Jennison Associates LLC Has $22.46 Million Stake in Construction Partners, Inc. $ROAD

Key Points

• Jennison Associates cut its stake in Construction Partners by 24.8%, selling 68,140 shares and holding 206,935 shares worth $22.46 million (about 0.37% of the company) at quarter-end.
• Construction Partners beat expectations for the latest quarter with EPS of $0.47 (vs. $0.31 est.) and revenue of $809.47M (vs. $740.14M), a 44.1% year-over-year revenue increase.
• The stock has a $7.15B market cap and a high valuation (PE ~57.5); analysts have a consensus "Moderate Buy" rating with a $132.40 target and several recent upgrades, including from B. Riley and Raymond James.

Jennison Associates LLC decreased its position in shares of Construction Partners, Inc. (NASDAQ:ROAD - Free Report) by 24.8% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 206,935 shares of the company's stock after selling 68,140 shares during the period. Jennison Associates LLC owned 0.37% of Construction Partners worth $22,463,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the company. MAI Capital Management lifted its position in Construction Partners by 21.7% during the 3rd quarter. MAI Capital Management now owns 505 shares of the company's stock worth $64,000 after acquiring an additional 90 shares during the last quarter. Byrne Asset Management LLC lifted its position in Construction Partners by 41.7% during the 3rd quarter. Byrne Asset Management LLC now owns 425 shares of the company's stock worth $54,000 after acquiring an additional 125 shares during the last quarter. Vanguard Personalized Indexing Management LLC lifted its position in Construction Partners by 3.0% during the 3rd quarter. Vanguard Personalized Indexing Management LLC now owns 5,248 shares of the company's stock worth $666,000 after acquiring an additional 152 shares during the last quarter. AlphaQuest LLC lifted its position in Construction Partners by 292.5% during the 3rd quarter. AlphaQuest LLC now owns 208 shares of the company's stock worth $26,000 after acquiring an additional 155 shares during the last quarter. Finally, Arizona State Retirement System lifted its position in Construction Partners by 1.3% during the 3rd quarter. Arizona State Retirement System now owns 13,938 shares of the company's stock worth $1,770,000 after acquiring an additional 176 shares during the last quarter. Institutional investors and hedge funds own 94.83% of the company's stock.

Construction Partners Stock Performance

NASDAQ:ROAD opened at $126.53 on Friday. Construction Partners, Inc. has a 12-month low of $86.70 and a 12-month high of $141.90. The company has a quick ratio of 1.26, a current ratio of 1.59 and a debt-to-equity ratio of 1.76. The firm has a market capitalization of $7.15 billion, a PE ratio of 57.51, a price-to-earnings-growth ratio of 1.10 and a beta of 0.92. The firm has a 50-day moving average price of $119.23 and a 200 day moving average price of $115.72.

Construction Partners (NASDAQ:ROAD - Get Free Report) last posted its quarterly earnings results on Thursday, February 5th. The company reported $0.47 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.31 by $0.16. Construction Partners had a net margin of 3.99% and a return on equity of 15.26%. The firm had revenue of $809.47 million during the quarter, compared to analyst estimates of $740.14 million. During the same quarter in the prior year, the business posted $0.25 earnings per share. The company's quarterly revenue was up 44.1% compared to the same quarter last year. Research analysts anticipate that Construction Partners, Inc. will post 2.87 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of research analysts have weighed in on ROAD shares. DA Davidson boosted their target price on shares of Construction Partners from $120.00 to $130.00 and gave the stock a "neutral" rating in a research report on Friday, February 6th. B. Riley Financial raised shares of Construction Partners from a "neutral" rating to a "buy" rating and boosted their target price for the stock from $117.00 to $135.00 in a research report on Thursday, April 2nd. Weiss Ratings raised shares of Construction Partners from a "hold (c+)" rating to a "buy (b-)" rating in a research report on Tuesday, April 21st. Raymond James Financial reissued a "strong-buy" rating and set a $140.00 target price on shares of Construction Partners in a research report on Monday. Finally, Robert W. Baird set a $142.00 target price on shares of Construction Partners in a research report on Friday, February 6th. One research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $132.40.

About Construction Partners

Construction Partners, Inc NASDAQ: ROAD is a specialty contractor and infrastructure solutions provider focused on road building, paving, site development and aggregate production. The company delivers a comprehensive suite of civil construction services, including roadway paving and milling, site grading and preparation, stormwater and utility installation, and full-scale asphalt plant operations. By integrating materials production with contracting capabilities, the firm aims to streamline project delivery and maintain quality control across its contracting and materials businesses.

At the heart of Construction Partners' operations are its network of asphalt plants, quarries and aggregate production facilities.

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