Construction Partners (NASDAQ:ROAD) Trading Up 10.3% – Here’s What Happened

Construction Partners, Inc. (NASDAQ:ROAD) shot up 10.3% during trading on Friday . The stock traded as high as $123.68 and last traded at $123.72. 242,957 shares changed hands during mid-day trading, a decline of 55% from the average session volume of 535,937 shares. The stock had previously closed at $112.15.

Analyst Ratings Changes

Several brokerages recently commented on ROAD. Zacks Research raised shares of Construction Partners from a “strong sell” rating to a “strong-buy” rating in a research note on Thursday, January 29th. Robert W. Baird set a $142.00 target price on shares of Construction Partners in a research note on Friday, February 6th. B. Riley Financial raised shares of Construction Partners from a “neutral” rating to a “buy” rating and boosted their price objective for the company from $117.00 to $135.00 in a research report on Thursday, April 2nd. Weiss Ratings reissued a “hold (c+)” rating on shares of Construction Partners in a research report on Monday, December 29th. Finally, DA Davidson boosted their price objective on shares of Construction Partners from $120.00 to $130.00 and gave the company a “neutral” rating in a research report on Friday, February 6th. Two research analysts have rated the stock with a Strong Buy rating, three have assigned a Buy rating and two have given a Hold rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Buy” and a consensus target price of $131.40.

Construction Partners Stock Up 12.0%

The company’s 50 day moving average price is $121.21 and its two-hundred day moving average price is $115.93. The company has a current ratio of 1.59, a quick ratio of 1.26 and a debt-to-equity ratio of 1.76. The stock has a market cap of $7.10 billion, a P/E ratio of 57.11, a PEG ratio of 0.99 and a beta of 0.92.

Construction Partners (NASDAQ:ROAD) last released its earnings results on Thursday, February 5th. The company reported $0.47 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.31 by $0.16. The company had revenue of $809.47 million during the quarter, compared to analyst estimates of $740.14 million. Construction Partners had a net margin of 3.99% and a return on equity of 15.26%. The firm’s quarterly revenue was up 44.1% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.25 EPS. Equities analysts forecast that Construction Partners, Inc. will post 1.96 earnings per share for the current year.

Institutional Investors Weigh In On Construction Partners

Several hedge funds and other institutional investors have recently added to or reduced their stakes in ROAD. MAI Capital Management lifted its holdings in Construction Partners by 21.7% in the 3rd quarter. MAI Capital Management now owns 505 shares of the company’s stock valued at $64,000 after purchasing an additional 90 shares in the last quarter. GAMMA Investing LLC increased its stake in shares of Construction Partners by 10.7% in the 3rd quarter. GAMMA Investing LLC now owns 1,288 shares of the company’s stock worth $164,000 after acquiring an additional 124 shares during the last quarter. Byrne Asset Management LLC increased its position in shares of Construction Partners by 41.7% during the 3rd quarter. Byrne Asset Management LLC now owns 425 shares of the company’s stock worth $54,000 after purchasing an additional 125 shares during the last quarter. Vanguard Personalized Indexing Management LLC increased its position in shares of Construction Partners by 3.0% during the 3rd quarter. Vanguard Personalized Indexing Management LLC now owns 5,248 shares of the company’s stock worth $666,000 after purchasing an additional 152 shares during the last quarter. Finally, AlphaQuest LLC increased its position in shares of Construction Partners by 292.5% during the 3rd quarter. AlphaQuest LLC now owns 208 shares of the company’s stock worth $26,000 after purchasing an additional 155 shares during the last quarter. 94.83% of the stock is owned by hedge funds and other institutional investors.

Construction Partners Company 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.