Construction Partners (NASDAQ:ROAD) Stock Price Down 10.3% on Analyst Downgrade

Shares of Construction Partners, Inc. (NASDAQ:ROAD) dropped 10.3% during mid-day trading on Wednesday after Robert W. Baird lowered their price target on the stock from $169.00 to $145.00. Robert W. Baird currently has an outperform rating on the stock. Construction Partners traded as low as $104.31 and last traded at $106.5810. Approximately 114,227 shares traded hands during mid-day trading, a decline of 80% from the average daily volume of 561,273 shares. The stock had previously closed at $118.77.

Several other equities research analysts also recently issued reports on ROAD. Weiss Ratings downgraded Construction Partners from a “buy (b-)” rating to a “hold (c+)” rating in a report on Tuesday, May 26th. Truist Financial began coverage on shares of Construction Partners in a report on Wednesday, June 3rd. They issued a “hold” rating and a $130.00 price objective on the stock. Zacks Research lowered shares of Construction Partners from a “strong-buy” rating to a “hold” rating in a research report on Monday, April 27th. B. Riley Financial upgraded shares of Construction Partners from a “neutral” rating to a “buy” rating and raised their target price for the stock from $117.00 to $135.00 in a research note on Thursday, April 2nd. Finally, Raymond James Financial reaffirmed a “strong-buy” rating and set a $140.00 target price on shares of Construction Partners in a report on Monday, April 27th. One analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and four have given a Hold rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $132.50.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the stock. PVG Asset Management Corp lifted its holdings in shares of Construction Partners by 510.4% in the first quarter. PVG Asset Management Corp now owns 14,614 shares of the company’s stock worth $1,758,000 after acquiring an additional 12,220 shares during the last quarter. Janus Henderson Group PLC increased its position in Construction Partners by 11.5% during the 1st quarter. Janus Henderson Group PLC now owns 22,367 shares of the company’s stock worth $2,488,000 after purchasing an additional 2,300 shares in the last quarter. Amundi acquired a new position in Construction Partners during the 1st quarter worth approximately $392,000. California State Teachers Retirement System lifted its stake in Construction Partners by 23.8% in the 1st quarter. California State Teachers Retirement System now owns 55,972 shares of the company’s stock valued at $6,220,000 after purchasing an additional 10,759 shares during the last quarter. Finally, Empowered Funds LLC acquired a new stake in Construction Partners in the first quarter valued at approximately $292,000. Institutional investors and hedge funds own 94.83% of the company’s stock.

Construction Partners Price Performance

The business’s 50-day simple moving average is $119.49 and its two-hundred day simple moving average is $118.14. The stock has a market cap of $6.17 billion, a price-to-earnings ratio of 47.90, a price-to-earnings-growth ratio of 1.00 and a beta of 0.88. The company has a debt-to-equity ratio of 1.75, a current ratio of 1.53 and a quick ratio of 1.21.

Construction Partners (NASDAQ:ROAD) last posted its earnings results on Friday, May 8th. The company reported $0.18 EPS for the quarter, beating the consensus estimate of ($0.05) by $0.23. The firm had revenue of $769.20 million during 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%.The business’s quarterly revenue was up 34.6% on a year-over-year basis. During the same period last year, the company earned $0.08 earnings per share. Research 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.