Nicholas Investment Partners LP Sells 32,307 Shares of Construction Partners, Inc. $ROAD

Nicholas Investment Partners LP cut its stake in Construction Partners, Inc. (NASDAQ:ROAD) by 25.8% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 93,110 shares of the company’s stock after selling 32,307 shares during the quarter. Nicholas Investment Partners LP owned about 0.16% of Construction Partners worth $10,107,000 at the end of the most recent quarter.

Other institutional investors have also added to or reduced their stakes in the company. AlphaQuest LLC raised its holdings in Construction Partners by 292.5% in the 3rd quarter. AlphaQuest LLC now owns 208 shares of the company’s stock worth $26,000 after purchasing an additional 155 shares in the last quarter. Morse Asset Management Inc grew its position in shares of Construction Partners by 300.0% in the 3rd quarter. Morse Asset Management Inc now owns 240 shares of the company’s stock worth $30,000 after buying an additional 180 shares during the period. Danske Bank A S purchased a new stake in shares of Construction Partners in the 3rd quarter worth about $38,000. Quarry LP purchased a new stake in shares of Construction Partners in the 3rd quarter worth about $42,000. Finally, NewEdge Advisors LLC grew its position in shares of Construction Partners by 161.1% in the 2nd quarter. NewEdge Advisors LLC now owns 564 shares of the company’s stock worth $60,000 after buying an additional 348 shares during the period. 94.83% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of research firms have recently weighed in on ROAD. Zacks Research downgraded shares of Construction Partners from a “strong-buy” rating to a “hold” rating in a research report on Monday, April 27th. Weiss Ratings downgraded shares of Construction Partners from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Tuesday, May 26th. Raymond James Financial reaffirmed a “strong-buy” rating and issued a $140.00 target price on shares of Construction Partners in a research report on Monday, April 27th. Truist Financial started coverage on shares of Construction Partners in a research report on Wednesday, June 3rd. They set a “hold” rating and a $130.00 price objective on the stock. Finally, B. Riley Financial raised shares of Construction Partners from a “neutral” rating to a “buy” rating and increased their price objective for the company from $117.00 to $135.00 in a research report on Thursday, April 2nd. One analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and four have given a Hold rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $136.50.

Construction Partners Stock Performance

Shares of NASDAQ ROAD opened at $113.87 on Friday. The firm’s 50-day moving average price is $117.25 and its 200-day moving average price is $116.65. The company has a quick ratio of 1.21, a current ratio of 1.53 and a debt-to-equity ratio of 1.75. The company has a market cap of $6.44 billion, a PE ratio of 49.94, a PEG ratio of 0.95 and a beta of 0.88. Construction Partners, Inc. has a 52-week low of $93.22 and a 52-week high of $151.00.

Construction Partners (NASDAQ:ROAD) last announced its quarterly earnings results on Friday, May 8th. The company reported $0.18 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.05) by $0.23. Construction Partners had a net margin of 3.90% and a return on equity of 15.22%. The firm had revenue of $769.20 million for the quarter, compared to the consensus estimate of $678.46 million. During the same quarter last year, the firm posted $0.08 EPS. The business’s quarterly revenue was up 34.6% compared to the same quarter last year. As a group, analysts anticipate that Construction Partners, Inc. will post 2.95 EPS for the current year.

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.