Construction Partners (NASDAQ:ROAD) Price Target Raised to $120.00 at Raymond James Financial

Key Points

• Raymond James Financial has raised its target price for Construction Partners (NASDAQ:ROAD) from $111.00 to $120.00, indicating a potential upside of 7.72% based on the current stock price.
• Construction Partners reported $0.81 earnings per share for the last quarter, which was below the consensus estimate of $0.87, despite a 50.5% year-over-year revenue growth.
• The company has seen significant interest from hedge funds, with over 94.83% of its stock now owned by institutional investors, indicating strong confidence in its future performance.

Construction Partners (NASDAQ:ROAD - Get Free Report) had its price target boosted by stock analysts at Raymond James Financial from $111.00 to $120.00 in a research report issued to clients and investors on Friday,Benzinga reports. The brokerage currently has a "strong-buy" rating on the stock. Raymond James Financial's price objective suggests a potential upside of 1.99% from the stock's current price.

Separately, Robert W. Baird set a $122.00 target price on shares of Construction Partners and gave the company an "outperform" rating in a research note on Friday. One analyst has rated the stock with a hold rating, two have given a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of "Buy" and a consensus price target of $101.00.

Construction Partners Stock Performance

NASDAQ:ROAD traded up $4.10 during trading hours on Friday, hitting $117.66. 627,173 shares of the company were exchanged, compared to its average volume of 558,514. The stock has a market capitalization of $6.59 billion, a price-to-earnings ratio of 85.88, a PEG ratio of 1.46 and a beta of 1.00. Construction Partners has a 52-week low of $56.52 and a 52-week high of $119.20. The company has a debt-to-equity ratio of 1.63, a current ratio of 1.42 and a quick ratio of 1.13. The company's 50 day moving average price is $104.73 and its 200-day moving average price is $89.64.

Construction Partners (NASDAQ:ROAD - Get Free Report) last released its quarterly earnings data on Thursday, August 7th. The company reported $0.81 EPS for the quarter, missing the consensus estimate of $0.87 by ($0.06). The business had revenue of $779.28 million during the quarter, compared to analysts' expectations of $810.47 million. Construction Partners had a net margin of 3.04% and a return on equity of 12.75%. The firm's revenue was up 50.5% on a year-over-year basis. During the same period last year, the company earned $0.59 earnings per share. As a group, research analysts forecast that Construction Partners will post 1.96 earnings per share for the current year.

Hedge Funds Weigh In On Construction Partners

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Caitong International Asset Management Co. Ltd boosted its position in shares of Construction Partners by 2,750.0% during the 2nd quarter. Caitong International Asset Management Co. Ltd now owns 285 shares of the company's stock worth $30,000 after purchasing an additional 275 shares in the last quarter. Montag A & Associates Inc. acquired a new position in shares of Construction Partners during the 1st quarter worth approximately $29,000. MAI Capital Management acquired a new position in shares of Construction Partners during the 2nd quarter worth approximately $44,000. Versant Capital Management Inc acquired a new position in shares of Construction Partners during the 1st quarter worth approximately $30,000. Finally, Hazlett Burt & Watson Inc. raised its position in shares of Construction Partners by 88.9% during the 2nd quarter. Hazlett Burt & Watson Inc. now owns 425 shares of the company's stock worth $45,000 after purchasing an additional 200 shares during the last quarter. Institutional investors and hedge funds own 94.83% of the company's stock.

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.