Fred Alger Management LLC Decreases Position in Construction Partners, Inc. $ROAD

Fred Alger Management LLC cut its stake in shares of Construction Partners, Inc. (NASDAQ:ROAD) by 11.0% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 198,071 shares of the company’s stock after selling 24,498 shares during the period. Fred Alger Management LLC owned 0.35% of Construction Partners worth $21,501,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the stock. Geneva Capital Management LLC raised its position in Construction Partners by 0.3% during the fourth quarter. Geneva Capital Management LLC now owns 1,821,134 shares of the company’s stock valued at $197,684,000 after purchasing an additional 6,163 shares during the period. Geode Capital Management LLC raised its position in Construction Partners by 0.4% during the fourth quarter. Geode Capital Management LLC now owns 1,163,923 shares of the company’s stock valued at $126,364,000 after purchasing an additional 4,118 shares during the period. State Street Corp raised its position in Construction Partners by 4.7% during the second quarter. State Street Corp now owns 1,112,231 shares of the company’s stock valued at $118,208,000 after purchasing an additional 49,898 shares during the period. First Trust Advisors LP raised its position in Construction Partners by 33.2% during the third quarter. First Trust Advisors LP now owns 1,059,566 shares of the company’s stock valued at $134,565,000 after purchasing an additional 264,069 shares during the period. Finally, American Century Companies Inc. raised its position in Construction Partners by 5.6% during the third quarter. American Century Companies Inc. now owns 1,039,928 shares of the company’s stock valued at $132,071,000 after purchasing an additional 55,049 shares during the period. 94.83% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

ROAD has been the topic of several recent analyst reports. Truist Financial initiated coverage on Construction Partners in a report on Wednesday, June 3rd. They issued a “hold” rating and a $130.00 price target on the stock. Robert W. Baird increased their price target on Construction Partners from $129.00 to $169.00 and gave the stock an “outperform” rating in a report on Monday, May 11th. B. Riley Financial upgraded Construction Partners from a “neutral” rating to a “buy” rating and increased their price target for the stock from $117.00 to $135.00 in a report on Thursday, April 2nd. Weiss Ratings downgraded Construction Partners from a “buy (b-)” rating to a “hold (c+)” rating in a report on Tuesday, May 26th. Finally, Zacks Research downgraded Construction Partners from a “strong-buy” rating to a “hold” rating in a report on Monday, April 27th. One investment analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and four have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $136.50.

Construction Partners Trading Up 1.4%

Shares of NASDAQ ROAD opened at $122.01 on Wednesday. The company has a debt-to-equity ratio of 1.75, a quick ratio of 1.21 and a current ratio of 1.53. The business’s 50 day moving average price is $117.86 and its 200-day moving average price is $116.94. Construction Partners, Inc. has a fifty-two week low of $93.22 and a fifty-two week high of $151.00. The company has a market cap of $6.90 billion, a price-to-earnings ratio of 53.51, a PEG ratio of 1.00 and a beta of 0.88.

Construction Partners (NASDAQ:ROAD) last issued its quarterly earnings results on Friday, May 8th. The company reported $0.18 earnings per share for the quarter, topping the consensus estimate of ($0.05) by $0.23. Construction Partners had a return on equity of 15.22% and a net margin of 3.90%.The firm had revenue of $769.20 million for the quarter, compared to the consensus estimate of $678.46 million. During the same period in the prior year, the business posted $0.08 earnings per share. The company’s revenue for the quarter was up 34.6% on a year-over-year basis. On average, sell-side analysts expect that Construction Partners, Inc. will post 2.95 earnings per share for the current 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.