Construction Partners, Inc. $ROAD Position Reduced by Allspring Global Investments Holdings LLC

Key Points

• Allspring Global Investments trimmed its Construction Partners stake by 1.4% in the third quarter, selling 12,158 shares. It retained 864,617 shares, valued at about $77.9 million; institutional investors collectively own 94.83% of the stock.
• Construction Partners beat quarterly estimates, reporting EPS of $1.08 versus $1.01 expected and revenue of $999.4 million, up 28.2% year over year.
• Analyst views are mixed, with the stock rated “Moderate Buy” overall and a consensus price target of $116.83. Shares opened at $85.30, while several analysts recently cut their targets.

Allspring Global Investments Holdings LLC lessened its holdings in Construction Partners, Inc. (NASDAQ:ROAD - Free Report) by 1.4% during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 864,617 shares of the company's stock after selling 12,158 shares during the quarter. Allspring Global Investments Holdings LLC owned 1.52% of Construction Partners worth $77,945,000 as of its most recent SEC filing.

Other institutional investors have also recently made changes to their positions in the company. Hollencrest Capital Management acquired a new position in shares of Construction Partners during the 1st quarter worth approximately $39,000. USA Financial Formulas bought a new stake in shares of Construction Partners during the 3rd quarter worth about $40,000. Salomon & Ludwin LLC acquired a new position in Construction Partners in the 3rd quarter valued at about $42,000. Signaturefd LLC grew its stake in Construction Partners by 78.0% in the 3rd quarter. Signaturefd LLC now owns 470 shares of the company's stock valued at $42,000 after buying an additional 206 shares during the last quarter. Finally, Jones Financial Companies Lllp acquired a new position in Construction Partners in the 2nd quarter valued at about $63,000. Institutional investors and hedge funds own 94.83% of the company's stock.

Construction Partners Stock Performance

NASDAQ ROAD opened at $85.30 on Tuesday. 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 firm has a market capitalization of $4.84 billion, a price-to-earnings ratio of 33.45, a P/E/G ratio of 0.74 and a beta of 0.94. The firm's 50 day simple moving average is $91.25 and its 200 day simple moving average is $110.20. Construction Partners, Inc. has a 1 year low of $74.51 and a 1 year high of $151.00.

Construction Partners (NASDAQ:ROAD - Get Free Report) last announced its quarterly earnings data on Friday, August 7th. The company reported $1.08 EPS for the quarter, beating the consensus estimate of $1.01 by $0.07. Construction Partners had a net margin of 4.10% and a return on equity of 16.06%. The business had revenue of $999.42 million during the quarter, compared to the consensus estimate of $948.77 million. During the same period in the previous year, the business earned $0.81 earnings per share. The company's revenue was up 28.2% on a year-over-year basis. As a group, research analysts expect that Construction Partners, Inc. will post 2.93 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several equities analysts have recently commented on ROAD shares. Zacks Research downgraded Construction Partners from a "strong-buy" rating to a "hold" rating in a research report on Thursday, July 16th. Weiss Ratings cut Construction Partners from a "buy (b-)" rating to a "hold (c+)" rating in a report on Thursday, September 17th. B. Riley Financial reduced their price target on Construction Partners from $135.00 to $100.00 and set a "buy" rating for the company in a research note on Monday. Truist Financial lowered their price target on shares of Construction Partners from $130.00 to $90.00 and set a "hold" rating on the stock in a research report on Friday. Finally, Raymond James Financial reiterated a "strong-buy" rating and issued a $125.00 price objective on shares of Construction Partners in a research note on Friday. One analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and four have given a Hold rating to the company's stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $116.83.

Construction Partners Company Profile

Construction Partners, Inc is a civil infrastructure company that builds and maintains roads, highways, and other transportation-related projects. Its services include roadway paving, site development, milling and resurfacing, and related construction work for public and private customers.

The company also produces and supplies materials used in its projects, including hot-mix asphalt and aggregates. Its vertically integrated operations combine construction services with materials production and distribution.

Founded in 2007 and headquartered in Dothan, Alabama, Construction Partners operates across the southeastern United States and in Texas.

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