Construction Partners, Inc. (NASDAQ:ROAD) Shares Sold by Federated Hermes Inc.

Key Points

• Federated Hermes Inc. reduced its stake in Construction Partners, Inc. by 59.8%, now holding 17,887 shares valued at approximately $1.29 million.
• In the fourth quarter, other institutional investors such as FMR LLC and Invesco Ltd. significantly increased their stakes in Construction Partners, reflecting growing institutional interest in the company.
• Construction Partners reported a quarterly earnings of $0.08 per share, surpassing analyst expectations by $0.12, with revenues of $571.65 million, up 53.9% year-over-year.

Federated Hermes Inc. trimmed its stake in Construction Partners, Inc. (NASDAQ:ROAD - Free Report) by 59.8% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 17,887 shares of the company's stock after selling 26,566 shares during the period. Federated Hermes Inc.'s holdings in Construction Partners were worth $1,286,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently modified their holdings of the stock. FMR LLC lifted its holdings in shares of Construction Partners by 32.1% in the 4th quarter. FMR LLC now owns 2,329,801 shares of the company's stock valued at $206,094,000 after acquiring an additional 565,583 shares during the last quarter. Invesco Ltd. lifted its holdings in shares of Construction Partners by 75.6% in the 4th quarter. Invesco Ltd. now owns 1,493,866 shares of the company's stock valued at $132,147,000 after acquiring an additional 642,987 shares during the last quarter. Bank of America Corp DE lifted its holdings in shares of Construction Partners by 2.6% in the 4th quarter. Bank of America Corp DE now owns 1,119,051 shares of the company's stock valued at $98,991,000 after acquiring an additional 28,723 shares during the last quarter. Geode Capital Management LLC lifted its holdings in shares of Construction Partners by 3.0% in the 4th quarter. Geode Capital Management LLC now owns 1,058,054 shares of the company's stock valued at $93,617,000 after acquiring an additional 30,362 shares during the last quarter. Finally, Allspring Global Investments Holdings LLC lifted its stake in Construction Partners by 39.0% in the first quarter. Allspring Global Investments Holdings LLC now owns 856,528 shares of the company's stock worth $62,724,000 after purchasing an additional 240,496 shares during the last quarter. 94.83% of the stock is currently owned by hedge funds and other institutional investors.

Construction Partners Stock Up 7.3%

NASDAQ ROAD traded up $7.63 on Friday, hitting $112.22. The stock had a trading volume of 976,463 shares, compared to its average volume of 568,642. The business's fifty day moving average price is $104.53 and its 200 day moving average price is $89.39. 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 $56.52 and a 52-week high of $114.74. The stock has a market cap of $6.29 billion, a price-to-earnings ratio of 81.91, a price-to-earnings-growth ratio of 1.43 and a beta of 1.00.

Construction Partners (NASDAQ:ROAD - Get Free Report) last released its quarterly earnings results on Thursday, August 7th. The company reported $0.81 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.87 by ($0.06). Construction Partners had a return on equity of 12.75% and a net margin of 3.04%. The firm had revenue of $779.28 million during the quarter, compared to analysts' expectations of $810.47 million. During the same period in the prior year, the firm posted $0.59 earnings per share. Construction Partners's revenue for the quarter was up 50.5% compared to the same quarter last year. Equities research analysts anticipate that Construction Partners, Inc. will post 1.96 earnings per share for the current year.

Analysts Set New Price Targets

ROAD has been the subject of several analyst reports. Raymond James Financial reissued a "strong-buy" rating on shares of Construction Partners in a research note on Friday. Robert W. Baird set a $122.00 price objective on shares of Construction Partners and gave the stock an "outperform" rating in a research note on Friday. Finally, Baird R W raised shares of Construction Partners from a "hold" rating to a "strong-buy" rating in a research note on Friday. One analyst has rated the stock with a hold rating, two have assigned a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of "Buy" and a consensus price target of $101.00.

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.