Millennium Management LLC Sells 7,005 Shares of Construction Partners, Inc. (NASDAQ:ROAD)

Millennium Management LLC lessened its stake in shares of Construction Partners, Inc. (NASDAQ:ROAD - Free Report) by 71.0% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 2,857 shares of the company's stock after selling 7,005 shares during the quarter. Millennium Management LLC's holdings in Construction Partners were worth $253,000 at the end of the most recent reporting period.

Other hedge funds have also made changes to their positions in the company. Allspring Global Investments Holdings LLC grew its position in Construction Partners by 197.0% during the 4th quarter. Allspring Global Investments Holdings LLC now owns 616,032 shares of the company's stock worth $54,104,000 after purchasing an additional 408,610 shares in the last quarter. Legato Capital Management LLC boosted its holdings in Construction Partners by 40.0% during the fourth quarter. Legato Capital Management LLC now owns 19,670 shares of the company's stock valued at $1,740,000 after acquiring an additional 5,620 shares during the period. Rhumbline Advisers lifted its stake in shares of Construction Partners by 0.8% in the fourth quarter. Rhumbline Advisers now owns 59,604 shares of the company's stock valued at $5,273,000 after buying an additional 496 shares during the period. Manchester Capital Management LLC bought a new stake in shares of Construction Partners in the fourth quarter valued at about $118,000. Finally, Allworth Financial LP lifted its stake in shares of Construction Partners by 15.0% in the fourth quarter. Allworth Financial LP now owns 1,228 shares of the company's stock valued at $114,000 after buying an additional 160 shares during the period. Institutional investors and hedge funds own 94.83% of the company's stock.

Construction Partners Stock Down 1.6%

ROAD stock traded down $1.64 during midday trading on Friday, hitting $103.67. The company's stock had a trading volume of 365,371 shares, compared to its average volume of 456,237. The company has a debt-to-equity ratio of 1.46, a current ratio of 1.54 and a quick ratio of 1.23. Construction Partners, Inc. has a twelve month low of $51.63 and a twelve month high of $111.98. The company's fifty day moving average price is $92.69 and its 200 day moving average price is $86.27. The stock has a market capitalization of $5.81 billion, a P/E ratio of 96.89, a PEG ratio of 0.99 and a beta of 0.97.

Construction Partners (NASDAQ:ROAD - Get Free Report) last released its quarterly earnings data 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 for the quarter, compared to analyst estimates of $559.61 million. Construction Partners had a net margin of 2.82% and a return on equity of 11.94%. Construction Partners's revenue for the quarter was up 53.9% compared to the same quarter last year. During the same period in the previous year, the business earned ($0.02) EPS. As a group, equities research analysts predict that Construction Partners, Inc. will post 1.96 EPS for the current year.

Wall Street Analysts Forecast Growth

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

Insider Activity at Construction Partners

In other news, SVP John L. Harper sold 6,000 shares of Construction Partners stock in a transaction dated Monday, April 14th. The shares were sold at an average price of $73.83, for a total value of $442,980.00. Following the completion of the transaction, the senior vice president now owns 159,389 shares in the company, valued at $11,767,689.87. This trade represents a 3.63% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Fred Julius Smith III acquired 9,333 shares of Construction Partners stock in a transaction that occurred on Monday, April 14th. The shares were purchased at an average cost of $73.83 per share, with a total value of $689,055.39. Following the purchase, the chief executive officer now owns 9,333 shares of the company's stock, valued at $689,055.39. This represents a ∞ increase in their position. The disclosure for this purchase can be found here. 16.36% of the stock is owned by insiders.

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.