Construction Partners (NASDAQ:ROAD) Stock Rating Cut to Strong Sell at Zacks Research

Key Points

• Zacks Research downgraded Construction Partners to “strong sell” from “hold.”
• Analyst opinions remain mixed: MarketBeat’s consensus is “Moderate Buy” with a $116.83 target, though B. Riley and Truist recently lowered their targets to $100 and $90, respectively.
• The stock opened at $84.03, well below its 12-month high of $151; its 50-day and 200-day moving averages were $90.43 and $109.91.

Construction Partners (NASDAQ:ROAD - Get Free Report) was downgraded by Zacks Research from a "hold" rating to a "strong sell" rating in a report issued on Tuesday, Zacks reports.

A number of other equities analysts have also commented on the company. B. Riley Financial cut their price target on Construction Partners from $135.00 to $100.00 and set a "buy" rating for the company in a report on Monday. Raymond James Financial restated a "strong-buy" rating and issued a $125.00 price objective on shares of Construction Partners in a research report on Friday, November 6th. Weiss Ratings cut Construction Partners from a "buy (b-)" rating to a "hold (c+)" rating in a research report on Thursday, September 17th. Truist Financial dropped their price target on Construction Partners from $130.00 to $90.00 and set a "hold" rating for the company in a research note on Friday, November 6th. Finally, Robert W. Baird decreased their price objective on Construction Partners from $145.00 to $141.00 and set an "outperform" rating on the stock in a report on Monday, August 10th. One research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $116.83.

Construction Partners Price Performance

Construction Partners stock opened at $84.03 on Tuesday. Construction Partners has a 12 month low of $74.51 and a 12 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. The business's 50 day simple moving average is $90.43 and its 200 day simple moving average is $109.91. The company has a market cap of $4.77 billion, a price-to-earnings ratio of 32.95, a PEG ratio of 0.68 and a beta of 0.94.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the business. State of Alaska Department of Revenue grew its position in shares of Construction Partners by 95.2% in the 3rd quarter. State of Alaska Department of Revenue now owns 16,137 shares of the company's stock worth $1,452,000 after buying an additional 7,872 shares during the last quarter. Bank of New York Mellon Corp increased its stake in shares of Construction Partners by 3.2% during the first quarter. Bank of New York Mellon Corp now owns 579,757 shares of the company's stock valued at $64,423,000 after buying an additional 17,851 shares during the period. Wasatch Advisors LP raised its holdings in shares of Construction Partners by 20.6% during the second quarter. Wasatch Advisors LP now owns 1,008,474 shares of the company's stock valued at $119,776,000 after acquiring an additional 172,034 shares in the last quarter. Dimensional Fund Advisors LP raised its holdings in shares of Construction Partners by 11.1% during the first quarter. Dimensional Fund Advisors LP now owns 587,477 shares of the company's stock valued at $65,271,000 after acquiring an additional 58,908 shares in the last quarter. Finally, PVG Asset Management Corp raised its holdings in shares of Construction Partners by 510.4% during the first quarter. PVG Asset Management Corp now owns 14,614 shares of the company's stock valued at $1,758,000 after acquiring an additional 12,220 shares in the last quarter. Hedge funds and other institutional investors 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.

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