DA Davidson Has Bearish Estimate for ROAD FY2024 Earnings

Construction Partners, Inc. (NASDAQ:ROAD) – Analysts at DA Davidson dropped their FY2024 earnings per share (EPS) estimates for Construction Partners in a research note issued to investors on Tuesday, October 22nd. DA Davidson analyst B. Thielman now expects that the company will post earnings of $1.33 per share for the year, down from their previous forecast of $1.44. DA Davidson currently has a “Neutral” rating and a $55.00 target price on the stock. The consensus estimate for Construction Partners’ current full-year earnings is $1.43 per share. DA Davidson also issued estimates for Construction Partners’ FY2025 earnings at $1.77 EPS.

ROAD has been the topic of several other research reports. Raymond James lifted their target price on Construction Partners from $69.00 to $72.00 and gave the company a “strong-buy” rating in a research report on Monday, August 12th. Stifel Nicolaus lifted their target price on Construction Partners from $61.00 to $67.00 and gave the company a “buy” rating in a research report on Monday, August 12th. Finally, Robert W. Baird lifted their target price on Construction Partners from $68.00 to $92.00 and gave the company a “neutral” rating in a research report on Tuesday. Three equities research analysts have rated the stock with a hold rating, one has issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, Construction Partners has an average rating of “Moderate Buy” and a consensus price target of $69.00.

Construction Partners Trading Down 2.4 %

NASDAQ ROAD opened at $81.77 on Thursday. The company has a market cap of $4.31 billion, a price-to-earnings ratio of 69.89, a P/E/G ratio of 1.35 and a beta of 0.67. Construction Partners has a 52 week low of $36.70 and a 52 week high of $86.00. The business has a 50 day moving average price of $67.99 and a 200-day moving average price of $60.41. The company has a quick ratio of 1.30, a current ratio of 1.60 and a debt-to-equity ratio of 0.82.

Construction Partners (NASDAQ:ROAD) last released its quarterly earnings data on Friday, August 9th. The company reported $0.59 EPS for the quarter, beating the consensus estimate of $0.54 by $0.05. The firm had revenue of $517.80 million during the quarter, compared to the consensus estimate of $503.57 million. Construction Partners had a return on equity of 13.34% and a net margin of 4.01%. The company’s quarterly revenue was up 22.7% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.41 earnings per share.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of ROAD. Vanguard Group Inc. grew its stake in shares of Construction Partners by 2.4% during the 4th quarter. Vanguard Group Inc. now owns 2,346,238 shares of the company’s stock worth $102,108,000 after acquiring an additional 55,752 shares during the period. Cannon Global Investment Management LLC bought a new position in shares of Construction Partners during the 1st quarter worth $460,000. Wasatch Advisors LP grew its stake in shares of Construction Partners by 188.3% during the 1st quarter. Wasatch Advisors LP now owns 1,692,328 shares of the company’s stock worth $95,024,000 after acquiring an additional 1,105,423 shares during the period. Benjamin F. Edwards & Company Inc. grew its stake in shares of Construction Partners by 244.4% during the 1st quarter. Benjamin F. Edwards & Company Inc. now owns 1,178 shares of the company’s stock worth $66,000 after acquiring an additional 836 shares during the period. Finally, Principal Financial Group Inc. grew its stake in shares of Construction Partners by 86.5% during the 1st quarter. Principal Financial Group Inc. now owns 40,229 shares of the company’s stock worth $2,259,000 after acquiring an additional 18,664 shares during the period. Hedge funds and other institutional investors own 94.83% of the company’s stock.

Insiders Place Their Bets

In other Construction Partners news, Director Mark R. Matteson sold 25,408 shares of the business’s stock in a transaction on Thursday, August 22nd. The stock was sold at an average price of $61.97, for a total value of $1,574,533.76. Following the transaction, the director now owns 102,592 shares of the company’s stock, valued at approximately $6,357,626.24. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders own 18.80% of the company’s stock.

About Construction Partners

Construction Partners, Inc, a civil infrastructure company, constructs and maintains roadways in Alabama, Florida, Georgia, North Carolina, South Carolina, and Tennessee. The company provides various products and services to public and private infrastructure projects, such as highways, roads, bridges, airports, and commercial and residential developments.