Baird lifted their price objective on Construction Partners from $100.00 to $102.00 and gave the stock a “neutral” rating in a report on Monday, February 10th. Finally, DA Davidson restated a “neutral” rating and set a $95.00 target price on shares of Construction Partners in a report on Thursday, January 30th. Three analysts have rated the stock with a hold rating, one has given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $85.40.

Construction Partners Stock Performance

Construction Partners stock opened at $80.60 on Wednesday. The company has a current ratio of 1.54, a quick ratio of 1.23 and a debt-to-equity ratio of 1.46. The firm has a market cap of $4.50 billion, a P/E ratio of 75.33, a P/E/G ratio of 0.99 and a beta of 0.79. Construction Partners, Inc. has a 1-year low of $49.16 and a 1-year high of $103.69. The firm has a 50-day moving average of $77.83 and a 200-day moving average of $81.90.

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.