Alliancebernstein L.P. Reduces Holdings in 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. reduced its position in shares of Construction Partners, Inc. (NASDAQ:ROAD - Free Report) by 5.0% during the 1st quarter, according to its most recent 13F filing with the Securities & 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 about 2.17% of Construction Partners worth $87,319,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also made changes to their positions in the company. AQR Capital Management LLC grew its position in shares of Construction Partners by 14.4% during the 1st quarter. AQR Capital Management LLC now owns 10,333 shares of the company's stock worth $743,000 after buying an additional 1,302 shares in the last quarter. Advisors Asset Management Inc. lifted its stake in Construction Partners by 2.9% in the first quarter. Advisors Asset Management Inc. now owns 74,690 shares of the company's stock worth $5,368,000 after acquiring an additional 2,135 shares during the period. PDT Partners LLC bought a new position in Construction Partners during the 1st quarter worth about $1,452,000. Alamea Verwaltungs GmbH purchased a new position in Construction Partners during the 1st quarter valued at about $316,000. Finally, Driehaus Capital Management LLC increased its position in Construction Partners by 10.3% during the 1st quarter. Driehaus Capital Management LLC now owns 828,846 shares of the company's stock valued at $59,569,000 after purchasing an additional 77,641 shares during the period. 94.83% of the stock is currently owned by hedge funds and other institutional investors.

Construction Partners Stock Up 0.8%

Shares of NASDAQ ROAD traded up $1.05 during trading hours on Thursday, hitting $124.91. 395,635 shares of the stock were exchanged, compared to its average volume of 470,692. Construction Partners, Inc. has a 12 month low of $61.31 and a 12 month high of $125.68. The firm has a fifty day moving average price of $110.68 and a 200-day moving average price of $95.68. The company has a quick ratio of 1.20, a current ratio of 1.47 and a debt-to-equity ratio of 1.63. The company has a market cap of $7.01 billion, a PE ratio of 91.18, a PEG ratio of 1.63 and a beta of 0.99.

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

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on ROAD shares. Raymond James Financial reaffirmed a "strong-buy" rating on shares of Construction Partners in a research report on Friday, August 8th. Baird R W upgraded Construction Partners from a "hold" rating to a "strong-buy" rating in a report on Friday, August 8th. Finally, Robert W. Baird set a $122.00 target price on Construction Partners and gave the company an "outperform" 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.com, Construction Partners currently has a consensus rating of "Buy" and a consensus target price of $112.33.

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.