Construction Partners, Inc. $ROAD Shares Sold by Asset Management One Co. Ltd.

Key Points

• Asset Management One Co. Ltd. reduced its Construction Partners stake by 18.9% in the third quarter, selling 16,316 shares and retaining 70,076 shares worth approximately $6.3 million. Institutional investors collectively own 94.83% of ROAD.
• Analyst sentiment remains positive overall, with a consensus rating of “Moderate Buy” and an average price target of $132.67, despite several firms recently lowering their ratings or price targets.
• Construction Partners reported quarterly earnings of $1.08 per share, beating estimates of $1.01, while revenue rose 28.2% year over year to $999.42 million. ROAD opened at $89.80, well below its 12-month high of $151.00.

Asset Management One Co. Ltd. trimmed its stake in shares of Construction Partners, Inc. (NASDAQ:ROAD - Free Report) by 18.9% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 70,076 shares of the company's stock after selling 16,316 shares during the quarter. Asset Management One Co. Ltd. owned approximately 0.12% of Construction Partners worth $6,318,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also bought and sold shares of ROAD. NFSG Corp raised its position in Construction Partners by 8.7% in the 1st quarter. NFSG Corp now owns 1,251 shares of the company's stock worth $139,000 after purchasing an additional 100 shares during the period. ANB Bank lifted its position in Construction Partners by 3.4% during the first quarter. ANB Bank now owns 4,258 shares of the company's stock valued at $473,000 after purchasing an additional 140 shares during the last quarter. The Manufacturers Life Insurance Company boosted its position in shares of Construction Partners by 0.6% during the first quarter. The Manufacturers Life Insurance Company now owns 23,151 shares of the company's stock valued at $2,573,000 after buying an additional 149 shares during the period. Hilltop National Bank increased its stake in shares of Construction Partners by 8.5% during the second quarter. Hilltop National Bank now owns 2,452 shares of the company's stock valued at $291,000 after buying an additional 192 shares during the period. Finally, Signaturefd LLC increased its position in Construction Partners by 78.0% during the 3rd quarter. Signaturefd LLC now owns 470 shares of the company's stock valued at $42,000 after buying an additional 206 shares in the last quarter. 94.83% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on ROAD shares. Raymond James Financial dropped their price target on shares of Construction Partners from $150.00 to $145.00 and set a "strong-buy" rating for the company in a research report on Friday, October 16th. Zacks Research lowered shares of Construction Partners from a "strong-buy" rating to a "hold" rating in a research note on Thursday, July 16th. Robert W. Baird cut their price objective on shares of Construction Partners from $145.00 to $141.00 and set an "outperform" rating for the company in a research report on Monday, August 10th. Finally, Weiss Ratings cut Construction Partners from a "buy (b-)" rating to a "hold (c+)" rating in a report on Thursday, September 17th. One equities research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and four have issued a Hold rating to the company. Based on data from MarketBeat.com, Construction Partners has a consensus rating of "Moderate Buy" and an average target price of $132.67.

Construction Partners Price Performance

ROAD opened at $89.80 on Monday. The company has a current ratio of 1.57, a quick ratio of 1.26 and a debt-to-equity ratio of 1.68. Construction Partners, Inc. has a 12-month low of $79.33 and a 12-month high of $151.00. The company has a market cap of $5.10 billion, a price-to-earnings ratio of 35.22, a price-to-earnings-growth ratio of 0.67 and a beta of 0.94. The stock has a fifty day simple moving average of $94.01 and a two-hundred day simple moving average of $110.93.

Construction Partners (NASDAQ:ROAD - Get Free Report) last issued its 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. The firm had revenue of $999.42 million during the quarter, compared to analyst estimates of $948.77 million. Construction Partners had a net margin of 4.10% and a return on equity of 16.06%. Construction Partners's revenue for the quarter was up 28.2% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.81 earnings per share. Research analysts predict that Construction Partners, Inc. will post 3.04 earnings per share for the current fiscal year.

Construction Partners Company Profile

Construction Partners, Inc NASDAQ: ROAD is a civil infrastructure company that builds and maintains transportation and other public infrastructure in the United States. The company primarily serves public-sector customers, including state and local governments, as well as private-sector customers involved in residential, commercial and industrial development.

Its services include asphalt production and paving, roadway construction, milling, maintenance and repair, site development, utility installation and related infrastructure work.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.