Construction Partners, Inc. (NASDAQ:ROAD) Position Increased by Bank of America Corp DE

Bank of America Corp DE increased its holdings in shares of Construction Partners, Inc. (NASDAQ:ROAD - Free Report) by 2.6% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 1,119,051 shares of the company's stock after purchasing an additional 28,723 shares during the period. Bank of America Corp DE owned 2.00% of Construction Partners worth $98,991,000 as of its most recent SEC filing.

A number of other large investors have also recently bought and sold shares of ROAD. Vanguard Group Inc. lifted its stake in shares of Construction Partners by 42.8% in the 4th quarter. Vanguard Group Inc. now owns 3,492,368 shares of the company's stock worth $308,935,000 after acquiring an additional 1,046,617 shares during the period. FMR LLC lifted its stake in shares of Construction Partners by 32.1% in the 4th quarter. FMR LLC now owns 2,329,801 shares of the company's stock worth $206,094,000 after acquiring an additional 565,583 shares during the period. Invesco Ltd. lifted its stake in shares of Construction Partners by 75.6% in the 4th quarter. Invesco Ltd. now owns 1,493,866 shares of the company's stock worth $132,147,000 after acquiring an additional 642,987 shares during the period. Geode Capital Management LLC lifted its stake in shares of Construction Partners by 3.0% in the 4th quarter. Geode Capital Management LLC now owns 1,058,054 shares of the company's stock worth $93,617,000 after acquiring an additional 30,362 shares during the period. Finally, First Trust Advisors LP lifted its stake in shares of Construction Partners by 44.9% in the 4th quarter. First Trust Advisors LP now owns 839,873 shares of the company's stock worth $74,295,000 after acquiring an additional 260,148 shares during the period. Institutional investors and hedge funds own 94.83% of the company's stock.

Construction Partners Trading Down 3.1%

Shares of Construction Partners stock traded down $3.17 during mid-day trading on Wednesday, hitting $100.19. 827,897 shares of the stock were exchanged, compared to its average volume of 445,239. The company has a 50-day simple moving average of $78.37 and a 200 day simple moving average of $84.06. The company has a current ratio of 1.54, a quick ratio of 1.23 and a debt-to-equity ratio of 1.46. Construction Partners, Inc. has a twelve month low of $51.63 and a twelve month high of $104.53. The stock has a market capitalization of $5.60 billion, a price-to-earnings ratio of 93.64, a price-to-earnings-growth ratio of 0.99 and a beta of 0.87.

Construction Partners (NASDAQ:ROAD - Get Free Report) last announced its quarterly earnings results on Friday, May 9th. The company reported $0.08 earnings per share for the quarter, beating analysts' consensus estimates of ($0.04) by $0.12. The firm had revenue of $571.65 million for the quarter, compared to analysts' expectations of $559.61 million. Construction Partners had a net margin of 2.82% and a return on equity of 11.94%. Construction Partners's revenue was up 53.9% compared to the same quarter last year. During the same period in the previous year, the company posted ($0.02) earnings per share. Research analysts forecast that Construction Partners, Inc. will post 1.96 EPS for the current year.

Wall Street Analysts Forecast Growth

ROAD has been the subject of several recent analyst reports. Raymond James reduced their target price on shares of Construction Partners from $104.00 to $100.00 and set a "strong-buy" rating for the company in a research note on Tuesday, April 29th. DA Davidson reiterated a "neutral" rating and issued a $95.00 price target on shares of Construction Partners in a report on Thursday, January 30th. Finally, Robert W. Baird increased their price target on shares of Construction Partners from $100.00 to $102.00 and gave the company a "neutral" rating in a report on Monday, February 10th.

Insider Buying and Selling

In related news, CEO Fred Julius Smith III purchased 9,333 shares of the company's stock in a transaction that occurred on Monday, April 14th. The stock was acquired at an average price of $73.83 per share, for a total transaction of $689,055.39. Following the completion of the purchase, the chief executive officer now owns 9,333 shares in the company, valued at approximately $689,055.39. This represents a ∞ increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP John L. Harper sold 6,000 shares of Construction Partners stock in a transaction on Monday, April 14th. The stock was sold at an average price of $73.83, for a total transaction of $442,980.00. Following the completion of the sale, the senior vice president now owns 159,389 shares of the company's stock, valued at approximately $11,767,689.87. This trade represents a 3.63% decrease in their position. The disclosure for this sale can be found here. Insiders own 16.36% 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.