Fred Alger Management LLC Sells 55,676 Shares of Construction Partners, Inc. $ROAD

Key Points

• Fred Alger Management LLC reduced its stake in Construction Partners, Inc. (NASDAQ:ROAD) by 17.2%, selling 55,676 shares and retaining 268,708 shares, valued at approximately $19.3 million.
• The company reported earnings of $0.81 per share for the last quarter, missing analysts' expectations of $0.87, while revenue grew by 50.5% year-over-year but fell short of expectations.
• Construction Partners has received a consensus rating of Buy from analysts, with a target price set at $112.33 following a series of positive ratings revisions.

Fred Alger Management LLC cut its position in shares of Construction Partners, Inc. (NASDAQ:ROAD - Free Report) by 17.2% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 268,708 shares of the company's stock after selling 55,676 shares during the period. Fred Alger Management LLC owned about 0.48% of Construction Partners worth $19,312,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also modified their holdings of ROAD. Artemis Investment Management LLP increased its position in shares of Construction Partners by 225.9% during the first quarter. Artemis Investment Management LLP now owns 695,949 shares of the company's stock valued at $50,018,000 after purchasing an additional 482,374 shares during the period. Allspring Global Investments Holdings LLC increased its position in shares of Construction Partners by 39.0% during the first quarter. Allspring Global Investments Holdings LLC now owns 856,528 shares of the company's stock valued at $62,724,000 after purchasing an additional 240,496 shares during the period. Vanguard Group Inc. increased its position in shares of Construction Partners by 5.0% during the first quarter. Vanguard Group Inc. now owns 3,666,331 shares of the company's stock valued at $263,499,000 after purchasing an additional 173,963 shares during the period. Nuveen LLC bought a new stake in shares of Construction Partners during the first quarter valued at approximately $8,588,000. Finally, Lord Abbett & CO. LLC increased its position in shares of Construction Partners by 38.8% during the first quarter. Lord Abbett & CO. LLC now owns 352,430 shares of the company's stock valued at $25,329,000 after purchasing an additional 98,571 shares during the period. 94.83% of the stock is currently owned by institutional investors.

Construction Partners Price Performance

NASDAQ:ROAD traded up $0.29 during trading hours on Friday, reaching $125.20. The company had a trading volume of 335,453 shares, compared to its average volume of 456,522. The stock has a 50-day moving average of $111.13 and a two-hundred day moving average of $96.40. Construction Partners, Inc. has a one year low of $63.71 and a one year high of $125.70. The firm has a market capitalization of $7.02 billion, a PE ratio of 91.39, a PEG ratio of 1.60 and a beta of 0.99. The company has a quick ratio of 1.20, a current ratio of 1.47 and a debt-to-equity ratio of 1.63.

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

Wall Street Analyst Weigh In

A number of research firms have recently issued reports on ROAD. Baird R W upgraded Construction Partners from a "hold" rating to a "strong-buy" rating in a research report on Friday, August 8th. Raymond James Financial reiterated a "strong-buy" rating on shares of Construction Partners in a research report on Friday, August 8th. Finally, Robert W. Baird set a $122.00 price target on Construction Partners and gave the company an "outperform" rating in a research report on Friday, August 8th. Two investment analysts have rated the stock with a Strong Buy rating, one has issued a Buy rating and one has issued a Hold rating to the company's stock. According to data from MarketBeat, the company has a consensus rating of "Buy" and a consensus price target of $112.33.

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.