Nicholas Investment Partners LP Sells 32,307 Shares of Construction Partners, Inc. $ROAD

Nicholas Investment Partners LP decreased its position in shares of Construction Partners, Inc. (NASDAQ:ROAD) by 25.8% during the fourth quarter, Holdings Channel.com reports. The fund owned 93,110 shares of the company’s stock after selling 32,307 shares during the quarter. Nicholas Investment Partners LP’s holdings in Construction Partners were worth $10,107,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. AlphaQuest LLC raised its stake in Construction Partners by 292.5% during the 3rd quarter. AlphaQuest LLC now owns 208 shares of the company’s stock worth $26,000 after acquiring an additional 155 shares during the period. Morse Asset Management Inc raised its position in shares of Construction Partners by 300.0% during the third quarter. Morse Asset Management Inc now owns 240 shares of the company’s stock valued at $30,000 after buying an additional 180 shares during the last quarter. Danske Bank A S purchased a new position in shares of Construction Partners in the third quarter valued at $38,000. Quarry LP purchased a new position in shares of Construction Partners in the third quarter valued at $42,000. Finally, NewEdge Advisors LLC grew its holdings in shares of Construction Partners by 161.1% in the second quarter. NewEdge Advisors LLC now owns 564 shares of the company’s stock valued at $60,000 after purchasing an additional 348 shares in the last quarter. Institutional investors own 94.83% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms recently weighed in on ROAD. Zacks Research lowered shares of Construction Partners from a “strong-buy” rating to a “hold” rating in a report on Monday, April 27th. Raymond James Financial reissued a “strong-buy” rating and issued a $140.00 target price on shares of Construction Partners in a report on Monday, April 27th. Truist Financial began coverage on shares of Construction Partners in a report on Wednesday, June 3rd. They issued a “hold” rating and a $130.00 target price for the company. Weiss Ratings lowered shares of Construction Partners from a “buy (b-)” rating to a “hold (c+)” rating in a report on Tuesday, May 26th. Finally, B. Riley Financial raised shares of Construction Partners from a “neutral” rating to a “buy” rating and raised their target price for the company from $117.00 to $135.00 in a report on Thursday, April 2nd. One analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and four have assigned a Hold rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $136.50.

Construction Partners Stock Performance

ROAD stock opened at $113.87 on Friday. 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 business has a 50-day moving average price of $117.25 and a 200 day moving average price of $116.65. The company has a market capitalization of $6.44 billion, a P/E ratio of 49.94, a PEG ratio of 0.95 and a beta of 0.88. Construction Partners, Inc. has a 1-year low of $93.22 and a 1-year high of $151.00.

Construction Partners (NASDAQ:ROAD) last released its quarterly earnings data on Friday, May 8th. The company reported $0.18 earnings per share for the quarter, beating the consensus estimate of ($0.05) by $0.23. The firm had revenue of $769.20 million during the quarter, compared to the consensus estimate of $678.46 million. Construction Partners had a return on equity of 15.22% and a net margin of 3.90%.The firm’s quarterly revenue was up 34.6% on a year-over-year basis. During the same period in the previous year, the company posted $0.08 earnings per share. As a group, equities research analysts forecast that Construction Partners, Inc. will post 2.95 EPS for the current fiscal year.

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.