Victory Capital Management Inc. Sells 8,383 Shares of Construction Partners, Inc. (NASDAQ:ROAD)

Key Points

• Victory Capital Management Inc. reduced its stake in Construction Partners, Inc. by 43.2%, now holding 11,044 shares worth approximately $794,000.
• Construction Partners reported a 53.9% year-over-year revenue increase, with quarterly earnings of $0.08 EPS, surpassing expectations of a loss.
• Analysts have adjusted the price target for Construction Partners from $104.00 to $100.00 while maintaining a "strong-buy" rating.

Victory Capital Management Inc. decreased its position in shares of Construction Partners, Inc. (NASDAQ:ROAD - Free Report) by 43.2% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 11,044 shares of the company's stock after selling 8,383 shares during the quarter. Victory Capital Management Inc.'s holdings in Construction Partners were worth $794,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors also recently modified their holdings of ROAD. LPL Financial LLC boosted its position in shares of Construction Partners by 42.5% during the fourth quarter. LPL Financial LLC now owns 39,006 shares of the company's stock valued at $3,450,000 after buying an additional 11,625 shares during the last quarter. Vanguard Group Inc. boosted its position in shares of Construction Partners by 42.8% during the fourth quarter. Vanguard Group Inc. now owns 3,492,368 shares of the company's stock valued at $308,935,000 after buying an additional 1,046,617 shares during the last quarter. Pictet Asset Management Holding SA boosted its position in shares of Construction Partners by 21.1% during the fourth quarter. Pictet Asset Management Holding SA now owns 6,094 shares of the company's stock valued at $539,000 after buying an additional 1,063 shares during the last quarter. Arrowstreet Capital Limited Partnership boosted its position in Construction Partners by 123.8% in the fourth quarter. Arrowstreet Capital Limited Partnership now owns 7,604 shares of the company's stock worth $673,000 after purchasing an additional 4,207 shares during the last quarter. Finally, Franklin Resources Inc. boosted its position in Construction Partners by 6,332.5% in the fourth quarter. Franklin Resources Inc. now owns 235,880 shares of the company's stock worth $20,866,000 after purchasing an additional 232,213 shares during the last quarter. 94.83% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Separately, Raymond James Financial dropped their target price on Construction Partners from $104.00 to $100.00 and set a "strong-buy" rating on the stock in a research report on Tuesday, April 29th.

Construction Partners Stock Performance

Shares of NASDAQ ROAD traded down $0.20 during trading on Monday, hitting $94.76. The company had a trading volume of 529,696 shares, compared to its average volume of 549,300. The stock has a 50 day simple moving average of $104.95 and a 200 day simple moving average of $89.06. The company has a debt-to-equity ratio of 1.63, a quick ratio of 1.13 and a current ratio of 1.42. Construction Partners, Inc. has a 12 month low of $51.63 and a 12 month high of $114.74. The firm has a market capitalization of $5.31 billion, a P/E ratio of 80.99, a price-to-earnings-growth ratio of 1.18 and a beta of 1.00.

Construction Partners (NASDAQ:ROAD - Get Free Report) last issued its earnings results on Friday, May 9th. The company reported $0.08 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.04) by $0.12. The company had revenue of $571.65 million for the quarter, compared to the consensus estimate of $559.61 million. Construction Partners had a return on equity of 11.49% and a net margin of 2.80%. The firm's quarterly revenue was up 53.9% on a year-over-year basis. During the same quarter last year, the company earned ($0.02) EPS. As a group, analysts anticipate that Construction Partners, Inc. will post 1.96 earnings per share for the current year.

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.