Bank of New York Mellon Corp Invests $78.25 Million in Construction Partners, Inc. $ROAD

Bank of New York Mellon Corp bought a new position in shares of Construction Partners, Inc. (NASDAQ:ROAD - Free Report) in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund bought 658,818 shares of the company's stock, valued at approximately $78,248,000. Bank of New York Mellon Corp owned about 1.17% of Construction Partners as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Wasatch Advisors LP lifted its position in shares of Construction Partners by 20.6% during the 2nd quarter. Wasatch Advisors LP now owns 1,008,474 shares of the company's stock worth $119,776,000 after buying an additional 172,034 shares during the last quarter. Handelsbanken Fonder AB grew its position in shares of Construction Partners by 9.5% in the 2nd quarter. Handelsbanken Fonder AB now owns 16,100 shares of the company's stock valued at $1,912,000 after buying an additional 1,400 shares during the last quarter. Revolve Wealth Partners LLC acquired a new stake in Construction Partners during the 2nd quarter worth $302,000. Thurston Springer Miller Herd & Titak Inc. raised its stake in Construction Partners by 30.7% during the 2nd quarter. Thurston Springer Miller Herd & Titak Inc. now owns 3,391 shares of the company's stock worth $403,000 after acquiring an additional 797 shares in the last quarter. Finally, GAMMA Investing LLC lifted its position in Construction Partners by 29.5% in the second quarter. GAMMA Investing LLC now owns 3,824 shares of the company's stock valued at $454,000 after acquiring an additional 872 shares during the last quarter. 94.83% of the stock is owned by institutional investors and hedge funds.

Construction Partners Stock Up 1.1%

Shares of NASDAQ:ROAD opened at $109.69 on Wednesday. Construction Partners, Inc. has a 1-year low of $93.42 and a 1-year high of $151.00. The company has a debt-to-equity ratio of 1.68, a current ratio of 1.57 and a quick ratio of 1.26. The stock has a market cap of $6.23 billion, a P/E ratio of 43.02, a P/E/G ratio of 1.01 and a beta of 0.89. The firm has a fifty day moving average price of $110.62 and a 200 day moving average price of $116.84.

Construction Partners (NASDAQ:ROAD - Get Free Report) last posted 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. Construction Partners had a net margin of 4.10% and a return on equity of 16.06%. The company had revenue of $999.42 million for the quarter, compared to analyst estimates of $948.77 million. During the same period in the previous year, the business posted $0.81 earnings per share. Construction Partners's quarterly revenue was up 28.2% on a year-over-year basis. Sell-side analysts predict that Construction Partners, Inc. will post 3.02 EPS for the current year.

Wall Street Analysts Forecast Growth

ROAD has been the subject of several research analyst reports. Zacks Research downgraded shares of Construction Partners from a "strong-buy" rating to a "hold" rating in a research note on Thursday, July 16th. Raymond James Financial cut their target price on Construction Partners from $161.00 to $150.00 and set a "strong-buy" rating on the stock in a research report on Wednesday, July 15th. Robert W. Baird reduced their target price on Construction Partners from $145.00 to $141.00 and set an "outperform" rating for the company in a report on Monday, August 10th. Truist Financial assumed coverage on Construction Partners in a research report on Wednesday, June 3rd. They issued a "hold" rating and a $130.00 target price for the company. Finally, Weiss Ratings upgraded Construction Partners from a "hold (c+)" rating to a "buy (b-)" rating in a research note on Tuesday, August 11th. One investment analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and three have assigned a Hold rating to the stock. According to MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $133.50.

About Construction Partners

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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