Construction Partners (NASDAQ:ROAD) Stock Gets Price Target Cut from Truist Financial

Construction Partners (NASDAQ:ROAD) had its price objective decreased by research analysts at Truist Financial from $130.00 to $90.00 in a research note issued on Friday, Benzinga reports. The firm currently has a “hold” rating on the stock. Truist Financial‘s target price points to a potential upside of 16.03% from the stock’s previous close.

Several other equities research analysts have also recently commented on the stock. Zacks Research cut shares of Construction Partners from a “strong-buy” rating to a “hold” rating in a research report on Thursday, July 16th. Robert W. Baird lowered their price objective on shares of Construction Partners from $145.00 to $141.00 and set an “outperform” rating for the company in a report on Monday, August 10th. Weiss Ratings cut Construction Partners from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Thursday, September 17th. Finally, Raymond James Financial reiterated a “strong-buy” rating and set a $125.00 target price on shares of Construction Partners in a report on Friday. One analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and four have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $122.67.

Construction Partners Trading Up 0.0%

Shares of ROAD traded up $0.04 during mid-day trading on Friday, hitting $77.56. 711,783 shares of the company’s stock traded hands, compared to its average volume of 677,680. The company has a quick ratio of 1.26, a current ratio of 1.57 and a debt-to-equity ratio of 1.68. Construction Partners has a 1 year low of $74.51 and a 1 year high of $151.00. The firm has a market capitalization of $4.40 billion, a P/E ratio of 30.45, a PEG ratio of 0.74 and a beta of 0.94. The business’s 50-day moving average price is $92.50 and its 200-day moving average price is $110.50.

Construction Partners (NASDAQ:ROAD) last announced its earnings results on Friday, August 7th. The company reported $1.08 EPS for the quarter, beating analysts’ consensus estimates of $1.01 by $0.07. Construction Partners had a return on equity of 16.06% and a net margin of 4.10%. The company had revenue of $999.42 million during the quarter, compared to the consensus estimate of $948.77 million. During the same quarter in the prior year, the company earned $0.81 earnings per share. The firm’s revenue for the quarter was up 28.2% on a year-over-year basis. As a group, sell-side analysts forecast that Construction Partners will post 3.04 EPS for the current fiscal year.

Institutional Trading of Construction Partners

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Russell Investments Group Ltd. raised its stake in Construction Partners by 7.6% during the third quarter. Russell Investments Group Ltd. now owns 96,723 shares of the company’s stock valued at $8,708,000 after buying an additional 6,850 shares during the last quarter. Fifth Third Bancorp grew its stake in shares of Construction Partners by 8.1% in the third quarter. Fifth Third Bancorp now owns 218,441 shares of the company’s stock worth $19,666,000 after acquiring an additional 16,402 shares during the last quarter. Maryland State Retirement & Pension System bought a new position in shares of Construction Partners during the third quarter valued at $968,000. Van Berkom & Associates Inc. increased its holdings in shares of Construction Partners by 45.5% during the third quarter. Van Berkom & Associates Inc. now owns 606,302 shares of the company’s stock valued at $54,585,000 after acquiring an additional 189,576 shares in the last quarter. Finally, Summit Creek Advisors LLC grew its position in Construction Partners by 6.7% during the 3rd quarter. Summit Creek Advisors LLC now owns 74,831 shares of the company’s stock valued at $6,737,000 after purchasing an additional 4,701 shares during the last quarter. Hedge funds and other institutional investors own 94.83% of the company’s stock.

About Construction Partners

Construction Partners, Inc (NASDAQ:ROAD) is a civil infrastructure company that builds and maintains transportation and other public infrastructure in the United States. The company primarily serves public-sector customers, including state and local governments, as well as private-sector customers involved in residential, commercial and industrial development.

Its services include asphalt production and paving, roadway construction, milling, maintenance and repair, site development, utility installation and related infrastructure work.