Construction Partners (NASDAQ:ROAD) Reaches New 12-Month Low – Here’s What Happened

Construction Partners, Inc. (NASDAQ:ROAD)’s share price reached a new 52-week low during trading on Tuesday. The company traded as low as $85.22 and last traded at $85.5790, with a volume of 113,234 shares trading hands. The stock had previously closed at $86.18.

Analysts Set New Price Targets

A number of brokerages have recently commented on ROAD. Raymond James Financial dropped 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 research note on Wednesday, July 15th. Weiss Ratings downgraded shares of Construction Partners from a “buy (b-)” rating to a “hold (c+)” rating in a report on Thursday, September 17th. Robert W. Baird reduced their price target on shares of Construction Partners from $145.00 to $141.00 and set an “outperform” rating on the stock in a research report on Monday, August 10th. Finally, Zacks Research cut Construction Partners from a “strong-buy” rating to a “hold” rating in a research note on Thursday, July 16th. One investment analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and four have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $133.50.

Construction Partners Trading Down 0.7%

The company has a current ratio of 1.57, a quick ratio of 1.26 and a debt-to-equity ratio of 1.68. The stock has a market capitalization of $4.86 billion, a price-to-earnings ratio of 33.60, a price-to-earnings-growth ratio of 0.63 and a beta of 0.93. The business has a 50 day simple moving average of $102.30 and a 200-day simple moving average of $109.76.

Construction Partners (NASDAQ:ROAD) last announced its earnings results on Friday, August 7th. The company reported $1.08 EPS for the quarter, beating 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 business had revenue of $999.42 million for the quarter, compared to the consensus estimate of $948.77 million. During the same period last year, the business posted $0.81 EPS. The company’s revenue was up 28.2% on a year-over-year basis. On average, equities analysts predict that Construction Partners, Inc. will post 3.08 earnings per share for the current year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the business. Bank of New York Mellon Corp acquired a new position in shares of Construction Partners during the 2nd quarter valued at about $78,248,000. Fifth Third Bancorp boosted its holdings in Construction Partners by 30,525.8% in the first quarter. Fifth Third Bancorp now owns 239,800 shares of the company’s stock valued at $26,647,000 after acquiring an additional 239,017 shares during the last quarter. First Trust Advisors LP increased its holdings in Construction Partners by 29.6% in 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 last quarter. Wasatch Advisors LP lifted its holdings in shares of Construction Partners by 37.8% during the 1st quarter. Wasatch Advisors LP now owns 836,440 shares of the company’s stock valued at $92,945,000 after purchasing an additional 229,402 shares in the last quarter. Finally, Allspring Global Investments Holdings LLC lifted its holdings in shares of 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 in the last quarter. Hedge funds and other institutional investors own 94.83% of the company’s stock.

Construction Partners Company Profile

Construction Partners, Inc (NASDAQ:ROAD) is a vertically integrated civil infrastructure company that builds and maintains transportation infrastructure in the southeastern United States. The company serves public and private-sector customers, including state and local governments, commercial developers, and other contractors.

Its primary activities include the production and sale of hot-mix asphalt, aggregate production, asphalt paving, grading, site development, and road construction.