Jennison Associates LLC Lowers Stock Holdings in Construction Partners, Inc. $ROAD

Jennison Associates LLC reduced its position in Construction Partners, Inc. (NASDAQ:ROAD) by 14.3% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 177,296 shares of the company’s stock after selling 29,639 shares during the quarter. Jennison Associates LLC owned approximately 0.31% of Construction Partners worth $19,701,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Capital World Investors boosted its stake in shares of Construction Partners by 97.5% in the fourth quarter. Capital World Investors now owns 856,696 shares of the company’s stock valued at $92,994,000 after purchasing an additional 423,033 shares during the period. Vaughan Nelson Investment Management L.P. purchased a new stake in Construction Partners during the 4th quarter worth approximately $42,518,000. Invesco Ltd. increased its stake in Construction Partners by 23.7% during the 4th quarter. Invesco Ltd. now owns 1,481,914 shares of the company’s stock worth $160,862,000 after buying an additional 284,082 shares during the period. Fifth Third Bancorp lifted its holdings in Construction Partners by 30,525.8% during the 1st quarter. Fifth Third Bancorp now owns 239,800 shares of the company’s stock worth $26,647,000 after buying an additional 239,017 shares in the last quarter. Finally, Goldman Sachs Group Inc. lifted its holdings in Construction Partners by 176.9% during the 4th quarter. Goldman Sachs Group Inc. now owns 361,837 shares of the company’s stock worth $39,277,000 after buying an additional 231,160 shares in the last quarter. 94.83% of the stock is currently owned by hedge funds and other institutional investors.

Construction Partners Trading Up 0.7%

NASDAQ ROAD opened at $103.21 on Wednesday. The company has a quick ratio of 1.21, a current ratio of 1.53 and a debt-to-equity ratio of 1.75. Construction Partners, Inc. has a 52 week low of $93.22 and a 52 week high of $151.00. The stock has a market capitalization of $5.83 billion, a PE ratio of 45.27, a price-to-earnings-growth ratio of 0.87 and a beta of 0.88. The firm has a 50 day moving average of $112.39 and a two-hundred day moving average of $117.27.

Construction Partners (NASDAQ:ROAD) last announced its quarterly earnings data on Friday, May 8th. The company reported $0.18 EPS for the quarter, beating analysts’ consensus estimates of ($0.05) by $0.23. The company had revenue of $769.20 million for the quarter, compared to the consensus estimate of $678.46 million. Construction Partners had a net margin of 3.90% and a return on equity of 15.22%. The company’s quarterly revenue was up 34.6% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.08 EPS. As a group, research analysts expect that Construction Partners, Inc. will post 2.91 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several equities analysts have commented on the stock. Weiss Ratings downgraded shares of Construction Partners from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Tuesday, May 26th. Robert W. Baird reduced their price objective on Construction Partners from $169.00 to $145.00 and set an “outperform” rating on the stock in a research note on Wednesday, July 1st. Truist Financial initiated coverage on Construction Partners in a report on Wednesday, June 3rd. They issued a “hold” rating and a $130.00 target price for the company. B. Riley Financial raised Construction Partners from a “neutral” rating to a “buy” rating and boosted their target price for the stock from $117.00 to $135.00 in a research note on Thursday, April 2nd. Finally, Raymond James Financial cut their price target on Construction Partners from $161.00 to $150.00 and set a “strong-buy” rating on the stock in a report on Wednesday, July 15th. One equities research 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 stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $134.17.

About Construction Partners

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.