Conestoga Capital Advisors LLC Sells 227,254 Shares of Construction Partners, Inc. $ROAD

Key Points

• Conestoga Capital Advisors cut its Construction Partners stake by 16.7%, selling 227,254 shares in the third quarter. It retained 1.13 million shares, worth about $101.9 million.
• Construction Partners reported quarterly revenue of $999.4 million, up 28.2% year over year, and EPS of $1.08, beating analyst estimates for both revenue and earnings.
• Analysts have a Moderate Buy consensus rating and a $132.67 average price target; the stock opened at $99.24, well below its 12-month high of $151.

Conestoga Capital Advisors LLC decreased its holdings in Construction Partners, Inc. (NASDAQ:ROAD - Free Report) by 16.7% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,131,708 shares of the company's stock after selling 227,254 shares during the quarter. Construction Partners comprises 3.1% of Conestoga Capital Advisors LLC's investment portfolio, making the stock its 10th largest holding. Conestoga Capital Advisors LLC owned 1.99% of Construction Partners worth $101,888,000 as of its most recent SEC filing.

Other large investors have also recently bought and sold shares of the company. First Trust Advisors LP lifted its position in Construction Partners by 29.6% during the 1st quarter. First Trust Advisors LP now owns 1,030,378 shares of the company's stock worth $114,496,000 after acquiring an additional 235,616 shares during the period. Wasatch Advisors LP increased its holdings in shares of Construction Partners by 20.6% in the second quarter. Wasatch Advisors LP now owns 1,008,474 shares of the company's stock valued at $119,776,000 after purchasing an additional 172,034 shares during the period. Allspring Global Investments Holdings LLC increased its holdings in shares of Construction Partners by 19.3% in the first quarter. Allspring Global Investments Holdings LLC now owns 967,350 shares of the company's stock valued at $109,214,000 after purchasing an additional 156,469 shares during the period. Bank of New York Mellon Corp purchased a new stake in shares of Construction Partners during the second quarter worth approximately $78,248,000. Finally, Dimensional Fund Advisors LP raised its stake in shares of Construction Partners by 11.1% during the first quarter. Dimensional Fund Advisors LP now owns 587,477 shares of the company's stock worth $65,271,000 after purchasing an additional 58,908 shares during the last quarter. Institutional investors and hedge funds own 94.83% of the company's stock.

Construction Partners Stock Performance

NASDAQ:ROAD opened at $99.24 on Thursday. 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 company has a market capitalization of $5.63 billion, a P/E ratio of 38.92, a price-to-earnings-growth ratio of 0.72 and a beta of 0.94. The firm has a 50-day moving average price of $93.24 and a two-hundred day moving average price of $110.68. Construction Partners, Inc. has a twelve month low of $79.33 and a twelve month high of $151.00.

Construction Partners (NASDAQ:ROAD - Get Free Report) last posted its earnings results on Friday, August 7th. The company reported $1.08 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.01 by $0.07. Construction Partners had a return on equity of 16.06% and a net margin of 4.10%. The firm had revenue of $999.42 million for the quarter, compared to analyst estimates of $948.77 million. During the same quarter in the prior year, the company earned $0.81 EPS. Construction Partners's revenue was up 28.2% on a year-over-year basis. As a group, research analysts expect that Construction Partners, Inc. will post 3.04 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

ROAD has been the topic of several recent research reports. Robert W. Baird dropped their price objective on shares of Construction Partners from $145.00 to $141.00 and set an "outperform" rating on the stock in a research note on Monday, August 10th. Weiss Ratings cut shares of Construction Partners from a "buy (b-)" rating to a "hold (c+)" rating in a research note on Thursday, September 17th. Raymond James Financial lowered their target price on shares of Construction Partners from $150.00 to $145.00 and set a "strong-buy" rating on the stock in a report on Friday, October 16th. Finally, Zacks Research cut shares of Construction Partners from a "strong-buy" rating to a "hold" rating in a report on Thursday, July 16th. One analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and four have assigned a Hold rating to the company's stock. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $132.67.

Construction Partners Profile

Construction Partners, Inc NASDAQ: ROAD is a civil infrastructure company that builds and maintains transportation and other public infrastructure in the United States. The company primarily serves public-sector customers, including state and local governments, as well as private-sector customers involved in residential, commercial and industrial development.

Its services include asphalt production and paving, roadway construction, milling, maintenance and repair, site development, utility installation and related infrastructure work.

Want to see what other hedge funds are holding ROAD? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Construction Partners, Inc. (NASDAQ:ROAD - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.