Construction Partners (NASDAQ:ROAD) Shares Up 9.2% – Here’s What Happened

Construction Partners, Inc. (NASDAQ:ROAD)’s stock price was up 9.2% on Thursday . The stock traded as high as $100.47 and last traded at $99.71. Approximately 410,124 shares were traded during trading, an increase of 13% from the average daily volume of 361,364 shares. The stock had previously closed at $91.31.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on ROAD shares. Raymond James raised their price objective on shares of Construction Partners from $69.00 to $72.00 and gave the company a “strong-buy” rating in a report on Monday, August 12th. Robert W. Baird lifted their price target on shares of Construction Partners from $68.00 to $92.00 and gave the stock a “neutral” rating in a report on Tuesday, October 22nd. Stifel Nicolaus increased their price objective on Construction Partners from $61.00 to $67.00 and gave the company a “buy” rating in a report on Monday, August 12th. Finally, DA Davidson raised their target price on Construction Partners from $50.00 to $55.00 and gave the stock a “neutral” rating in a research report on Tuesday, August 13th. Three investment analysts have rated the stock with a hold rating, one has issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $69.00.

Construction Partners Stock Performance

The company’s 50-day moving average price is $77.71 and its two-hundred day moving average price is $65.04. The company has a market capitalization of $5.11 billion, a price-to-earnings ratio of 73.24, a PEG ratio of 1.16 and a beta of 0.65. The company has a debt-to-equity ratio of 0.82, a current ratio of 1.60 and a quick ratio of 1.30.

Construction Partners (NASDAQ:ROAD) last announced its quarterly earnings data on Thursday, November 21st. The company reported $0.56 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.57 by ($0.01). Construction Partners had a net margin of 4.01% and a return on equity of 13.34%. The business had revenue of $538.16 million during the quarter, compared to analyst estimates of $538.04 million. During the same period in the prior year, the firm earned $0.59 earnings per share. The firm’s revenue for the quarter was up 13.3% compared to the same quarter last year. On average, equities research analysts anticipate that Construction Partners, Inc. will post 1.33 EPS for the current fiscal year.

Institutional Trading of Construction Partners

Several large investors have recently modified their holdings of ROAD. Clearbridge Investments LLC bought a new position in Construction Partners during the second quarter worth $20,360,000. Fred Alger Management LLC bought a new position in shares of Construction Partners during the 3rd quarter worth about $16,535,000. Segall Bryant & Hamill LLC acquired a new stake in shares of Construction Partners in the 3rd quarter valued at about $10,377,000. Driehaus Capital Management LLC increased its position in Construction Partners by 31.9% in the 2nd quarter. Driehaus Capital Management LLC now owns 569,440 shares of the company’s stock valued at $31,439,000 after buying an additional 137,572 shares in the last quarter. Finally, Conestoga Capital Advisors LLC raised its stake in Construction Partners by 3.0% during the 2nd quarter. Conestoga Capital Advisors LLC now owns 4,135,202 shares of the company’s stock worth $228,305,000 after buying an additional 120,155 shares during the period. Institutional investors and hedge funds own 94.83% 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.