Wellington Management Group LLP Takes Position in Construction Partners, Inc. $ROAD

Wellington Management Group LLP acquired a new stake in Construction Partners, Inc. (NASDAQ:ROAD) during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 144,026 shares of the company’s stock, valued at approximately $17,106,000. Wellington Management Group LLP owned 0.25% of Construction Partners at the end of the most recent quarter.

Other institutional investors and hedge funds have also modified their holdings of the company. Morse Asset Management Inc increased its position in shares of Construction Partners by 300.0% during the third quarter. Morse Asset Management Inc now owns 240 shares of the company’s stock worth $30,000 after purchasing an additional 180 shares in the last quarter. Danske Bank A S acquired a new stake in Construction Partners during the third quarter worth $38,000. Harbor Investment Advisory LLC acquired a new stake in shares of Construction Partners during the 1st quarter worth about $39,000. Hollencrest Capital Management acquired a new stake in shares of Construction Partners during the first quarter valued at about $39,000. Finally, Quarry LP purchased a new stake in Construction Partners in the third quarter valued at approximately $42,000. Hedge funds and other institutional investors own 94.83% of the company’s stock.

Construction Partners Price Performance

Construction Partners stock opened at $104.68 on Monday. 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, Inc. has a one year low of $93.42 and a one year high of $151.00. The business has a fifty day moving average of $107.92 and a two-hundred day moving average of $115.49. The company has a market cap of $5.94 billion, a P/E ratio of 41.05, a price-to-earnings-growth ratio of 0.98 and a beta of 0.90.

Construction Partners (NASDAQ:ROAD) last issued its quarterly earnings data on Friday, August 7th. The company reported $1.08 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.01 by $0.07. Construction Partners had a return on equity of 16.06% and a net margin of 4.10%.The firm had revenue of $999.42 million during the quarter, compared to analysts’ expectations of $948.77 million. During the same period in the previous year, the firm posted $0.81 earnings per share. Construction Partners’s revenue was up 28.2% on a year-over-year basis. As a group, analysts predict that Construction Partners, Inc. will post 3.02 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of brokerages have issued reports on ROAD. Weiss Ratings upgraded shares of Construction Partners from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Tuesday, August 11th. Truist Financial began coverage on Construction Partners in a research note on Wednesday, June 3rd. They issued a “hold” rating and a $130.00 price target on the stock. Raymond James Financial cut their price objective on shares of Construction Partners from $161.00 to $150.00 and set a “strong-buy” rating on the stock in a report on Wednesday, July 15th. Robert W. Baird reduced their target price on Construction Partners from $145.00 to $141.00 and set an “outperform” rating for the company in a report on Monday, August 10th. Finally, Zacks Research downgraded shares of Construction Partners from a “strong-buy” rating to a “hold” rating in a research report on Thursday, July 16th. One analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and three have given a Hold rating to the stock. According to MarketBeat.com, Construction Partners presently has a consensus rating of “Moderate Buy” and an average target price of $133.50.

Construction Partners 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.