Fred Alger Management LLC Has $28.70 Million Position in Construction Partners, Inc. (NASDAQ:ROAD)

Fred Alger Management LLC raised its stake in shares of Construction Partners, Inc. (NASDAQ:ROAD - Free Report) by 36.9% during the 4th quarter, according to the company in its most recent filing with the SEC. The firm owned 324,384 shares of the company's stock after purchasing an additional 87,487 shares during the quarter. Fred Alger Management LLC owned 0.58% of Construction Partners worth $28,695,000 as of its most recent filing with the SEC.

Other large investors have also made changes to their positions in the company. Vanguard Group Inc. raised 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 valued at $308,935,000 after buying an additional 1,046,617 shares in the last quarter. Invesco Ltd. grew 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 valued at $132,147,000 after purchasing an additional 642,987 shares during the period. FMR LLC raised its holdings 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 buying an additional 565,583 shares in the last quarter. Raymond James Financial Inc. bought a new position in shares of Construction Partners during the 4th quarter worth approximately $42,527,000. Finally, Allspring Global Investments Holdings LLC boosted its stake in Construction Partners by 197.0% in the 4th quarter. Allspring Global Investments Holdings LLC now owns 616,032 shares of the company's stock valued at $54,104,000 after buying an additional 408,610 shares in the last quarter. Institutional investors and hedge funds own 94.83% of the company's stock.

Analysts Set New Price Targets

Several brokerages recently issued reports on ROAD. DA Davidson reissued a "neutral" rating and set a $95.00 price target on shares of Construction Partners in a report on Thursday, January 30th. Robert W. Baird lifted their target price on shares of Construction Partners from $100.00 to $102.00 and gave the company a "neutral" rating in a research note on Monday, February 10th. Finally, Raymond James decreased their price target on Construction Partners from $104.00 to $100.00 and set a "strong-buy" rating on the stock in a research report on Tuesday, April 29th.

Insider Buying and Selling

In other Construction Partners news, CEO Fred Julius Smith III bought 9,333 shares of Construction Partners 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 acquisition, the chief executive officer now owns 9,333 shares of the company's stock, valued at $689,055.39. This trade represents a ∞ increase in their position. The purchase was disclosed in a legal filing with the SEC, 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 shares were 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 in the company, valued at $11,767,689.87. The trade was a 3.63 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 16.36% of the stock is currently owned by company insiders.

Construction Partners Trading Up 3.5 %

Shares of NASDAQ:ROAD traded up $3.28 during mid-day trading on Friday, reaching $95.75. The stock had a trading volume of 549,649 shares, compared to its average volume of 440,619. The firm has a market cap of $5.35 billion, a PE ratio of 89.49, a price-to-earnings-growth ratio of 0.99 and a beta of 0.87. The firm has a 50 day simple moving average of $77.05 and a two-hundred day simple moving average of $83.77. 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 $103.69.

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

Construction Partners Company Profile

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.