Construction Partners, Inc. (NASDAQ:ROAD) Position Cut by Rice Hall James & Associates LLC

Rice Hall James & Associates LLC trimmed its stake in Construction Partners, Inc. (NASDAQ:ROAD) by 26.9% during the fourth quarter, according to its most recent disclosure with the SEC. The fund owned 99,845 shares of the company’s stock after selling 36,664 shares during the quarter. Rice Hall James & Associates LLC owned approximately 0.18% of Construction Partners worth $8,832,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also modified their holdings of the stock. State Street Corp raised its stake in shares of Construction Partners by 2.7% during the third quarter. State Street Corp now owns 1,004,867 shares of the company’s stock valued at $70,140,000 after purchasing an additional 26,189 shares in the last quarter. Allspring Global Investments Holdings LLC raised its stake in shares of Construction Partners by 197.0% during the fourth quarter. Allspring Global Investments Holdings LLC now owns 616,032 shares of the company’s stock valued at $54,104,000 after purchasing an additional 408,610 shares in the last quarter. Charles Schwab Investment Management Inc. raised its stake in shares of Construction Partners by 0.9% during the third quarter. Charles Schwab Investment Management Inc. now owns 453,212 shares of the company’s stock valued at $31,634,000 after purchasing an additional 4,009 shares in the last quarter. Fred Alger Management LLC bought a new stake in shares of Construction Partners during the third quarter valued at about $16,535,000. Finally, Artemis Investment Management LLP bought a new stake in shares of Construction Partners during the fourth quarter valued at about $18,893,000. 94.83% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In related news, SVP John L. Harper sold 6,000 shares of Construction Partners stock in a transaction dated Friday, December 13th. The stock was sold at an average price of $94.41, for a total value of $566,460.00. Following the transaction, the senior vice president now owns 154,856 shares of the company’s stock, valued at approximately $14,619,954.96. This trade represents a 3.73 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Charles E. Owens sold 46,596 shares of Construction Partners stock in a transaction dated Wednesday, December 4th. The stock was sold at an average price of $101.33, for a total value of $4,721,572.68. Following the completion of the transaction, the director now directly owns 203,404 shares in the company, valued at $20,610,927.32. This represents a 18.64 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 139,225 shares of company stock valued at $13,904,358. 16.36% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on the stock. Raymond James cut their price objective on shares of Construction Partners from $112.00 to $104.00 and set a “strong-buy” rating on the stock in a research note on Thursday, January 16th. Robert W. Baird lifted their target price on Construction Partners from $100.00 to $102.00 and gave the stock a “neutral” rating in a report on Monday, February 10th. Finally, DA Davidson reaffirmed a “neutral” rating and set a $95.00 target price on shares of Construction Partners in a report on Thursday, January 30th. Three equities research analysts have rated the stock with a hold rating, one has given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $85.40.

Construction Partners Price Performance

NASDAQ:ROAD opened at $77.58 on Tuesday. The business’s 50-day moving average price is $87.56 and its 200 day moving average price is $79.78. The firm has a market cap of $4.34 billion, a P/E ratio of 58.77, a PEG ratio of 1.25 and a beta of 0.74. Construction Partners, Inc. has a 52-week low of $45.26 and a 52-week high of $103.69. The company has a quick ratio of 1.26, a current ratio of 1.54 and a debt-to-equity ratio of 0.85.

Construction Partners (NASDAQ:ROAD) last issued its quarterly earnings results on Thursday, November 21st. The company reported $0.56 earnings per share for the quarter, missing analysts’ consensus estimates of $0.57 by ($0.01). The company had revenue of $538.16 million during the quarter, compared to analysts’ expectations of $538.04 million. Construction Partners had a return on equity of 12.90% and a net margin of 3.78%. The company’s revenue for the quarter was up 13.3% compared to the same quarter last year. During the same period in the prior year, the business posted $0.59 EPS. As a group, sell-side analysts predict that Construction Partners, Inc. will post 1.95 earnings per share for the current fiscal year.

Construction Partners Company Profile

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.