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Traders Buy Large Volume of Call Options on Construction Partners (NASDAQ:ROAD)

Last updated on Tuesday, February 23, 2021 | 2021 MarketBeat

Construction Partners, Inc. (NASDAQ:ROAD) saw some unusual options trading activity on Tuesday. Stock investors purchased 2,285 call options on the company. This is an increase of approximately 1,302% compared to the typical volume of 163 call options.

Several equities research analysts recently issued reports on the stock. Bank of America lifted their price objective on shares of Construction Partners from $20.00 to $26.00 and gave the company a "buy" rating in a research note on Monday, November 16th. Zacks Investment Research lowered shares of Construction Partners from a "strong-buy" rating to a "hold" rating in a research report on Thursday, February 11th. DA Davidson boosted their target price on shares of Construction Partners from $18.00 to $25.00 and gave the stock a "neutral" rating in a research report on Monday, December 14th. Finally, Raymond James boosted their target price on shares of Construction Partners from $30.00 to $34.00 and gave the stock an "outperform" rating in a research report on Monday, February 8th. Three analysts have rated the stock with a hold rating and four have given a buy rating to the company's stock. The company has an average rating of "Buy" and a consensus price target of $24.57.

In related news, Director Suntx Capital Management Corp. sold 1,180,000 shares of Construction Partners stock in a transaction on Thursday, January 14th. The shares were sold at an average price of $32.31, for a total value of $38,125,800.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, SVP John L. Harper sold 15,000 shares of Construction Partners stock in a transaction on Tuesday, December 15th. The shares were sold at an average price of $28.21, for a total transaction of $423,150.00. Following the completion of the sale, the senior vice president now directly owns 197,682 shares of the company's stock, valued at approximately $5,576,609.22. The disclosure for this sale can be found here. Company insiders own 63.94% of the company's stock.

Institutional investors have recently modified their holdings of the business. BlackRock Inc. grew its stake in Construction Partners by 18.4% during the third quarter. BlackRock Inc. now owns 1,866,882 shares of the company's stock worth $33,977,000 after buying an additional 290,695 shares during the last quarter. The Manufacturers Life Insurance Company lifted its position in shares of Construction Partners by 12.5% during the third quarter. The Manufacturers Life Insurance Company now owns 13,731 shares of the company's stock worth $250,000 after purchasing an additional 1,525 shares in the last quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp lifted its position in shares of Construction Partners by 282.0% during the fourth quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 119,205 shares of the company's stock worth $3,470,000 after purchasing an additional 88,000 shares in the last quarter. JPMorgan Chase & Co. lifted its position in shares of Construction Partners by 53.8% during the third quarter. JPMorgan Chase & Co. now owns 9,819 shares of the company's stock worth $183,000 after purchasing an additional 3,436 shares in the last quarter. Finally, Comerica Bank lifted its position in shares of Construction Partners by 69.2% during the third quarter. Comerica Bank now owns 263,327 shares of the company's stock worth $5,590,000 after purchasing an additional 107,689 shares in the last quarter. 66.44% of the stock is currently owned by hedge funds and other institutional investors.

NASDAQ ROAD traded down $0.64 on Tuesday, reaching $28.39. The company's stock had a trading volume of 9,047 shares, compared to its average volume of 475,476. The firm has a market cap of $1.47 billion, a PE ratio of 35.94, a price-to-earnings-growth ratio of 3.07 and a beta of 1.06. The business has a 50-day moving average price of $30.56 and a 200 day moving average price of $24.20. Construction Partners has a 52 week low of $11.96 and a 52 week high of $36.58. The company has a current ratio of 2.44, a quick ratio of 2.16 and a debt-to-equity ratio of 0.21.

Construction Partners (NASDAQ:ROAD) last issued its quarterly earnings data on Thursday, February 4th. The company reported $0.15 earnings per share for the quarter, topping the Thomson Reuters' consensus estimate of $0.13 by $0.02. The firm had revenue of $190.90 million for the quarter, compared to analysts' expectations of $198.76 million. Construction Partners had a net margin of 5.13% and a return on equity of 11.10%. The company's quarterly revenue was up 8.9% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.11 earnings per share. Analysts anticipate that Construction Partners will post 0.92 earnings per share for the current fiscal year.

About Construction Partners

Construction Partners, Inc, a civil infrastructure company, engages in the construction and maintenance of roadways across Alabama, Florida, Georgia, North Carolina, and South Carolina. The company, through its subsidiaries, provides various products and services to public and private infrastructure projects, with a focus on highways, roads, bridges, airports, and commercial and residential developments.

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