Envestnet Asset Management Inc. Lowers Stock Holdings in Construction Partners, Inc. (NASDAQ:ROAD)

Envestnet Asset Management Inc. decreased its position in shares of Construction Partners, Inc. (NASDAQ:ROAD) by 18.1% during the first quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 312,941 shares of the company’s stock after selling 69,053 shares during the quarter. Envestnet Asset Management Inc.’s holdings in Construction Partners were worth $22,491,000 at the end of the most recent quarter.

A number of other large investors also recently modified their holdings of ROAD. Versant Capital Management Inc acquired a new position in Construction Partners during the 1st quarter valued at approximately $30,000. Johnson Financial Group Inc. acquired a new position in Construction Partners during the 4th quarter valued at approximately $66,000. Golden State Wealth Management LLC increased its stake in Construction Partners by 100.0% during the 1st quarter. Golden State Wealth Management LLC now owns 1,126 shares of the company’s stock valued at $81,000 after purchasing an additional 563 shares in the last quarter. AlphaQuest LLC acquired a new stake in shares of Construction Partners in the fourth quarter worth $138,000. Finally, Amalgamated Bank increased its stake in shares of Construction Partners by 8.8% in the first quarter. Amalgamated Bank now owns 1,593 shares of the company’s stock worth $114,000 after acquiring an additional 129 shares during the period. Hedge funds and other institutional investors own 94.83% of the company’s stock.

Analysts Set New Price Targets

Separately, Raymond James Financial dropped their price objective on shares of Construction Partners from $104.00 to $100.00 and set a “strong-buy” rating for the company in a report on Tuesday, April 29th.

Construction Partners Stock Performance

Shares of NASDAQ ROAD opened at $106.18 on Wednesday. The business has a fifty day simple moving average of $103.62 and a 200 day simple moving average of $87.72. The company has a current ratio of 1.42, a quick ratio of 1.13 and a debt-to-equity ratio of 1.63. The firm has a market capitalization of $5.95 billion, a price-to-earnings ratio of 90.75, a PEG ratio of 1.31 and a beta of 0.96. Construction Partners, Inc. has a one year low of $51.63 and a one year high of $111.98.

Construction Partners (NASDAQ:ROAD) last posted its quarterly earnings data on Friday, May 9th. The company reported $0.08 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.04) by $0.12. The business had revenue of $571.65 million during the quarter, compared to the consensus estimate of $559.61 million. Construction Partners had a return on equity of 11.49% and a net margin of 2.80%. Construction Partners’s quarterly revenue was up 53.9% on a year-over-year basis. During the same period last year, the company earned ($0.02) earnings per share. Sell-side analysts expect that Construction Partners, Inc. will post 1.96 EPS for the current year.

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.