Summit Creek Advisors LLC Buys 24,401 Shares of Construction Partners, Inc. (NASDAQ:ROAD)

Key Points

• Summit Creek Advisors LLC increased its stake in Construction Partners, Inc. by 10.5% during the 1st quarter, owning approximately 255,978 shares valued at $18.4 million.
• Construction Partners reported earnings of $0.08 per share, exceeding estimates, with quarterly revenue up 53.9% year-over-year.
• Analysts have lowered their price target for Construction Partners from $104.00 to $100.00 while maintaining a "strong-buy" rating.

Summit Creek Advisors LLC grew its holdings in Construction Partners, Inc. (NASDAQ:ROAD - Free Report) by 10.5% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 255,978 shares of the company's stock after buying an additional 24,401 shares during the period. Construction Partners accounts for about 2.7% of Summit Creek Advisors LLC's portfolio, making the stock its 14th biggest holding. Summit Creek Advisors LLC owned approximately 0.46% of Construction Partners worth $18,397,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently made changes to their positions in the business. Vanguard Group Inc. raised its holdings in Construction Partners by 42.8% in the 4th quarter. Vanguard Group Inc. now owns 3,492,368 shares of the company's stock valued at $308,935,000 after acquiring an additional 1,046,617 shares in the last quarter. Invesco Ltd. increased its position in shares of Construction Partners by 75.6% in the fourth quarter. Invesco Ltd. now owns 1,493,866 shares of the company's stock worth $132,147,000 after purchasing an additional 642,987 shares during the period. FMR LLC raised its stake in Construction Partners by 32.1% in the fourth quarter. FMR LLC now owns 2,329,801 shares of the company's stock valued at $206,094,000 after purchasing an additional 565,583 shares in the last quarter. Artemis Investment Management LLP lifted its position in Construction Partners by 225.9% during the first quarter. Artemis Investment Management LLP now owns 695,949 shares of the company's stock worth $50,018,000 after purchasing an additional 482,374 shares during the period. Finally, Raymond James Financial Inc. acquired a new stake in Construction Partners during the fourth quarter worth about $42,527,000. 94.83% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Separately, Raymond James Financial cut their price target 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.

Construction Partners Price Performance

Shares of ROAD traded down $3.41 during trading hours on Thursday, reaching $100.39. The stock had a trading volume of 221,474 shares, compared to its average volume of 544,221. Construction Partners, Inc. has a 12 month low of $51.63 and a 12 month high of $114.74. The company's 50-day moving average is $105.10 and its two-hundred day moving average is $88.94. The company has a debt-to-equity ratio of 1.63, a quick ratio of 1.13 and a current ratio of 1.42. The stock has a market capitalization of $5.62 billion, a PE ratio of 85.74, a PEG ratio of 1.27 and a beta of 0.96.

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 (EPS) for the quarter, beating the consensus estimate of ($0.04) by $0.12. Construction Partners had a return on equity of 11.49% and a net margin of 2.80%. The company had revenue of $571.65 million during the quarter, compared to the consensus estimate of $559.61 million. During the same quarter in the prior year, the firm posted ($0.02) earnings per share. The firm's revenue was up 53.9% compared to the same quarter last year. Research analysts expect 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.