Construction Partners, Inc. $ROAD Shares Sold by Allspring Global Investments Holdings LLC

Key Points

• Allspring Global Investments Holdings LLC reduced its holdings in Construction Partners, Inc. (NASDAQ: ROAD) by 16.8% in Q2, now owning approximately 1.27% of the company worth about $74.62 million.
• Construction Partners has received multiple analyst upgrades, with three firms rating it as a Strong Buy and an average target price of $112.33.
• The company reported quarterly earnings of $0.81 per share, missing estimates, while revenue for the period was noted as $779.28 million, compared to analyst expectations of $810.47 million.

Allspring Global Investments Holdings LLC decreased its holdings in shares of Construction Partners, Inc. (NASDAQ:ROAD - Free Report) by 16.8% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 712,767 shares of the company's stock after selling 143,761 shares during the period. Allspring Global Investments Holdings LLC owned approximately 1.27% of Construction Partners worth $74,620,000 at the end of the most recent reporting period.

Several other hedge funds have also modified their holdings of ROAD. Montag A & Associates Inc. acquired a new position in Construction Partners during the first quarter worth $29,000. BI Asset Management Fondsmaeglerselskab A S purchased a new stake in shares of Construction Partners during the 1st quarter worth $60,000. SVB Wealth LLC acquired a new position in shares of Construction Partners during the 1st quarter worth $80,000. Golden State Wealth Management LLC increased its holdings in shares of Construction Partners by 100.0% in the 1st quarter. Golden State Wealth Management LLC now owns 1,126 shares of the company's stock valued at $81,000 after purchasing an additional 563 shares in the last quarter. Finally, GAMMA Investing LLC lifted its stake in shares of Construction Partners by 33.6% in the second quarter. GAMMA Investing LLC now owns 1,164 shares of the company's stock valued at $124,000 after purchasing an additional 293 shares during the period. 94.83% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of research firms have recently issued reports on ROAD. Baird R W upgraded shares of Construction Partners from a "hold" rating to a "strong-buy" rating in a research report on Friday, August 8th. Raymond James Financial reissued a "strong-buy" rating on shares of Construction Partners in a report on Friday, August 8th. Robert W. Baird set a $122.00 price target on Construction Partners and gave the stock an "outperform" rating in a research note on Friday, August 8th. Weiss Ratings restated a "hold (c+)" rating on shares of Construction Partners in a report on Wednesday, October 8th. Finally, Zacks Research raised shares of Construction Partners from a "hold" rating to a "strong-buy" rating in a report on Monday, October 6th. Three analysts have rated the stock with a Strong Buy rating, one has given a Buy rating and two have given a Hold rating to the company's stock. According to data from MarketBeat.com, Construction Partners presently has a consensus rating of "Buy" and an average target price of $112.33.

Construction Partners Stock Performance

NASDAQ:ROAD opened at $124.01 on Tuesday. Construction Partners, Inc. has a 1-year low of $64.79 and a 1-year high of $138.90. The firm has a 50 day simple moving average of $120.71 and a 200-day simple moving average of $104.46. The firm has a market cap of $6.96 billion, a PE ratio of 90.52, a P/E/G ratio of 1.06 and a beta of 0.98. The company has a debt-to-equity ratio of 1.63, a current ratio of 1.47 and a quick ratio of 1.20.

Construction Partners (NASDAQ:ROAD - Get Free Report) last issued its quarterly earnings results on Thursday, August 7th. The company reported $0.81 earnings per share for the quarter, missing the consensus estimate of $0.87 by ($0.06). The business had revenue of $779.28 million during the quarter, compared to analyst estimates of $810.47 million. Construction Partners had a net margin of 3.04% and a return on equity of 12.24%. The company's revenue was up 50.5% on a year-over-year basis. During the same quarter last year, the firm posted $0.59 earnings per share. Construction Partners has set its FY 2025 guidance at EPS. On average, equities analysts expect that Construction Partners, Inc. will post 1.96 EPS 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.

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