Corient Private Wealth LP Buys 13,770 Shares of Construction Partners, Inc. $ROAD

Key Points

• Corient Private Wealth increased its Construction Partners stake by 69.5% in the second quarter, adding 13,770 shares to own 33,590 shares worth approximately $3.99 million. Institutional investors collectively own 94.83% of ROAD.
• Analyst sentiment remains positive but has softened, with an overall “Moderate Buy” rating and a consensus price target of $133.50. Several firms recently lowered targets or downgraded the stock to “Hold.”
• Construction Partners exceeded quarterly expectations, reporting $1.08 EPS versus $1.01 expected and $999.42 million in revenue, up 28.2% year over year. Shares opened at $94.33, near the company’s 52-week low of $93.42.

Corient Private Wealth LP boosted its position in Construction Partners, Inc. (NASDAQ:ROAD - Free Report) by 69.5% in the second quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 33,590 shares of the company's stock after purchasing an additional 13,770 shares during the quarter. Corient Private Wealth LP owned approximately 0.06% of Construction Partners worth $3,989,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. VIRGINIA RETIREMENT SYSTEMS ET Al acquired a new stake in shares of Construction Partners in the 2nd quarter worth $380,000. AXQ Capital LP increased its holdings in shares of Construction Partners by 8.6% in the second quarter. AXQ Capital LP now owns 2,626 shares of the company's stock valued at $312,000 after purchasing an additional 207 shares during the period. Nykredit A S purchased a new position in shares of Construction Partners in the second quarter worth about $259,000. Wellington Management Group LLP purchased a new position in shares of Construction Partners in the second quarter worth about $17,106,000. Finally, Jones Financial Companies Lllp acquired a new stake in shares of Construction Partners during the second quarter worth about $63,000. 94.83% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

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

Construction Partners Price Performance

NASDAQ:ROAD opened at $94.33 on Friday. 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, Inc. has a 52 week low of $93.42 and a 52 week high of $151.00. The stock's 50-day moving average price is $106.11 and its 200-day moving average price is $113.09. The stock has a market capitalization of $5.35 billion, a PE ratio of 36.99, a price-to-earnings-growth ratio of 0.87 and a beta of 0.90.

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 (EPS) for the quarter, topping analysts' consensus estimates of $1.01 by $0.07. The company had revenue of $999.42 million for the quarter, compared to the consensus estimate of $948.77 million. Construction Partners had a return on equity of 16.06% and a net margin of 4.10%.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 posted $0.81 earnings per share. As a group, equities analysts expect that Construction Partners, Inc. will post 3.04 EPS for the current fiscal year.

Construction Partners Company 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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