Raymond James Financial Inc. Trims Stock Holdings in Construction Partners, Inc. $ROAD

Key Points

• Raymond James Financial Inc. reduced its holdings in Construction Partners, Inc. by 17.0%, now owning approximately 399,171 shares valued at $28.69 million.
• Several hedge funds, including Vanguard Group Inc. and Artemis Investment Management LLP, have increased their investments in Construction Partners, indicating strong interest from institutional investors.
• Construction Partners recently missed earnings estimates, reporting $0.81 EPS against a consensus of $0.87, with revenues of $779.28 million for the quarter.

Raymond James Financial Inc. trimmed its stake in Construction Partners, Inc. (NASDAQ:ROAD - Free Report) by 17.0% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 399,171 shares of the company's stock after selling 81,582 shares during the quarter. Raymond James Financial Inc. owned 0.71% of Construction Partners worth $28,688,000 at the end of the most recent quarter.

Several other hedge funds have also added to or reduced their stakes in ROAD. Montag A & Associates Inc. bought a new stake in Construction Partners in the first quarter worth $29,000. Versant Capital Management Inc bought a new stake in Construction Partners in the first quarter worth $30,000. Johnson Financial Group Inc. bought a new stake in Construction Partners in the fourth quarter worth $66,000. Golden State Wealth Management LLC boosted its holdings in Construction Partners by 100.0% in the first quarter. Golden State Wealth Management LLC now owns 1,126 shares of the company's stock worth $81,000 after acquiring an additional 563 shares in the last quarter. Finally, Covestor Ltd boosted its holdings in Construction Partners by 124.4% in the first quarter. Covestor Ltd now owns 1,409 shares of the company's stock worth $101,000 after acquiring an additional 781 shares in the last quarter. 94.83% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of research analysts have recently issued reports on the company. Baird R W raised Construction Partners from a "hold" rating to a "strong-buy" rating in a report on Friday, August 8th. Raymond James Financial reaffirmed a "strong-buy" rating on shares of Construction Partners in a report on Friday, August 8th. Finally, Robert W. Baird set a $122.00 price target on Construction Partners and gave the company an "outperform" rating in a report on Friday, August 8th. Two analysts have rated the stock with a Strong Buy rating, one has assigned a Buy rating and one has issued a Hold rating to the company. According to MarketBeat.com, Construction Partners currently has an average rating of "Buy" and an average target price of $112.33.

Construction Partners Stock Performance

Construction Partners stock traded down $1.57 during mid-day trading on Friday, reaching $119.90. 320,441 shares of the stock traded hands, compared to its average volume of 676,225. The stock has a market capitalization of $6.73 billion, a PE ratio of 87.52, a price-to-earnings-growth ratio of 1.54 and a beta of 1.00. The company has a debt-to-equity ratio of 1.63, a current ratio of 1.47 and a quick ratio of 1.20. Construction Partners, Inc. has a 12-month low of $56.52 and a 12-month high of $124.12. The business's 50-day moving average is $108.01 and its 200-day moving average is $93.02.

Construction Partners (NASDAQ:ROAD - Get Free Report) last posted its quarterly earnings data on Thursday, August 7th. The company reported $0.81 EPS for the quarter, missing analysts' consensus estimates of $0.87 by ($0.06). The firm had revenue of $779.28 million for the quarter, compared to analysts' expectations of $810.47 million. Construction Partners had a net margin of 3.04% and a return on equity of 12.24%. The firm's revenue was up 50.5% compared to the same quarter last year. During the same quarter last year, the company posted $0.59 EPS. Construction Partners has set its FY 2025 guidance at EPS. As a group, sell-side analysts predict that Construction Partners, Inc. will post 1.96 EPS for the current fiscal year.

About Construction Partners

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.