Envestnet Asset Management Inc. Lowers Holdings in Construction Partners, Inc. (NASDAQ:ROAD)

Envestnet Asset Management Inc. cut its holdings in shares of Construction Partners, Inc. (NASDAQ:ROAD - Free Report) by 18.1% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 312,941 shares of the company's stock after selling 69,053 shares during the period. Envestnet Asset Management Inc. owned 0.56% of Construction Partners worth $22,491,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors also recently modified their holdings of the company. Versant Capital Management Inc acquired a new position in shares of Construction Partners during the 1st quarter worth approximately $30,000. Johnson Financial Group Inc. acquired a new stake in Construction Partners in the 4th quarter valued at about $66,000. Golden State Wealth Management LLC lifted its stake in 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 during the last quarter. Amalgamated Bank lifted its stake in Construction Partners by 8.8% in the 1st quarter. Amalgamated Bank now owns 1,593 shares of the company's stock valued at $114,000 after purchasing an additional 129 shares during the last quarter. Finally, AlphaQuest LLC acquired a new position in Construction Partners in the 4th quarter valued at about $138,000. 94.83% of the stock is currently owned by institutional investors and hedge funds.

Construction Partners Price Performance

Shares of Construction Partners stock traded down $5.24 during trading on Friday, reaching $107.57. 809,065 shares of the stock traded hands, compared to its average volume of 477,817. The company has a market capitalization of $6.03 billion, a price-to-earnings ratio of 91.94, a P/E/G ratio of 1.41 and a beta of 0.96. The business has a fifty day simple moving average of $104.65 and a two-hundred day simple moving average of $88.16. The company has a debt-to-equity ratio of 1.63, a current ratio of 1.42 and a quick ratio of 1.13. Construction Partners, Inc. has a 52-week low of $51.63 and a 52-week high of $114.74.

Construction Partners (NASDAQ:ROAD - Get Free Report) last released its quarterly earnings results on Friday, May 9th. The company reported $0.08 EPS for the quarter, beating analysts' consensus estimates of ($0.04) by $0.12. The company had revenue of $571.65 million during the quarter, compared to analysts' expectations of $559.61 million. Construction Partners had a return on equity of 11.49% and a net margin of 2.80%. The firm's revenue was up 53.9% compared to the same quarter last year. During the same period last year, the business posted ($0.02) earnings per share. Sell-side analysts expect that Construction Partners, Inc. will post 1.96 EPS for the current year.

Analyst Upgrades and Downgrades

Separately, Raymond James Financial cut their price target on Construction Partners from $104.00 to $100.00 and set a "strong-buy" rating on the stock in a research note on Tuesday, April 29th.

Construction Partners 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.