Zimmer Partners LP Buys New Position in Construction Partners, Inc. $ROAD

Key Points

• Zimmer Partners LP acquired 140,000 shares of Construction Partners, Inc. valued at approximately $10,062,000, representing about 0.25% ownership after the first quarter.
• Brokerages have upgraded Construction Partners with a "strong-buy" rating and set a target price of $122.00, reflecting optimism about the company's future performance.
• Construction Partners reported $0.81 earnings per share for the last quarter, missing estimates by $0.06, but showed a 50.5% increase in revenue compared to the same period last year.

Zimmer Partners LP bought a new position in shares of Construction Partners, Inc. (NASDAQ:ROAD - Free Report) during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund bought 140,000 shares of the company's stock, valued at approximately $10,062,000. Zimmer Partners LP owned 0.25% of Construction Partners as of its most recent SEC filing.

Several other large investors have also recently bought and sold shares of ROAD. Artemis Investment Management LLP raised 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 valued at $50,018,000 after buying an additional 482,374 shares during the period. Allspring Global Investments Holdings LLC raised its position 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 period. Vanguard Group Inc. raised its position in Construction Partners by 5.0% during the first quarter. Vanguard Group Inc. now owns 3,666,331 shares of the company's stock valued at $263,499,000 after buying an additional 173,963 shares during the period. Nuveen LLC acquired a new position in Construction Partners during the first quarter valued at $8,588,000. Finally, Lord Abbett & CO. LLC raised its position in Construction Partners by 38.8% during the first quarter. Lord Abbett & CO. LLC now owns 352,430 shares of the company's stock valued at $25,329,000 after buying an additional 98,571 shares during the period. 94.83% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

ROAD has been the topic of several recent analyst reports. Raymond James Financial reissued a "strong-buy" rating on shares of Construction Partners in a research report on Friday, August 8th. Baird R W raised Construction Partners from a "hold" rating to a "strong-buy" rating in a research report on Friday, August 8th. Finally, Robert W. Baird set a $122.00 target price on Construction Partners and gave the stock an "outperform" rating in a research report on Friday, August 8th. Two research analysts have rated the stock with a Strong Buy rating, one has given a Buy rating and one has given a Hold rating to the company's stock. According to data from MarketBeat, the stock presently has a consensus rating of "Buy" and a consensus price target of $112.33.

Construction Partners Stock Up 0.2%

Shares of ROAD traded up $0.29 during trading hours on Friday, hitting $125.20. 335,453 shares of the company were exchanged, compared to its average volume of 456,522. The company has a market cap of $7.02 billion, a PE ratio of 91.39, a PEG ratio of 1.60 and a beta of 0.99. The firm's 50 day moving average is $111.13 and its 200-day moving average is $96.40. Construction Partners, Inc. has a 52 week low of $63.71 and a 52 week high of $125.70. The company has a debt-to-equity ratio of 1.63, a quick ratio of 1.20 and a current ratio of 1.47.

Construction Partners (NASDAQ:ROAD - Get Free Report) last released its quarterly earnings results on Thursday, August 7th. The company reported $0.81 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.87 by ($0.06). The company had revenue of $779.28 million for 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 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. On average, equities research analysts forecast 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.