Construction Partners (NASDAQ:ROAD) Shares Gap Down – Time to Sell?

Shares of Construction Partners, Inc. (NASDAQ:ROAD) gapped down before the market opened on Thursday. The stock had previously closed at $99.24, but opened at $86.63. Construction Partners shares last traded at $80.8160, with a volume of 180,870 shares traded.

Wall Street Analysts Forecast Growth

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

Construction Partners Stock Performance

The company has a debt-to-equity ratio of 1.68, a current ratio of 1.57 and a quick ratio of 1.26. The firm has a market cap of $4.29 billion, a PE ratio of 29.72, a P/E/G ratio of 0.72 and a beta of 0.94. The stock has a 50-day moving average price of $93.24 and a 200 day moving average price of $110.68.

Construction Partners (NASDAQ:ROAD) last released its quarterly earnings data on Friday, August 7th. The company reported $1.08 earnings per share for the quarter, beating the consensus estimate of $1.01 by $0.07. The business had revenue of $999.42 million for the quarter, compared to analyst estimates of $948.77 million. Construction Partners had a return on equity of 16.06% and a net margin of 4.10%. The company’s revenue was up 28.2% compared to the same quarter last year. During the same period in the previous year, the company posted $0.81 EPS. Research analysts forecast that Construction Partners, Inc. will post 3.04 earnings per share for the current year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the company. Bank of New York Mellon Corp acquired a new stake in shares of Construction Partners during the second quarter valued at about $78,248,000. Fifth Third Bancorp increased its holdings in Construction Partners by 30,525.8% during the 1st quarter. Fifth Third Bancorp now owns 239,800 shares of the company’s stock worth $26,647,000 after purchasing an additional 239,017 shares during the last quarter. First Trust Advisors LP raised its position in shares of Construction Partners by 29.6% in the 1st 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 in the last quarter. Van Berkom & Associates Inc. grew its holdings in Construction Partners by 45.5% during the 3rd quarter. Van Berkom & Associates Inc. now owns 606,302 shares of the company’s stock worth $54,585,000 after acquiring an additional 189,576 shares in the last quarter. Finally, Wasatch Advisors LP increased its position in shares of Construction Partners by 20.6% in the 2nd quarter. Wasatch Advisors LP now owns 1,008,474 shares of the company’s stock worth $119,776,000 after purchasing an additional 172,034 shares during the last quarter. 94.83% of the stock is currently owned by hedge funds and other institutional investors.

Construction Partners Company Profile

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.