Bank of America Corp DE Sells 24,291 Shares of Construction Partners, Inc. $ROAD

Key Points

• Bank of America reduced its Construction Partners stake by 3.9%, selling 24,291 shares and retaining 599,154 shares worth approximately $66.6 million. Institutional investors collectively own 94.83% of ROAD.
• Analyst sentiment remains positive but has softened: the stock has a consensus “Moderate Buy” rating and a $133.50 target price, despite several recent target cuts and downgrades to “hold.”
• Construction Partners exceeded quarterly expectations, reporting $1.08 in EPS versus the $1.01 estimate and $999.42 million in revenue, up 28.2% year over year.

Bank of America Corp DE cut its stake in Construction Partners, Inc. (NASDAQ:ROAD - Free Report) by 3.9% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 599,154 shares of the company's stock after selling 24,291 shares during the period. Bank of America Corp DE owned approximately 1.06% of Construction Partners worth $66,578,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also recently added to or reduced their stakes in ROAD. Janus Henderson Group PLC lifted its holdings in shares of Construction Partners by 11.5% in the first quarter. Janus Henderson Group PLC now owns 22,367 shares of the company's stock valued at $2,488,000 after purchasing an additional 2,300 shares in the last quarter. Amundi bought a new position in shares of Construction Partners during the 1st quarter worth approximately $392,000. California State Teachers Retirement System raised its holdings in shares of Construction Partners by 23.8% in the first quarter. California State Teachers Retirement System now owns 55,972 shares of the company's stock valued at $6,220,000 after purchasing an additional 10,759 shares during the last quarter. Empowered Funds LLC acquired a new stake in shares of Construction Partners in the first quarter valued at approximately $292,000. Finally, Engle Capital Management L.P. raised its holdings in shares of Construction Partners by 10.8% in the first quarter. Engle Capital Management L.P. now owns 205,000 shares of the company's stock valued at $22,780,000 after purchasing an additional 20,000 shares during the last quarter. Institutional investors own 94.83% of the company's stock.

Analyst Upgrades and Downgrades

Several brokerages recently commented on ROAD. Robert W. Baird reduced their target price on shares of Construction Partners from $145.00 to $141.00 and set an "outperform" rating for the company in a report on Monday. Raymond James Financial lowered their price target on shares of Construction Partners from $161.00 to $150.00 and set a "strong-buy" rating on the stock in a research note on Wednesday, July 15th. Truist Financial initiated coverage on shares of Construction Partners in a research report on Wednesday, June 3rd. They set a "hold" rating and a $130.00 price target on the stock. Weiss Ratings downgraded shares of Construction Partners from a "buy (b-)" rating to a "hold (c+)" rating in a research note on Tuesday, May 26th. Finally, Zacks Research cut Construction Partners from a "strong-buy" rating to a "hold" rating in a report on Thursday, July 16th. One equities 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. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $133.50.

Construction Partners Stock Performance

NASDAQ ROAD opened at $118.16 on Tuesday. The firm has a market capitalization of $6.68 billion, a P/E ratio of 46.34, a price-to-earnings-growth ratio of 1.01 and a beta of 0.90. The company has a current ratio of 1.57, a quick ratio of 1.26 and a debt-to-equity ratio of 1.68. The firm's fifty day moving average price is $109.65 and its two-hundred day moving average price is $116.61. Construction Partners, Inc. has a 1 year low of $93.42 and a 1 year high of $151.00.

Construction Partners (NASDAQ:ROAD - Get Free Report) last announced its quarterly earnings data on Friday, August 7th. The company reported $1.08 EPS for the quarter, beating analysts' consensus estimates of $1.01 by $0.07. The company had revenue of $999.42 million during the quarter, compared to the consensus estimate of $948.77 million. Construction Partners had a net margin of 4.10% and a return on equity of 16.06%. The company's quarterly revenue was up 28.2% on a year-over-year basis. During the same quarter last year, the firm posted $0.81 EPS. As a group, research analysts anticipate that Construction Partners, Inc. will post 2.91 EPS for the current year.

Construction Partners Company 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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