Jennison Associates LLC Sells 108,106 Shares of Construction Partners, Inc. (NASDAQ:ROAD)

Jennison Associates LLC lowered its stake in Construction Partners, Inc. (NASDAQ:ROAD - Free Report) by 17.0% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 526,748 shares of the company's stock after selling 108,106 shares during the period. Jennison Associates LLC owned approximately 1.00% of Construction Partners worth $22,924,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently made changes to their positions in the stock. Comerica Bank lifted its position in shares of Construction Partners by 2,716.6% during the 3rd quarter. Comerica Bank now owns 344,814 shares of the company's stock worth $12,606,000 after purchasing an additional 332,572 shares during the last quarter. Vanguard Group Inc. lifted its position in shares of Construction Partners by 8.6% during the 3rd quarter. Vanguard Group Inc. now owns 2,290,486 shares of the company's stock worth $83,740,000 after purchasing an additional 181,017 shares during the last quarter. New York State Common Retirement Fund lifted its position in shares of Construction Partners by 1,050.7% during the 3rd quarter. New York State Common Retirement Fund now owns 190,160 shares of the company's stock worth $6,952,000 after purchasing an additional 173,635 shares during the last quarter. American Century Companies Inc. lifted its position in shares of Construction Partners by 15.0% during the 3rd quarter. American Century Companies Inc. now owns 1,316,081 shares of the company's stock worth $48,116,000 after purchasing an additional 172,109 shares during the last quarter. Finally, Envestnet Asset Management Inc. lifted its position in shares of Construction Partners by 39.8% during the 3rd quarter. Envestnet Asset Management Inc. now owns 421,356 shares of the company's stock worth $15,405,000 after purchasing an additional 119,912 shares during the last quarter. Institutional investors and hedge funds own 94.83% of the company's stock.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on ROAD. Stifel Nicolaus boosted their price objective on Construction Partners from $51.00 to $57.00 and gave the stock a "buy" rating in a research report on Monday, February 12th. Sidoti cut Construction Partners from a "buy" rating to a "neutral" rating and set a $59.00 price target for the company. in a report on Thursday, March 28th. Finally, Robert W. Baird cut Construction Partners from an "outperform" rating to a "neutral" rating and upped their price target for the company from $46.00 to $50.00 in a report on Monday, February 12th. Two equities research analysts have rated the stock with a hold rating, one has given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, Construction Partners presently has a consensus rating of "Moderate Buy" and a consensus target price of $52.00.

Construction Partners Stock Performance

Construction Partners stock traded up $1.39 during trading hours on Friday, hitting $52.77. The stock had a trading volume of 252,284 shares, compared to its average volume of 354,511. The company has a 50-day moving average of $52.16 and a two-hundred day moving average of $45.74. The company has a quick ratio of 1.39, a current ratio of 1.75 and a debt-to-equity ratio of 0.82. The company has a market cap of $2.78 billion, a PE ratio of 48.86, a price-to-earnings-growth ratio of 1.32 and a beta of 0.65. Construction Partners, Inc. has a fifty-two week low of $24.20 and a fifty-two week high of $58.65.

Construction Partners (NASDAQ:ROAD - Get Free Report) last released its quarterly earnings data on Friday, February 9th. The company reported $0.19 earnings per share for the quarter, beating the consensus estimate of $0.13 by $0.06. Construction Partners had a return on equity of 11.56% and a net margin of 3.52%. The company had revenue of $396.51 million for the quarter, compared to analyst estimates of $393.62 million. During the same period in the prior year, the company posted $0.04 EPS. The company's revenue was up 16.0% compared to the same quarter last year. On average, equities research analysts anticipate that Construction Partners, Inc. will post 1.34 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.