Arrowstreet Capital Limited Partnership Acquires Shares of 22,677 Construction Partners, Inc. $ROAD

Key Points

• Arrowstreet Capital acquired 22,677 shares of Construction Partners worth approximately $2.52 million, while institutional ownership reached 94.83% of outstanding shares.
• Analyst sentiment remains positive but has softened: the stock carries a consensus “Moderate Buy” rating with an average price target of $134.17, despite several recent target and rating downgrades.
• Construction Partners reported a quarterly earnings beat, with $0.18 in EPS versus a $0.05 loss estimate and revenue of $769.2 million, up 34.6% year over year. Shares opened at $106.71, below the consensus target.

Arrowstreet Capital Limited Partnership purchased a new stake in shares of Construction Partners, Inc. (NASDAQ:ROAD - Free Report) in the first quarter, according to its most recent disclosure with the SEC. The firm purchased 22,677 shares of the company's stock, valued at approximately $2,520,000.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Artemis Investment Management LLP increased its holdings in Construction Partners by 7.8% in the fourth quarter. Artemis Investment Management LLP now owns 708,617 shares of the company's stock valued at $76,920,000 after buying an additional 51,052 shares during the last quarter. Comerica Bank lifted its stake in Construction Partners by 30.1% in the fourth quarter. Comerica Bank now owns 255,975 shares of the company's stock valued at $27,786,000 after buying an additional 59,244 shares during the last quarter. Bank of New York Mellon Corp boosted its stake in Construction Partners by 3.2% during the 1st quarter. Bank of New York Mellon Corp now owns 579,757 shares of the company's stock valued at $64,423,000 after purchasing an additional 17,851 shares during the period. Allspring Global Investments Holdings LLC boosted its position in shares of Construction Partners by 19.3% during the first quarter. Allspring Global Investments Holdings LLC now owns 967,350 shares of the company's stock worth $109,214,000 after buying an additional 156,469 shares during the period. Finally, 49 Wealth Management LLC bought a new position in Construction Partners in the 4th quarter worth approximately $3,076,000. 94.83% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

ROAD has been the topic of several recent analyst reports. Robert W. Baird cut their target price on Construction Partners from $169.00 to $145.00 and set an "outperform" rating on the stock in a research note on Wednesday, July 1st. Raymond James Financial lowered their price target on Construction Partners from $161.00 to $150.00 and set a "strong-buy" rating on the stock in a report on Wednesday, July 15th. Weiss Ratings cut shares of Construction Partners from a "buy (b-)" rating to a "hold (c+)" rating in a research note on Tuesday, May 26th. Truist Financial assumed coverage on shares of Construction Partners in a report on Wednesday, June 3rd. They issued a "hold" rating and a $130.00 price objective for the company. Finally, Zacks Research lowered shares of Construction Partners from a "strong-buy" rating to a "hold" rating in a research report on Thursday, July 16th. One research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and four have given a Hold rating to the company's stock. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $134.17.

Construction Partners Stock Down 1.3%

Shares of ROAD stock opened at $106.71 on Wednesday. Construction Partners, Inc. has a 1 year low of $93.22 and a 1 year high of $151.00. The company has a debt-to-equity ratio of 1.75, a quick ratio of 1.21 and a current ratio of 1.53. The business's fifty day moving average is $110.14 and its 200-day moving average is $116.66. The stock has a market cap of $6.03 billion, a PE ratio of 46.80, a price-to-earnings-growth ratio of 0.91 and a beta of 0.89.

Construction Partners (NASDAQ:ROAD - Get Free Report) last announced its quarterly earnings data on Friday, May 8th. The company reported $0.18 earnings per share for the quarter, beating the consensus estimate of ($0.05) by $0.23. The business had revenue of $769.20 million during the quarter, compared to analyst estimates of $678.46 million. Construction Partners had a return on equity of 15.22% and a net margin of 3.90%.The company's revenue was up 34.6% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.08 earnings per share. Equities analysts expect that Construction Partners, Inc. will post 2.91 earnings per share for the current fiscal year.

Construction Partners Profile

Construction Partners, Inc NASDAQ: ROAD is a specialty contractor and infrastructure solutions provider focused on road building, paving, site development and aggregate production. The company delivers a comprehensive suite of civil construction services, including roadway paving and milling, site grading and preparation, stormwater and utility installation, and full-scale asphalt plant operations. By integrating materials production with contracting capabilities, the firm aims to streamline project delivery and maintain quality control across its contracting and materials businesses.

At the heart of Construction Partners' operations are its network of asphalt plants, quarries and aggregate production facilities.

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