B. Riley Financial Issues Pessimistic Forecast for Construction Partners (NASDAQ:ROAD) Stock Price

Key Points

• B. Riley cut its price target on Construction Partners from $135 to $100 but maintained a Buy rating, implying 22.23% upside from the stock’s current price.
• Analyst views are mixed: the consensus rating is Moderate Buy with an average target of $116.83, while Truist lowered its target to $90 and assigned a Hold rating.
• Construction Partners beat quarterly estimates, reporting EPS of $1.08 versus $1.01 expected and revenue up 28.2% year over year; shares rose 6% to $81.81 in Monday trading.

Construction Partners (NASDAQ:ROAD - Get Free Report) had its price objective dropped by equities research analysts at B. Riley Financial from $135.00 to $100.00 in a report released on Monday, Benzinga reports. The firm currently has a "buy" rating on the stock. B. Riley Financial's target price suggests a potential upside of 22.23% from the company's current price.

A number of other equities research analysts have also weighed in on ROAD. Truist Financial reduced their price objective on shares of Construction Partners from $130.00 to $90.00 and set a "hold" rating on the stock in a report on Friday. Raymond James Financial reiterated a "strong-buy" rating and set a $125.00 target price on shares of Construction Partners in a research note on Friday. Zacks Research lowered Construction Partners from a "strong-buy" rating to a "hold" rating in a report on Thursday, July 16th. Robert W. Baird cut their price target on Construction Partners from $145.00 to $141.00 and set an "outperform" rating on the stock in a research note on Monday, August 10th. Finally, Weiss Ratings cut Construction Partners from a "buy (b-)" rating to a "hold (c+)" rating in a research note on Thursday, September 17th. One equities research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and four have given a Hold rating to the company. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $116.83.

Construction Partners Stock Up 6.0%

NASDAQ:ROAD traded up $4.63 during mid-day trading on Monday, hitting $81.81. The stock had a trading volume of 86,035 shares, compared to its average volume of 678,362. The stock has a 50-day simple moving average of $91.75 and a two-hundred day simple moving average of $110.34. The company has a market capitalization of $4.64 billion, a PE ratio of 32.23, a PEG ratio of 0.58 and a beta of 0.94. Construction Partners has a twelve month low of $74.51 and a twelve month high of $151.00. The company has a current ratio of 1.57, a quick ratio of 1.26 and a debt-to-equity ratio of 1.68.

Construction Partners (NASDAQ:ROAD - Get Free Report) last issued its quarterly earnings results on Friday, August 7th. The company reported $1.08 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.01 by $0.07. Construction Partners had a net margin of 4.10% and a return on equity of 16.06%. The company had revenue of $999.42 million during the quarter, compared to the consensus estimate of $948.77 million. During the same quarter in the previous year, the firm earned $0.81 earnings per share. The firm's quarterly revenue was up 28.2% on a year-over-year basis. On average, equities research analysts anticipate that Construction Partners will post 2.93 EPS for the current year.

Institutional Trading of Construction Partners

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in ROAD. Russell Investments Group Ltd. boosted its holdings in shares of Construction Partners by 7.6% in the third quarter. Russell Investments Group Ltd. now owns 96,723 shares of the company's stock valued at $8,708,000 after acquiring an additional 6,850 shares during the period. Fifth Third Bancorp grew its position in shares of Construction Partners by 8.1% during the third quarter. Fifth Third Bancorp now owns 218,441 shares of the company's stock worth $19,666,000 after acquiring an additional 16,402 shares during the last quarter. Maryland State Retirement & Pension System acquired a new position in shares of Construction Partners in the 3rd quarter valued at $968,000. Van Berkom & Associates Inc. increased its holdings in shares of Construction Partners by 45.5% in the 3rd quarter. Van Berkom & Associates Inc. now owns 606,302 shares of the company's stock valued at $54,585,000 after acquiring an additional 189,576 shares during the period. Finally, Summit Creek Advisors LLC increased its holdings in shares of Construction Partners by 6.7% in the 3rd quarter. Summit Creek Advisors LLC now owns 74,831 shares of the company's stock valued at $6,737,000 after acquiring an additional 4,701 shares during the period. Institutional investors and hedge funds own 94.83% of the company's stock.

About Construction Partners

Construction Partners, Inc is a civil infrastructure company that builds and maintains roads, highways, and other transportation-related projects. Its services include roadway paving, site development, milling and resurfacing, and related construction work for public and private customers.

The company also produces and supplies materials used in its projects, including hot-mix asphalt and aggregates. Its vertically integrated operations combine construction services with materials production and distribution.

Founded in 2007 and headquartered in Dothan, Alabama, Construction Partners operates across the southeastern United States and in Texas.

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