Construction Partners (NASDAQ:ROAD) Stock Price Down 5% - Here's What Happened

Construction Partners, Inc. (NASDAQ:ROAD - Get Free Report) traded down 5% on Tuesday . The company traded as low as $103.37 and last traded at $101.81. 50,919 shares traded hands during mid-day trading, a decline of 89% from the average session volume of 468,112 shares. The stock had previously closed at $107.16.

Wall Street Analyst Weigh In

Separately, Raymond James Financial 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.

Construction Partners Stock Performance

The stock's 50 day moving average price is $101.87 and its 200 day moving average price is $87.21. The company has a current ratio of 1.42, a quick ratio of 1.13 and a debt-to-equity ratio of 1.63. The company has a market capitalization of $5.75 billion, a price-to-earnings ratio of 87.64, a P/E/G ratio of 1.34 and a beta of 0.96.

Construction Partners (NASDAQ:ROAD - Get Free Report) last posted its quarterly earnings data on Friday, May 9th. The company reported $0.08 EPS for the quarter, topping analysts' consensus estimates of ($0.04) by $0.12. Construction Partners had a net margin of 2.80% and a return on equity of 11.49%. The company had revenue of $571.65 million during the quarter, compared to the consensus estimate of $559.61 million. During the same period in the prior year, the business posted ($0.02) EPS. The company's quarterly revenue was up 53.9% on a year-over-year basis. Analysts expect that Construction Partners, Inc. will post 1.96 earnings per share for the current year.

Insider Transactions at Construction Partners

In other news, SVP John L. Harper sold 6,000 shares of the company's stock in a transaction dated Monday, April 14th. The shares were sold at an average price of $73.83, for a total value of $442,980.00. Following the sale, the senior vice president directly owned 159,389 shares of the company's stock, valued at approximately $11,767,689.87. This represents a 3.63% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Fred Julius Smith III bought 9,333 shares of the company's stock in a transaction dated Monday, April 14th. The stock was purchased at an average cost of $73.83 per share, for a total transaction of $689,055.39. Following the completion of the acquisition, the chief executive officer owned 9,333 shares in the company, valued at $689,055.39. This trade represents a ∞ increase in their position. The disclosure for this purchase can be found here. Corporate insiders own 16.36% of the company's stock.

Institutional Investors Weigh In On Construction Partners

A number of institutional investors and hedge funds have recently modified their holdings of ROAD. Charles Schwab Investment Management Inc. raised its holdings in shares of Construction Partners by 2.2% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 463,000 shares of the company's stock valued at $40,957,000 after purchasing an additional 9,788 shares during the period. Proficio Capital Partners LLC bought a new position in Construction Partners in the 4th quarter valued at about $1,596,000. Raymond James Financial Inc. bought a new position in Construction Partners in the 4th quarter valued at about $42,527,000. PNC Financial Services Group Inc. raised its holdings in Construction Partners by 39.7% in the 4th quarter. PNC Financial Services Group Inc. now owns 3,826 shares of the company's stock valued at $338,000 after acquiring an additional 1,088 shares during the period. Finally, AlphaQuest LLC bought a new position in Construction Partners in the 4th quarter valued at about $138,000. 94.83% of the stock is owned by institutional investors.

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.