Equitable Trust Co. Buys New Position in Construction Partners, Inc. (NASDAQ:ROAD)

Key Points

• Equitable Trust Co. invested approximately $243,000 in Construction Partners, Inc. by purchasing 3,375 shares in the first quarter of the year.
• Construction Partners reported a net revenue of $571.65 million for the last quarter, surpassing analysts' expectations and reflecting a 53.9% year-over-year increase.
• Analyst firm Raymond James Financial downgraded Construction Partners' price target from $104.00 to $100.00, while maintaining a "strong-buy" rating for the stock.

Equitable Trust Co. purchased a new stake in Construction Partners, Inc. (NASDAQ:ROAD - Free Report) in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund purchased 3,375 shares of the company's stock, valued at approximately $243,000.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Vanguard Group Inc. grew its holdings in Construction Partners by 42.8% during the 4th quarter. Vanguard Group Inc. now owns 3,492,368 shares of the company's stock valued at $308,935,000 after buying an additional 1,046,617 shares in the last quarter. Invesco Ltd. increased its holdings in Construction Partners by 75.6% during the 4th quarter. Invesco Ltd. now owns 1,493,866 shares of the company's stock worth $132,147,000 after acquiring an additional 642,987 shares during the period. FMR LLC lifted its stake in Construction Partners by 32.1% in the 4th quarter. FMR LLC now owns 2,329,801 shares of the company's stock worth $206,094,000 after purchasing an additional 565,583 shares in the last quarter. Artemis Investment Management LLP boosted its holdings in Construction Partners by 225.9% in the 1st 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. Finally, Raymond James Financial Inc. bought a new position in Construction Partners in the 4th quarter valued at $42,527,000. 94.83% of the stock is currently owned by institutional investors.

Construction Partners Price Performance

Shares of NASDAQ:ROAD traded up $0.84 during trading on Wednesday, reaching $103.02. The company had a trading volume of 62,265 shares, compared to its average volume of 543,693. The company has a fifty day moving average of $105.05 and a two-hundred day moving average of $88.74. The company has a current ratio of 1.42, a quick ratio of 1.13 and a debt-to-equity ratio of 1.63. The stock has a market capitalization of $5.77 billion, a P/E ratio of 88.06, a price-to-earnings-growth ratio of 1.27 and a beta of 0.96. Construction Partners, Inc. has a 12 month low of $51.63 and a 12 month high of $114.74.

Construction Partners (NASDAQ:ROAD - Get Free Report) last released its 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. Construction Partners had a return on equity of 11.49% and a net margin of 2.80%. The business had revenue of $571.65 million for the quarter, compared to analysts' expectations of $559.61 million. During the same quarter in the prior year, the firm earned ($0.02) earnings per share. The firm's revenue was up 53.9% on a year-over-year basis. Equities research analysts forecast that Construction Partners, Inc. will post 1.96 earnings per share for the current year.

Analysts Set New Price Targets

Separately, Raymond James Financial dropped their price objective on Construction Partners from $104.00 to $100.00 and set a "strong-buy" rating for the company 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.