Alliancebernstein L.P. Sells 63,781 Shares of Construction Partners, Inc. $ROAD

Key Points

• Alliancebernstein L.P. reduced its stake in Construction Partners, Inc. by 5.0%, selling 63,781 shares, and now owns approximately 2.17% of the company valued at $87,319,000.
• Analysts have set a new average price target of $112.33 for Construction Partners, with most ratings being "Buy" or "Strong Buy".
• Despite reporting an EPS of $0.81 that missed estimates, the company's revenue rose 50.5% year-over-year, reaching $779.28 million for the quarter.

Alliancebernstein L.P. cut its stake in shares of Construction Partners, Inc. (NASDAQ:ROAD - Free Report) by 5.0% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 1,214,952 shares of the company's stock after selling 63,781 shares during the quarter. Alliancebernstein L.P. owned approximately 2.17% of Construction Partners worth $87,319,000 at the end of the most recent reporting period.

Other hedge funds also recently made changes to their positions in the company. Teacher Retirement System of Texas bought a new position in shares of Construction Partners during the 1st quarter valued at approximately $491,000. Asset Management One Co. Ltd. grew its holdings in Construction Partners by 15.5% during the 1st quarter. Asset Management One Co. Ltd. now owns 76,119 shares of the company's stock valued at $5,471,000 after buying an additional 10,226 shares in the last quarter. Tyro Capital Management LLC raised its position in shares of Construction Partners by 20.1% during the fourth quarter. Tyro Capital Management LLC now owns 242,309 shares of the company's stock valued at $21,435,000 after buying an additional 40,608 shares during the last quarter. LPL Financial LLC lifted its holdings in shares of Construction Partners by 16.3% in the first quarter. LPL Financial LLC now owns 45,371 shares of the company's stock worth $3,261,000 after buying an additional 6,365 shares in the last quarter. Finally, Swiss National Bank boosted its position in shares of Construction Partners by 5.7% during the first quarter. Swiss National Bank now owns 91,000 shares of the company's stock worth $6,540,000 after acquiring an additional 4,900 shares during the last quarter. 94.83% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of brokerages recently weighed in on ROAD. Robert W. Baird set a $122.00 target price on shares of Construction Partners and gave the stock an "outperform" rating in a research report on Friday, August 8th. Raymond James Financial restated a "strong-buy" rating on shares of Construction Partners in a research report on Friday, August 8th. Finally, Baird R W upgraded shares of Construction Partners from a "hold" rating to a "strong-buy" rating in a research report on Friday, August 8th. Two research analysts have rated the stock with a Strong Buy rating, one has given a Buy rating and one has assigned a Hold rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of "Buy" and an average price target of $112.33.

Construction Partners Stock Up 0.8%

NASDAQ ROAD opened at $122.46 on Friday. The company has a debt-to-equity ratio of 1.63, a quick ratio of 1.20 and a current ratio of 1.47. The company has a market capitalization of $6.87 billion, a P/E ratio of 89.39, a P/E/G ratio of 1.56 and a beta of 0.99. Construction Partners, Inc. has a one year low of $56.56 and a one year high of $124.12. The stock has a 50 day moving average price of $109.22 and a 200-day moving average price of $94.35.

Construction Partners (NASDAQ:ROAD - Get Free Report) last posted its earnings results on Thursday, August 7th. The company reported $0.81 EPS for the quarter, missing analysts' consensus estimates of $0.87 by ($0.06). The firm had revenue of $779.28 million for the quarter, compared to the consensus estimate of $810.47 million. Construction Partners had a net margin of 3.04% and a return on equity of 12.24%. The firm's revenue was up 50.5% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.59 earnings per share. Construction Partners has set its FY 2025 guidance at EPS. As a group, equities analysts predict that Construction Partners, Inc. will post 1.96 EPS for the current fiscal year.

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.

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