DAVENPORT & Co LLC Cuts Position in Construction Partners, Inc. $ROAD

Key Points

• DAVENPORT & Co LLC reduced its holdings in Construction Partners, Inc. by 6.4%, ending the second quarter with approximately 34,031 shares valued at around $3.6 million.
• Despite recent sales, several institutional investors have significantly increased their stakes in Construction Partners, including GAMMA Investing LLC, which raised its stake by a remarkable 6,734%.
• Construction Partners reported $0.81 EPS for the quarter, missing analysts' estimates, with a revenue of $779.28 million, reflecting a 50.5% increase year-over-year.

DAVENPORT & Co LLC lessened its holdings in Construction Partners, Inc. (NASDAQ:ROAD - Free Report) by 6.4% during the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 34,031 shares of the company's stock after selling 2,309 shares during the period. DAVENPORT & Co LLC owned approximately 0.06% of Construction Partners worth $3,617,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. GAMMA Investing LLC lifted its stake in Construction Partners by 6,734.0% in the first quarter. GAMMA Investing LLC now owns 62,599 shares of the company's stock valued at $4,499,000 after purchasing an additional 61,683 shares during the last quarter. Rhumbline Advisers lifted its stake in Construction Partners by 6.3% in the first quarter. Rhumbline Advisers now owns 63,385 shares of the company's stock valued at $4,555,000 after purchasing an additional 3,781 shares during the last quarter. SG Americas Securities LLC lifted its stake in Construction Partners by 563.6% in the first quarter. SG Americas Securities LLC now owns 8,540 shares of the company's stock valued at $614,000 after purchasing an additional 7,253 shares during the last quarter. Institute for Wealth Management LLC. purchased a new position in Construction Partners in the first quarter valued at approximately $320,000. Finally, Asset Management One Co. Ltd. lifted its stake in Construction Partners by 15.5% in the first quarter. Asset Management One Co. Ltd. now owns 76,119 shares of the company's stock valued at $5,471,000 after purchasing an additional 10,226 shares during the last quarter. Hedge funds and other institutional investors own 94.83% of the company's stock.

Construction Partners Stock Up 2.7%

ROAD opened at $125.13 on Thursday. The stock has a market cap of $7.02 billion, a PE ratio of 91.34, a P/E/G ratio of 1.05 and a beta of 0.98. 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, Inc. has a 52 week low of $64.79 and a 52 week high of $138.90. The business's fifty day simple moving average is $119.15 and its 200 day simple moving average is $103.10.

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

Wall Street Analysts Forecast Growth

ROAD has been the topic of several research analyst reports. Weiss Ratings reiterated a "hold (c+)" rating on shares of Construction Partners in a research note on Wednesday. Robert W. Baird set a $122.00 price objective on Construction Partners and gave the company an "outperform" rating in a research note on Friday, August 8th. Raymond James Financial reiterated a "strong-buy" rating on shares of Construction Partners in a research note on Friday, August 8th. Zacks Research upgraded Construction Partners from a "hold" rating to a "strong-buy" rating in a research report on Monday. Finally, Baird R W upgraded Construction Partners from a "hold" rating to a "strong-buy" rating in a research report on Friday, August 8th. Three equities research analysts have rated the stock with a Strong Buy rating, one has issued a Buy rating and two have assigned a Hold rating to the stock. Based on data from MarketBeat, Construction Partners has an average 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.

Want to see what other hedge funds are holding ROAD? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Construction Partners, Inc. (NASDAQ:ROAD - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.