Construction Partners, Inc. $ROAD Holdings Boosted by First Trust Advisors LP

Key Points

• First Trust Advisors LP increased its stake in Construction Partners by 29.6% in the first quarter, ending with 1,030,378 shares valued at about $114.5 million.
• Several other institutional investors also adjusted holdings, and 94.83% of the stock is owned by institutions, underscoring strong institutional interest in ROAD.
• Analysts remain mixed on the stock: the consensus rating is Moderate Buy with an average target price of $134.17, while recent targets have been trimmed by firms like Raymond James and Robert W. Baird.

First Trust Advisors LP raised its stake in Construction Partners, Inc. (NASDAQ:ROAD - Free Report) by 29.6% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 1,030,378 shares of the company's stock after acquiring an additional 235,616 shares during the period. First Trust Advisors LP owned 1.82% of Construction Partners worth $114,496,000 as of its most recent SEC filing.

Other institutional investors also recently made changes to their positions in the company. Chase Investment Counsel Corp bought a new position in Construction Partners during the 1st quarter worth $217,000. PNC Financial Services Group Inc. lifted its stake in Construction Partners by 10.5% in the first quarter. PNC Financial Services Group Inc. now owns 4,329 shares of the company's stock valued at $481,000 after buying an additional 413 shares during the last quarter. Hollencrest Capital Management acquired a new position in shares of Construction Partners during the first quarter valued at $39,000. Dimensional Fund Advisors LP boosted its holdings 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 valued at $65,271,000 after acquiring an additional 58,908 shares during the period. Finally, Swiss National Bank grew its position in shares of Construction Partners by 1.2% during the first quarter. Swiss National Bank now owns 94,900 shares of the company's stock worth $10,545,000 after acquiring an additional 1,100 shares during the last quarter. 94.83% of the stock is owned by institutional investors.

Analysts Set New Price Targets

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

Construction Partners Trading Down 0.2%

Shares of NASDAQ:ROAD opened at $104.04 on Friday. The company has a 50 day moving average of $111.52 and a 200-day moving average of $117.18. The company has a current ratio of 1.53, a quick ratio of 1.21 and a debt-to-equity ratio of 1.75. The firm has a market cap of $5.88 billion, a P/E ratio of 45.63, a P/E/G ratio of 0.88 and a beta of 0.88. Construction Partners, Inc. has a twelve month low of $93.22 and a twelve month high of $151.00.

Construction Partners (NASDAQ:ROAD - Get Free Report) last announced its earnings results on Friday, May 8th. The company reported $0.18 EPS for the quarter, topping the consensus estimate of ($0.05) by $0.23. The firm had revenue of $769.20 million for the quarter, compared to analysts' expectations of $678.46 million. Construction Partners had a return on equity of 15.22% and a net margin of 3.90%.The firm's quarterly revenue was up 34.6% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.08 earnings per share. As a group, analysts anticipate 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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