Construction Partners, Inc. $ROAD Holdings Raised by California State Teachers Retirement System

Key Points

• Institutional ownership increased: California State Teachers Retirement System raised its Construction Partners stake by 23.8% to 55,972 shares, while institutional investors and hedge funds collectively own 94.83% of the stock.
• Quarterly results exceeded expectations: Construction Partners reported earnings of $0.18 per share versus the $0.05-per-share loss analysts expected, with revenue rising 34.6% year over year to $769.2 million.
• Analyst sentiment remains cautiously positive: The stock carries a “Moderate Buy” consensus rating with a $134.17 average price target, although several analysts recently downgraded ratings or lowered their targets.

California State Teachers Retirement System raised its stake in Construction Partners, Inc. (NASDAQ:ROAD - Free Report) by 23.8% during the first quarter, according to its most recent disclosure with the SEC. The fund owned 55,972 shares of the company's stock after buying an additional 10,759 shares during the quarter. California State Teachers Retirement System owned approximately 0.10% of Construction Partners worth $6,220,000 as of its most recent SEC filing.

A number of other institutional investors also recently made changes to their positions in the stock. Artemis Investment Management LLP boosted its holdings in Construction Partners by 7.8% in the fourth quarter. Artemis Investment Management LLP now owns 708,617 shares of the company's stock worth $76,920,000 after purchasing an additional 51,052 shares in the last quarter. Comerica Bank raised its stake in Construction Partners by 30.1% during the 4th quarter. Comerica Bank now owns 255,975 shares of the company's stock valued at $27,786,000 after purchasing an additional 59,244 shares during the last quarter. Bank of New York Mellon Corp lifted its stake in shares of Construction Partners by 3.2% in the first quarter. Bank of New York Mellon Corp now owns 579,757 shares of the company's stock valued at $64,423,000 after buying an additional 17,851 shares during the period. Allspring Global Investments Holdings LLC grew its holdings in shares of Construction Partners by 19.3% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 967,350 shares of the company's stock worth $109,214,000 after purchasing an additional 156,469 shares in the last quarter. Finally, 49 Wealth Management LLC acquired a new position in shares of Construction Partners in the 4th quarter valued at $3,076,000. 94.83% of the stock is owned by institutional investors and hedge funds.

Construction Partners Stock Performance

Shares of Construction Partners stock opened at $105.07 on Thursday. The company has a quick ratio of 1.21, a current ratio of 1.53 and a debt-to-equity ratio of 1.75. The business has a 50 day moving average price of $109.92 and a 200-day moving average price of $116.61. Construction Partners, Inc. has a 52 week low of $93.22 and a 52 week high of $151.00. The company has a market cap of $5.94 billion, a PE ratio of 46.08, a price-to-earnings-growth ratio of 0.90 and a beta of 0.89.

Construction Partners (NASDAQ:ROAD - Get Free Report) last posted its quarterly earnings data on Friday, May 8th. The company reported $0.18 EPS for the quarter, beating the consensus estimate of ($0.05) by $0.23. The firm had revenue of $769.20 million during the quarter, compared to analyst estimates of $678.46 million. Construction Partners had a net margin of 3.90% and a return on equity of 15.22%. The company's revenue for the quarter was up 34.6% on a year-over-year basis. During the same quarter last year, the business posted $0.08 EPS. Equities analysts anticipate that Construction Partners, Inc. will post 2.91 earnings per share for the current fiscal year.

Analyst Ratings Changes

ROAD has been the subject of several analyst reports. Zacks Research downgraded shares of Construction Partners from a "strong-buy" rating to a "hold" rating in a report on Thursday, July 16th. Robert W. Baird lowered their price target on shares of Construction Partners from $169.00 to $145.00 and set an "outperform" rating on the stock in a research note on Wednesday, July 1st. Weiss Ratings downgraded Construction Partners from a "buy (b-)" rating to a "hold (c+)" rating in a research note on Tuesday, May 26th. Truist Financial assumed coverage on shares of Construction Partners in a research report on Wednesday, June 3rd. They set a "hold" rating and a $130.00 target price on the stock. Finally, Raymond James Financial dropped their target price on shares of Construction Partners from $161.00 to $150.00 and set a "strong-buy" rating for the company in a research report on Wednesday, July 15th. 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 stock. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $134.17.

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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