Construction Partners (NASDAQ:ROAD) Trading Down 5.3% – Here’s Why

Construction Partners, Inc. (NASDAQ:ROAD) was down 5.3% during trading on Tuesday . The stock traded as low as $101.70 and last traded at $100.5420. 143,988 shares traded hands during mid-day trading, a decline of 79% from the average session volume of 681,539 shares. The stock had previously closed at $106.20.

Wall Street Analyst Weigh In

A number of research firms have recently issued reports on ROAD. Weiss Ratings upgraded shares of Construction Partners from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Tuesday, August 11th. Raymond James Financial dropped their price objective on Construction Partners from $161.00 to $150.00 and set a “strong-buy” rating for the company in a research note on Wednesday, July 15th. Zacks Research cut Construction Partners from a “strong-buy” rating to a “hold” rating in a report on Thursday, July 16th. Truist Financial began coverage on Construction Partners in a report on Wednesday, June 3rd. They issued a “hold” rating and a $130.00 target price on the stock. Finally, Robert W. Baird dropped their price target on Construction Partners from $145.00 to $141.00 and set an “outperform” rating for the company in a research report on Monday, August 10th. One research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and three have issued a Hold rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $133.50.

Construction Partners Price Performance

The company has a debt-to-equity ratio of 1.68, a quick ratio of 1.26 and a current ratio of 1.57. The company has a 50-day moving average of $109.67 and a 200-day moving average of $116.39. The stock has a market capitalization of $5.64 billion, a price-to-earnings ratio of 38.95, a P/E/G ratio of 1.03 and a beta of 0.90.

Construction Partners (NASDAQ:ROAD) last released its quarterly earnings results on Friday, August 7th. The company reported $1.08 earnings per share for the quarter, topping the consensus estimate of $1.01 by $0.07. Construction Partners had a return on equity of 16.06% and a net margin of 4.10%.The company had revenue of $999.42 million during the quarter, compared to the consensus estimate of $948.77 million. During the same quarter last year, the business posted $0.81 earnings per share. Construction Partners’s revenue was up 28.2% compared to the same quarter last year. As a group, equities research analysts expect that Construction Partners, Inc. will post 3.02 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Construction Partners

Hedge funds have recently made changes to their positions in the business. Bank of New York Mellon Corp raised its holdings in Construction Partners by 3.2% in the first quarter. Bank of New York Mellon Corp now owns 579,757 shares of the company’s stock valued at $64,423,000 after buying an additional 17,851 shares during the period. Allspring Global Investments Holdings LLC grew its stake in Construction Partners by 19.3% during the first quarter. Allspring Global Investments Holdings LLC now owns 967,350 shares of the company’s stock worth $109,214,000 after buying an additional 156,469 shares during the period. Wasatch Advisors LP increased its position in shares of Construction Partners by 20.6% in the second quarter. Wasatch Advisors LP now owns 1,008,474 shares of the company’s stock worth $119,776,000 after acquiring an additional 172,034 shares in the last quarter. PVG Asset Management Corp increased its position in shares of Construction Partners by 510.4% in the first quarter. PVG Asset Management Corp now owns 14,614 shares of the company’s stock worth $1,758,000 after acquiring an additional 12,220 shares in the last quarter. Finally, Dimensional Fund Advisors LP raised its stake in shares of Construction Partners by 11.1% in the 1st quarter. Dimensional Fund Advisors LP now owns 587,477 shares of the company’s stock valued at $65,271,000 after acquiring an additional 58,908 shares during the period. Institutional investors and hedge funds own 94.83% of the company’s stock.

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.