Construction Partners (NASDAQ:ROAD) Hits New 12-Month High Following Analyst Upgrade

Construction Partners, Inc. (NASDAQ:ROAD)’s stock price hit a new 52-week high during mid-day trading on Monday after Baird R W upgraded the stock from a hold rating to a strong-buy rating. The company traded as high as $115.63 and last traded at $115.18, with a volume of 88048 shares changing hands. The stock had previously closed at $112.22.

Several other equities research analysts have also issued reports on the stock. Raymond James Financial reaffirmed a “strong-buy” rating on shares of Construction Partners in a research note on Friday. Robert W. Baird set a $122.00 price objective on shares of Construction Partners and gave the company an “outperform” rating in a research note on Friday. One investment analyst has rated the stock with a hold rating, two have given a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Buy” and an average target price of $101.00.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of ROAD. Artemis Investment Management LLP increased its stake in Construction Partners by 225.9% in the first quarter. Artemis Investment Management LLP now owns 695,949 shares of the company’s stock valued at $50,018,000 after acquiring an additional 482,374 shares during the period. Raymond James Financial Inc. bought a new stake in Construction Partners in the fourth quarter valued at about $42,527,000. First Trust Advisors LP increased its stake in Construction Partners by 44.9% in the fourth quarter. First Trust Advisors LP now owns 839,873 shares of the company’s stock valued at $74,295,000 after acquiring an additional 260,148 shares during the period. Lord Abbett & CO. LLC bought a new stake in Construction Partners in the fourth quarter valued at about $22,456,000. Finally, Allspring Global Investments Holdings LLC increased its stake in Construction Partners by 39.0% in the first quarter. Allspring Global Investments Holdings LLC now owns 856,528 shares of the company’s stock valued at $62,724,000 after acquiring an additional 240,496 shares during the period. Institutional investors and hedge funds own 94.83% of the company’s stock.

Construction Partners Stock Performance

The firm has a market cap of $6.36 billion, a P/E ratio of 82.89, a PEG ratio of 1.46 and a beta of 1.00. The stock’s 50 day moving average is $104.73 and its two-hundred day moving average is $89.64. The company has a debt-to-equity ratio of 1.63, a current ratio of 1.42 and a quick ratio of 1.13.

Construction Partners (NASDAQ:ROAD) last posted its earnings results on Thursday, August 7th. The company reported $0.81 earnings per share for the quarter, missing analysts’ consensus estimates of $0.87 by ($0.06). The business had revenue of $779.28 million during the quarter, compared to the consensus estimate of $810.47 million. Construction Partners had a net margin of 3.04% and a return on equity of 12.75%. The business’s revenue was up 50.5% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.59 EPS. As a group, equities analysts predict 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.