Construction Partners, Inc. $ROAD Shares Bought by California State Teachers Retirement System

Key Points

• California State Teachers Retirement System dramatically increased its Construction Partners stake by 11,651.6% in the second quarter, purchasing 6.52 million additional shares. It now owns 6.58 million shares, or 11.59% of the company, valued at approximately $781.2 million.
• Construction Partners exceeded quarterly expectations, reporting $1.08 in EPS versus the $1.01 estimate and $999.4 million in revenue, up 28.2% year over year. The company posted a 4.10% net margin and 16.06% return on equity.
• Analysts maintain a “Moderate Buy” consensus, with an average price target of $133.50, despite several target reductions and a recent downgrade by Zacks Research. Institutional investors collectively own 94.83% of the stock.

California State Teachers Retirement System increased its holdings in shares of Construction Partners, Inc. (NASDAQ:ROAD - Free Report) by 11,651.6% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 6,577,601 shares of the company's stock after purchasing an additional 6,521,629 shares during the quarter. California State Teachers Retirement System owned 11.59% of Construction Partners worth $781,222,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently bought and sold shares of the stock. Morse Asset Management Inc lifted its stake in Construction Partners by 300.0% during the 3rd quarter. Morse Asset Management Inc now owns 240 shares of the company's stock worth $30,000 after acquiring an additional 180 shares in the last quarter. Danske Bank A S purchased a new stake in Construction Partners during the 3rd quarter worth approximately $38,000. Quarry LP acquired a new stake in Construction Partners during the 3rd quarter worth approximately $42,000. Harbor Investment Advisory LLC acquired a new position in Construction Partners during the 1st quarter worth $39,000. Finally, Hollencrest Capital Management acquired a new position in Construction Partners during the 1st quarter worth $39,000. 94.83% of the stock is currently owned by hedge funds and other institutional investors.

Construction Partners Stock Performance

ROAD opened at $99.67 on Monday. The firm has a market cap of $5.66 billion, a price-to-earnings ratio of 39.09, a price-to-earnings-growth ratio of 0.93 and a beta of 0.90. Construction Partners, Inc. has a 52 week low of $93.42 and a 52 week high of $151.00. The business's 50 day moving average is $106.67 and its two-hundred day moving average is $114.38. The company has a quick ratio of 1.26, a current ratio of 1.57 and a debt-to-equity ratio of 1.68.

Construction Partners (NASDAQ:ROAD - Get Free Report) last issued its quarterly earnings results on Friday, August 7th. The company reported $1.08 earnings per share for the quarter, topping analysts' consensus estimates of $1.01 by $0.07. Construction Partners had a net margin of 4.10% and a return on equity of 16.06%. The firm had revenue of $999.42 million during the quarter, compared to analysts' expectations of $948.77 million. During the same quarter in the prior year, the business earned $0.81 EPS. Construction Partners's quarterly revenue was up 28.2% compared to the same quarter last year. On average, research analysts predict that Construction Partners, Inc. will post 3.02 EPS for the current year.

Analyst Ratings Changes

A number of equities analysts have recently commented on the company. Zacks Research downgraded Construction Partners from a "strong-buy" rating to a "hold" rating in a research report on Thursday, July 16th. Truist Financial started coverage on shares of Construction Partners in a report on Wednesday, June 3rd. They issued a "hold" rating and a $130.00 target price on the stock. Raymond James Financial lowered their price target on shares of Construction Partners from $161.00 to $150.00 and set a "strong-buy" rating for the company in a report on Wednesday, July 15th. 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 report on Monday, August 10th. Finally, Weiss Ratings upgraded shares of Construction Partners from a "hold (c+)" rating to a "buy (b-)" rating in a report on Tuesday, August 11th. One investment analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and three have assigned a Hold rating to the company. Based on data from MarketBeat.com, Construction Partners has an average rating of "Moderate Buy" and an average target price of $133.50.

Construction Partners Profile

Construction Partners, Inc is an infrastructure-services company that specializes in the construction and maintenance of roads and other transportation-related projects. Operating primarily in the southeastern United States, the company serves public-sector customers, commercial developers and private entities.

The company's activities include asphalt production and paving, road construction, highway and bridge work, site development, grading, milling and related infrastructure services.

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