Comerica Bank cut its holdings in Construction Partners, Inc. (NASDAQ:ROAD – Get Rating) by 0.7% in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 389,968 shares of the company's stock after selling 2,730 shares during the period. Comerica Bank owned approximately 0.74% of Construction Partners worth $8,630,000 at the end of the most recent reporting period.
Several other hedge funds have also added to or reduced their stakes in ROAD. Truist Financial Corp lifted its stake in Construction Partners by 19.3% in the first quarter. Truist Financial Corp now owns 36,714 shares of the company's stock worth $962,000 after purchasing an additional 5,939 shares during the last quarter. Conestoga Capital Advisors LLC raised its stake in shares of Construction Partners by 0.9% during the first quarter. Conestoga Capital Advisors LLC now owns 5,386,003 shares of the company's stock valued at $141,006,000 after acquiring an additional 47,060 shares during the last quarter. Hardy Reed LLC bought a new position in shares of Construction Partners during the first quarter valued at about $126,000. Geneva Capital Management LLC raised its stake in shares of Construction Partners by 1.7% during the first quarter. Geneva Capital Management LLC now owns 2,328,472 shares of the company's stock valued at $60,959,000 after acquiring an additional 39,546 shares during the last quarter. Finally, Brandywine Oak Private Wealth LLC raised its stake in shares of Construction Partners by 22.9% during the first quarter. Brandywine Oak Private Wealth LLC now owns 10,193 shares of the company's stock valued at $266,000 after acquiring an additional 1,900 shares during the last quarter. 77.97% of the stock is owned by institutional investors.
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In other Construction Partners news, Director Noreen E. Skelly sold 3,100 shares of the company's stock in a transaction dated Monday, September 19th. The shares were 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 in the company, valued at $625,175.30. The sale was disclosed in a filing with the SEC, which is available through the SEC website. In other Construction Partners news, Director Noreen E. Skelly sold 3,100 shares of the company's stock in a transaction dated Monday, September 19th. The shares were 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 in the company, valued at $625,175.30. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Suntx Capital Management Corp. sold 50,922 shares of the company's stock in a transaction dated Monday, September 12th. The stock was sold at an average price of $27.94, for a total transaction of $1,422,760.68. Following the completion of the sale, the director now owns 29,731 shares in the company, valued at approximately $830,684.14. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 61,719 shares of company stock worth $1,733,165. 24.35% of the stock is currently owned by company insiders.
Construction Partners Price Performance
Shares of NASDAQ ROAD opened at $28.64 on Friday. Construction Partners, Inc. has a 1 year low of $18.89 and a 1 year high of $44.99. The company has a debt-to-equity ratio of 0.79, a current ratio of 1.91 and a quick ratio of 1.53. The company's 50-day moving average is $28.67 and its 200 day moving average is $25.19. The stock has a market capitalization of $1.50 billion, a P/E ratio of 92.39, a P/E/G 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, beating the consensus estimate of $0.11 by $0.12. Construction Partners had a net margin of 1.36% and a return on equity of 3.87%. The company had revenue of $380.30 million for the quarter, compared to analysts' expectations of $316.77 million. During the same quarter in the previous year, the company earned $0.18 earnings per share. Construction Partners's quarterly revenue was up 45.4% on a year-over-year basis. On average, sell-side analysts expect that Construction Partners, Inc. will post 0.41 earnings per share for the current year.
Analyst Upgrades and Downgrades
Several equities analysts have recently commented on the stock. DA Davidson upped their price objective on shares of Construction Partners to $28.00 in a research note on Monday, August 15th. Robert W. Baird upped their price objective on shares of Construction Partners from $26.00 to $32.00 in a research note on Monday, August 8th. Four equities research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat.com, Construction Partners presently has a consensus rating of "Buy" and an average price target of $31.80.
Construction Partners Profile
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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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