Wasatch Advisors LP Buys 172,034 Shares of Construction Partners, Inc. $ROAD

Wasatch Advisors LP raised its stake in Construction Partners, Inc. (NASDAQ:ROAD) by 20.6% in the 2nd quarter, HoldingsChannel reports. The fund owned 1,008,474 shares of the company’s stock after buying an additional 172,034 shares during the quarter. Wasatch Advisors LP’s holdings in Construction Partners were worth $119,776,000 at the end of the most recent reporting period.

A number of other institutional investors also recently modified their holdings of ROAD. Morse Asset Management Inc raised its stake in shares of Construction Partners by 300.0% in the third quarter. Morse Asset Management Inc now owns 240 shares of the company’s stock worth $30,000 after acquiring an additional 180 shares during the last quarter. Danske Bank A S bought a new stake in shares of Construction Partners during the third quarter valued at approximately $38,000. Quarry LP bought a new stake in shares of Construction Partners during the third quarter valued at approximately $42,000. Harbor Investment Advisory LLC acquired a new stake in shares of Construction Partners in the first quarter valued at approximately $39,000. Finally, Hollencrest Capital Management acquired a new stake in shares of Construction Partners in the first quarter valued at approximately $39,000. 94.83% of the stock is owned by institutional investors.

Construction Partners Price Performance

ROAD opened at $120.79 on Wednesday. The company has a fifty day moving average price of $109.84 and a two-hundred day moving average price of $116.67. The firm has a market capitalization of $6.83 billion, a PE ratio of 47.37, a P/E/G ratio of 0.99 and a beta of 0.89. Construction Partners, Inc. has a 52 week low of $93.42 and a 52 week high of $151.00. The company has a debt-to-equity ratio of 1.68, a quick ratio of 1.26 and a current ratio of 1.57.

Construction Partners (NASDAQ:ROAD) last posted its quarterly earnings results on Friday, August 7th. The company reported $1.08 earnings per share for the quarter, beating analysts’ consensus estimates 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 for the quarter, compared to the consensus estimate of $948.77 million. During the same quarter in the prior year, the business posted $0.81 EPS. The firm’s quarterly revenue was up 28.2% on a year-over-year basis. As a group, analysts anticipate that Construction Partners, Inc. will post 2.94 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several research firms have issued reports on ROAD. Truist Financial initiated coverage on Construction Partners in a report on Wednesday, June 3rd. They set a “hold” rating and a $130.00 price objective on the stock. Raymond James Financial lowered their target price 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. Robert W. Baird decreased their price target on Construction Partners from $145.00 to $141.00 and set an “outperform” rating on the stock in a report on Monday. Weiss Ratings lowered Construction Partners from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Tuesday, May 26th. Finally, Zacks Research cut Construction Partners from a “strong-buy” rating to a “hold” rating in a report on Thursday, July 16th. One analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and four have assigned a Hold rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $133.50.

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.