Zacks Research Upgrades Construction Partners (NASDAQ:ROAD) to Strong-Buy

Construction Partners (NASDAQ:ROAD) was upgraded by equities researchers at Zacks Research from a “hold” rating to a “strong-buy” rating in a research note issued to investors on Tuesday,Zacks.com reports.

Several other equities analysts have also recently issued reports on the company. Raymond James Financial restated a “strong-buy” rating and set a $140.00 price objective on shares of Construction Partners in a research note on Monday, April 27th. Weiss Ratings cut shares of Construction Partners from a “buy (b-)” rating to a “hold (c+)” rating in a report on Tuesday, May 26th. Robert W. Baird reduced their price target on shares of Construction Partners from $169.00 to $145.00 and set an “outperform” rating on the stock in a research report on Wednesday, July 1st. B. Riley Financial raised shares of Construction Partners from a “neutral” rating to a “buy” rating and boosted their price objective for the company from $117.00 to $135.00 in a research report on Thursday, April 2nd. Finally, Truist Financial assumed coverage on shares of Construction Partners in a research note on Wednesday, June 3rd. They set a “hold” rating and a $130.00 price objective on the stock. Two research analysts have rated the stock with a Strong Buy rating, three have given a Buy rating and three have assigned a Hold rating to the stock. Based on data from MarketBeat.com, Construction Partners currently has an average rating of “Moderate Buy” and a consensus target price of $132.50.

Construction Partners Stock Down 1.7%

NASDAQ:ROAD opened at $101.90 on Tuesday. 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 company has a market capitalization of $5.76 billion, a price-to-earnings ratio of 44.69, a price-to-earnings-growth ratio of 0.86 and a beta of 0.88. Construction Partners has a one year low of $93.22 and a one year high of $151.00. The stock has a 50-day simple moving average of $117.58 and a 200 day simple moving average of $117.99.

Construction Partners (NASDAQ:ROAD) last released its earnings results on Friday, May 8th. The company reported $0.18 EPS for the quarter, topping 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 return on equity of 15.22% and a net margin of 3.90%.Construction Partners’s quarterly revenue was up 34.6% compared to the same quarter last year. During the same quarter last year, the business posted $0.08 EPS. Sell-side analysts predict that Construction Partners will post 2.95 EPS for the current fiscal year.

Hedge Funds Weigh In On Construction Partners

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Geneva Capital Management LLC increased its position in Construction Partners by 0.3% in the 4th quarter. Geneva Capital Management LLC now owns 1,821,134 shares of the company’s stock valued at $197,684,000 after acquiring an additional 6,163 shares during the period. Invesco Ltd. boosted its position 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 acquiring an additional 284,082 shares during the period. Geode Capital Management LLC grew its stake in shares of Construction Partners by 0.4% in the fourth quarter. Geode Capital Management LLC now owns 1,163,923 shares of the company’s stock worth $126,364,000 after purchasing an additional 4,118 shares in the last quarter. State Street Corp grew its stake in shares of Construction Partners by 4.7% in the second quarter. State Street Corp now owns 1,112,231 shares of the company’s stock worth $118,208,000 after purchasing an additional 49,898 shares in the last quarter. Finally, First Trust Advisors LP increased its holdings in shares of Construction Partners by 29.6% during the first quarter. First Trust Advisors LP now owns 1,030,378 shares of the company’s stock valued at $114,496,000 after purchasing an additional 235,616 shares during the period. 94.83% of the stock is currently owned by institutional investors and hedge funds.

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.