Jennison Associates LLC Sells 5,627 Shares of Construction Partners, Inc. (NASDAQ:ROAD)

Jennison Associates LLC lowered its stake in Construction Partners, Inc. (NASDAQ:ROAD - Free Report) by 1.4% during the first quarter, according to its most recent Form 13F filing with the SEC. The firm owned 384,857 shares of the company's stock after selling 5,627 shares during the period. Jennison Associates LLC owned approximately 0.69% of Construction Partners worth $27,660,000 as of its most recent filing with the SEC.

Other hedge funds also recently modified their holdings of the company. Versant Capital Management Inc acquired a new stake in shares of Construction Partners during the first quarter valued at about $30,000. Johnson Financial Group Inc. acquired a new stake in shares of Construction Partners during the fourth quarter valued at about $66,000. Golden State Wealth Management LLC boosted its stake in shares of Construction Partners by 100.0% during the first 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 in the last quarter. Amalgamated Bank boosted its stake in shares of Construction Partners by 8.8% during the first quarter. Amalgamated Bank now owns 1,593 shares of the company's stock valued at $114,000 after purchasing an additional 129 shares in the last quarter. Finally, Harvest Fund Management Co. Ltd acquired a new stake in shares of Construction Partners during the fourth quarter valued at about $146,000. Institutional investors own 94.83% of the company's stock.

Analyst Upgrades and Downgrades

Separately, Raymond James Financial decreased their price objective on Construction Partners from $104.00 to $100.00 and set a "strong-buy" rating for the company in a report on Tuesday, April 29th.

Construction Partners Stock Performance

ROAD stock traded up $1.59 during midday trading on Wednesday, hitting $105.11. The company's stock had a trading volume of 74,046 shares, compared to its average volume of 549,488. The stock's 50-day moving average price is $104.79 and its 200 day moving average price is $88.37. The company has a quick ratio of 1.13, a current ratio of 1.42 and a debt-to-equity ratio of 1.63. Construction Partners, Inc. has a 1 year low of $51.63 and a 1 year high of $114.74. The stock has a market cap of $5.89 billion, a price-to-earnings ratio of 89.68, a PEG ratio of 1.33 and a beta of 0.96.

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

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.