Construction Partners (NASDAQ:ROAD) Shares Climb 8.4% – Time to Buy?

Construction Partners, Inc. (NASDAQ:ROAD)’s stock price rose 8.4% during trading on Thursday. The stock traded as high as $89.99 and last traded at $91.44. Approximately 97,807 shares were traded during trading, a decline of 85% from the average daily volume of 663,103 shares. The stock had previously closed at $84.36.

Analysts Set New Price Targets

A number of research firms have commented on ROAD. Weiss Ratings downgraded Construction Partners from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Thursday, September 17th. Zacks Research cut shares of Construction Partners from a “strong-buy” rating to a “hold” rating in a research note on Thursday, July 16th. Robert W. Baird dropped their target price on shares of Construction Partners from $145.00 to $141.00 and set an “outperform” rating for the company in a report on Monday, August 10th. Finally, Raymond James Financial cut their target price on shares of Construction Partners from $150.00 to $145.00 and set a “strong-buy” rating for the company in a research report on Friday, October 16th. One investment analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and four have assigned a Hold rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $132.67.

Construction Partners Trading Up 9.1%

The business has a 50-day moving average of $94.95 and a 200 day moving average of $111.18. The stock has a market cap of $5.23 billion, a PE ratio of 35.99, a PEG ratio of 0.62 and a beta of 0.93. 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 issued its quarterly earnings results on Friday, August 7th. The company reported $1.08 EPS for the quarter, topping analysts’ consensus estimates of $1.01 by $0.07. The business had revenue of $999.42 million during the quarter, compared to the consensus estimate of $948.77 million. Construction Partners had a net margin of 4.10% and a return on equity of 16.06%. The company’s quarterly revenue was up 28.2% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.81 earnings per share. Equities research analysts predict that Construction Partners, Inc. will post 3.04 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the business. First Trust Advisors LP lifted its stake in shares of Construction Partners by 29.6% during the 1st quarter. First Trust Advisors LP now owns 1,030,378 shares of the company’s stock worth $114,496,000 after purchasing an additional 235,616 shares during the period. Wasatch Advisors LP grew its position in shares of Construction Partners by 20.6% in the second quarter. Wasatch Advisors LP now owns 1,008,474 shares of the company’s stock valued at $119,776,000 after purchasing an additional 172,034 shares during the period. Allspring Global Investments Holdings LLC increased its stake in Construction Partners by 19.3% in the first quarter. Allspring Global Investments Holdings LLC now owns 967,350 shares of the company’s stock valued at $109,214,000 after purchasing an additional 156,469 shares during the last quarter. Bank of New York Mellon Corp acquired a new position in Construction Partners in the second quarter valued at $78,248,000. Finally, Dimensional Fund Advisors LP increased its stake in Construction Partners by 11.1% in the first quarter. Dimensional Fund Advisors LP now owns 587,477 shares of the company’s stock valued at $65,271,000 after purchasing an additional 58,908 shares during the last quarter. 94.83% of the stock is currently owned by institutional investors and hedge funds.

About Construction Partners

Construction Partners, Inc (NASDAQ:ROAD) is a civil infrastructure company that builds and maintains transportation and other public infrastructure in the United States. The company primarily serves public-sector customers, including state and local governments, as well as private-sector customers involved in residential, commercial and industrial development.

Its services include asphalt production and paving, roadway construction, milling, maintenance and repair, site development, utility installation and related infrastructure work.