Comerica Bank decreased its position in Construction Partners, Inc. (NASDAQ:ROAD – Get Rating) by 0.7% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 389,968 shares of the company's stock after selling 2,730 shares during the quarter. Comerica Bank owned 0.74% of Construction Partners worth $8,630,000 as of its most recent SEC filing.
Other hedge funds also recently made changes to their positions in the company. New York State Common Retirement Fund grew its position in shares of Construction Partners by 38.1% in the 1st quarter. New York State Common Retirement Fund now owns 28,369 shares of the company's stock worth $743,000 after acquiring an additional 7,824 shares in the last quarter. Summit Creek Advisors LLC boosted its position in Construction Partners by 9.1% during the 1st quarter. Summit Creek Advisors LLC now owns 553,899 shares of the company's stock valued at $14,501,000 after purchasing an additional 46,385 shares during the period. CI Investments Inc. boosted its position in Construction Partners by 2.1% during the 1st quarter. CI Investments Inc. now owns 556,016 shares of the company's stock valued at $14,556,000 after purchasing an additional 11,500 shares during the period. Rice Hall James & Associates LLC boosted its position in Construction Partners by 81.6% during the 1st quarter. Rice Hall James & Associates LLC now owns 203,910 shares of the company's stock valued at $5,338,000 after purchasing an additional 91,636 shares during the period. Finally, Nicholas Company Inc. boosted its position in Construction Partners by 6.7% during the 2nd quarter. Nicholas Company Inc. now owns 331,388 shares of the company's stock valued at $6,939,000 after purchasing an additional 20,740 shares during the period. Institutional investors and hedge funds own 77.97% of the company's stock.
Get Construction Partners alerts:Wall Street Analysts Forecast Growth
A number of research firms recently issued reports on ROAD. Robert W. Baird boosted their price objective on Construction Partners from $26.00 to $32.00 in a research report on Monday, August 8th. DA Davidson boosted their price objective on Construction Partners to $28.00 in a research report on Monday, August 15th. Four equities research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, Construction Partners presently has a consensus rating of "Buy" and a consensus target price of $31.80.
Construction Partners Trading Down 1.5 %
Shares of ROAD stock opened at $28.64 on Friday. The company has a debt-to-equity ratio of 0.79, a quick ratio of 1.53 and a current ratio of 1.91. Construction Partners, Inc. has a 1 year low of $18.89 and a 1 year high of $44.99. The stock has a fifty day moving average of $28.67 and a two-hundred day moving average of $25.19. The firm has a market capitalization of $1.50 billion, a PE ratio of 92.39, a price-to-earnings-growth ratio of 0.97 and a beta of 0.91.
Construction Partners (NASDAQ:ROAD – Get Rating) last announced its quarterly earnings results on Friday, August 5th. The company reported $0.23 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.11 by $0.12. Construction Partners had a return on equity of 3.87% and a net margin of 1.36%. The company had revenue of $380.30 million during the quarter, compared to analyst estimates of $316.77 million. During the same quarter in the previous year, the firm posted $0.18 EPS. The firm's quarterly revenue was up 45.4% on a year-over-year basis. As a group, research analysts expect that Construction Partners, Inc. will post 0.41 EPS for the current year.
Insider Transactions at Construction Partners
In other news, Director Suntx Capital Management Corp. sold 50,922 shares of the business's stock in a transaction on Monday, September 12th. The stock was sold at an average price of $27.94, for a total value of $1,422,760.68. Following the sale, the director now owns 29,731 shares of the company's stock, valued at approximately $830,684.14. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other news, Director Noreen E. Skelly sold 3,100 shares of the business's stock in a transaction on Monday, September 19th. The stock was sold at an average price of $28.30, for a total value of $87,730.00. Following the sale, the director now owns 22,091 shares of the company's stock, valued at approximately $625,175.30. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Suntx Capital Management Corp. sold 50,922 shares of the business's stock in a transaction on Monday, September 12th. The stock was sold at an average price of $27.94, for a total value of $1,422,760.68. Following the completion of the sale, the director now directly owns 29,731 shares in the company, valued at approximately $830,684.14. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 61,719 shares of company stock valued at $1,733,165. Corporate insiders own 24.35% of the company's stock.
About Construction Partners
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Construction Partners, Inc, a civil infrastructure company, engages in the construction and maintenance of roadways across Alabama, Florida, Georgia, North Carolina, and South Carolina. The company, through its subsidiaries, provides various products and services to public and private infrastructure projects, with a focus on highways, roads, bridges, airports, and commercial and residential developments.
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