Construction Partners (NASDAQ:ROAD) Lowered to “Hold” Rating by Zacks Research

Zacks Research downgraded shares of Construction Partners (NASDAQ:ROAD) from a strong-buy rating to a hold rating in a research report report published on Tuesday morning,Zacks.com reports.

Several other analysts have also issued reports on the stock. Weiss Ratings reissued a “hold (c+)” rating on shares of Construction Partners in a research note on Wednesday, October 8th. DA Davidson raised their target price on Construction Partners from $110.00 to $120.00 and gave the company a “neutral” rating in a report on Thursday, October 23rd. Raymond James Financial reiterated a “strong-buy” rating and issued a $135.00 price target (up previously from $120.00) on shares of Construction Partners in a research note on Tuesday, October 21st. Robert W. Baird set a $122.00 price target on Construction Partners and gave the stock an “outperform” rating in a report on Friday, August 8th. Finally, Baird R W raised Construction Partners from a “hold” rating to a “strong-buy” rating in a research note on Friday, August 8th. Two equities research analysts have rated the stock with a Strong Buy rating, one has issued a Buy rating and three have given a Hold rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $125.67.

Construction Partners Stock Up 2.5%

ROAD stock opened at $114.85 on Tuesday. Construction Partners has a 52 week low of $64.79 and a 52 week high of $138.90. The business has a 50-day simple moving average of $122.13 and a 200 day simple moving average of $109.37. The company has a quick ratio of 1.20, a current ratio of 1.47 and a debt-to-equity ratio of 1.63. The company has a market cap of $6.44 billion, a PE ratio of 83.83, a price-to-earnings-growth ratio of 0.99 and a beta of 1.02.

Construction Partners (NASDAQ:ROAD) last released its earnings results on Thursday, August 7th. The company reported $0.81 EPS for the quarter, missing the consensus estimate of $0.87 by ($0.06). The firm had revenue of $779.28 million during the quarter, compared to the consensus estimate of $810.47 million. Construction Partners had a net margin of 3.04% and a return on equity of 12.24%. Construction Partners’s quarterly revenue was up 50.5% compared to the same quarter last year. During the same period in the prior year, the business earned $0.59 earnings per share. Sell-side analysts anticipate that Construction Partners will post 1.96 EPS for the current fiscal year.

Institutional Investors Weigh In On Construction Partners

A number of hedge funds and other institutional investors have recently bought and sold shares of ROAD. Vanguard Group Inc. boosted its stake in shares of Construction Partners by 5.0% during the first quarter. Vanguard Group Inc. now owns 3,666,331 shares of the company’s stock valued at $263,499,000 after purchasing an additional 173,963 shares in the last quarter. Kayne Anderson Rudnick Investment Management LLC increased its stake in shares of Construction Partners by 0.5% in the first quarter. Kayne Anderson Rudnick Investment Management LLC now owns 2,592,079 shares of the company’s stock valued at $186,293,000 after buying an additional 12,808 shares during the period. Invesco Ltd. raised its holdings in Construction Partners by 4.2% in the 2nd quarter. Invesco Ltd. now owns 1,308,761 shares of the company’s stock valued at $139,095,000 after buying an additional 52,670 shares during the last quarter. Geode Capital Management LLC boosted its position in Construction Partners by 1.6% during the 2nd quarter. Geode Capital Management LLC now owns 1,153,123 shares of the company’s stock worth $122,568,000 after buying an additional 18,229 shares during the period. Finally, State Street Corp boosted its position in Construction Partners by 4.7% during the 2nd quarter. State Street Corp now owns 1,112,231 shares of the company’s stock worth $118,208,000 after buying an additional 49,898 shares during the period. Institutional investors own 94.83% of the company’s stock.

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.