Lord Abbett & CO. LLC Invests $22.46 Million in Construction Partners, Inc. (NASDAQ:ROAD)

Lord Abbett & CO. LLC acquired a new position in Construction Partners, Inc. (NASDAQ:ROAD - Free Report) in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor acquired 253,859 shares of the company's stock, valued at approximately $22,456,000. Lord Abbett & CO. LLC owned 0.45% of Construction Partners as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in the business. Sheets Smith Wealth Management purchased a new stake in Construction Partners during the 4th quarter valued at approximately $632,000. Artemis Investment Management LLP purchased a new stake in Construction Partners in the 4th quarter worth $18,893,000. Washington University bought a new position in shares of Construction Partners during the 4th quarter valued at about $3,452,000. Sanctuary Advisors LLC bought a new stake in shares of Construction Partners in the third quarter worth about $288,000. Finally, Franklin Resources Inc. bought a new position in Construction Partners during the third quarter valued at approximately $273,000. Hedge funds and other institutional investors own 94.83% of the company's stock.

Insider Activity

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

Construction Partners Trading Up 3.7 %

Construction Partners stock traded up $3.20 during mid-day trading on Friday, hitting $90.04. The company's stock had a trading volume of 333,561 shares, compared to its average volume of 559,965. Construction Partners, Inc. has a one year low of $51.39 and a one year high of $103.69. The stock has a market cap of $5.03 billion, a PE ratio of 84.15, a P/E/G ratio of 0.99 and a beta of 0.85. The company has a 50 day moving average of $74.56 and a 200-day moving average of $83.17. The company has a debt-to-equity ratio of 1.46, a quick ratio of 1.23 and a current ratio of 1.54.

Analyst Upgrades and Downgrades

A number of research analysts recently weighed in on ROAD shares. Robert W. Baird raised their target price on shares of Construction Partners from $100.00 to $102.00 and gave the company a "neutral" rating in a report on Monday, February 10th. DA Davidson reiterated a "neutral" rating and issued a $95.00 price target on shares of Construction Partners in a research report on Thursday, January 30th. Finally, Raymond James decreased their price objective on Construction Partners from $104.00 to $100.00 and set a "strong-buy" rating on the stock in a research report on Tuesday.

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.