Royal Bank of Canada Trims Holdings in Construction Partners, Inc. $ROAD

Key Points

• Royal Bank of Canada reduced its stake in Construction Partners, Inc. by 13.8% in Q1, holding approximately $10.29 million in shares after selling 23,021 shares.
• Construction Partners reported quarterly earnings of $0.81 EPS, missing estimates and generating $779.28 million in revenue, marking a 50.5% increase year-over-year.
• Analyst ratings for Construction Partners are generally optimistic, with a consensus rating of "Buy" and a target price of $112.33.

Royal Bank of Canada lessened its position in shares of Construction Partners, Inc. (NASDAQ:ROAD - Free Report) by 13.8% in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 143,237 shares of the company's stock after selling 23,021 shares during the quarter. Royal Bank of Canada owned 0.26% of Construction Partners worth $10,294,000 at the end of the most recent reporting period.

A number of other institutional investors also recently bought and sold shares of the company. Artemis Investment Management LLP increased its position in shares of Construction Partners by 225.9% during the 1st quarter. Artemis Investment Management LLP now owns 695,949 shares of the company's stock valued at $50,018,000 after purchasing an additional 482,374 shares during the last quarter. Allspring Global Investments Holdings LLC increased its holdings in Construction Partners by 39.0% during the first quarter. Allspring Global Investments Holdings LLC now owns 856,528 shares of the company's stock valued at $62,724,000 after buying an additional 240,496 shares during the last quarter. Vanguard Group Inc. boosted its stake in shares of Construction Partners by 5.0% during the 1st quarter. Vanguard Group Inc. now owns 3,666,331 shares of the company's stock worth $263,499,000 after acquiring an additional 173,963 shares during the last quarter. Nuveen LLC purchased a new stake in Construction Partners in the first quarter worth about $8,588,000. Finally, Lord Abbett & CO. LLC raised its stake in shares of Construction Partners by 38.8% in the first quarter. Lord Abbett & CO. LLC now owns 352,430 shares of the company's stock worth $25,329,000 after buying an additional 98,571 shares during the period. Institutional investors own 94.83% of the company's stock.

Construction Partners Price Performance

Shares of ROAD traded up $1.12 during mid-day trading on Wednesday, hitting $126.03. 394,629 shares of the stock were exchanged, compared to its average volume of 408,846. The firm has a 50-day moving average of $112.39 and a two-hundred day moving average of $97.17. Construction Partners, Inc. has a 52-week low of $64.79 and a 52-week high of $130.02. The company has a debt-to-equity ratio of 1.63, a quick ratio of 1.20 and a current ratio of 1.47. The company has a market cap of $7.07 billion, a PE ratio of 91.99, a price-to-earnings-growth ratio of 1.60 and a beta of 0.99.

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

Analyst Upgrades and Downgrades

ROAD has been the subject of a number of recent research reports. Raymond James Financial reiterated a "strong-buy" rating on shares of Construction Partners in a research note on Friday, August 8th. Robert W. Baird set a $122.00 price objective on shares of Construction Partners and gave the company an "outperform" rating in a research report on Friday, August 8th. Finally, Baird R W raised shares of Construction Partners from a "hold" rating to a "strong-buy" rating in a report on Friday, August 8th. Two equities research analysts have rated the stock with a Strong Buy rating, one has assigned a Buy rating and one has given a Hold rating to the stock. According to MarketBeat, the company has an average rating of "Buy" and a consensus price target of $112.33.

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.