Construction Partners (NASDAQ:ROAD) Raised to "Strong-Buy" at Baird R W

Key Points

• Construction Partners was upgraded from a "hold" to a "strong-buy" rating by analysts at Baird R W, suggesting increased confidence in the company's future performance.
• The stock is currently trading at approximately $112.22 and has seen a significant 7.3% increase recently, reflecting positive market sentiment.
• Institutional investors hold a remarkable 94.83% of Construction Partners' shares, indicating strong institutional support for the stock.

Construction Partners (NASDAQ:ROAD - Get Free Report) was upgraded by investment analysts at Baird R W from a "hold" rating to a "strong-buy" rating in a research note issued on Friday,Zacks.com reports.

ROAD has been the topic of a number of other reports. Raymond James Financial reissued a "strong-buy" rating on shares of Construction Partners in a research report on Friday. Robert W. Baird set a $122.00 target price on shares of Construction Partners and gave the company an "outperform" rating in a research note on Friday. One equities research analyst has rated the stock with a hold rating, two have assigned a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat.com, Construction Partners currently has a consensus rating of "Buy" and an average price target of $101.00.

Construction Partners Trading Up 3.6%

Shares of ROAD traded up $4.10 during mid-day trading on Friday, hitting $117.66. The company had a trading volume of 627,173 shares, compared to its average volume of 558,514. The business's 50-day simple moving average is $104.73 and its 200-day simple moving average is $89.64. The company has a quick ratio of 1.13, a current ratio of 1.42 and a debt-to-equity ratio of 1.63. Construction Partners has a 1-year low of $56.52 and a 1-year high of $119.20. The stock has a market cap of $6.59 billion, a PE ratio of 85.88, a P/E/G ratio of 1.46 and a beta of 1.00.

Construction Partners (NASDAQ:ROAD - Get Free Report) last released its earnings results on Thursday, August 7th. The company reported $0.81 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.87 by ($0.06). The company had revenue of $779.28 million during the quarter, compared to analyst estimates of $810.47 million. Construction Partners had a return on equity of 12.75% and a net margin of 3.04%. Construction Partners's revenue was up 50.5% on a year-over-year basis. During the same period in the prior year, the business posted $0.59 earnings per share. Sell-side analysts forecast that Construction Partners will post 1.96 earnings per share for the current year.

Institutional Investors Weigh In On Construction Partners

Institutional investors have recently bought and sold shares of the stock. Vanguard Group Inc. lifted its holdings in Construction Partners by 5.0% in the 1st quarter. Vanguard Group Inc. now owns 3,666,331 shares of the company's stock valued at $263,499,000 after acquiring an additional 173,963 shares during the last quarter. Kayne Anderson Rudnick Investment Management LLC raised its holdings in Construction Partners by 0.5% during the 1st quarter. Kayne Anderson Rudnick Investment Management LLC now owns 2,592,079 shares of the company's stock worth $186,293,000 after buying an additional 12,808 shares during the period. FMR LLC raised its holdings in Construction Partners by 32.1% during 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 during the period. Invesco Ltd. increased its holdings 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. Finally, Geode Capital Management LLC increased its holdings in shares of Construction Partners by 1.6% in the 2nd quarter. Geode Capital Management LLC now owns 1,153,123 shares of the company's stock valued at $122,568,000 after purchasing an additional 18,229 shares during the period. Institutional investors and hedge funds own 94.83% 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.