Fred Alger Management LLC Sells 24,498 Shares of Construction Partners, Inc. $ROAD

Fred Alger Management LLC lowered its position in Construction Partners, Inc. (NASDAQ:ROAD) by 11.0% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 198,071 shares of the company’s stock after selling 24,498 shares during the quarter. Fred Alger Management LLC’s holdings in Construction Partners were worth $21,501,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently bought and sold shares of the company. MAI Capital Management grew its stake in Construction Partners by 21.7% in the third quarter. MAI Capital Management now owns 505 shares of the company’s stock worth $64,000 after purchasing an additional 90 shares in the last quarter. AlphaQuest LLC grew its stake in Construction Partners by 292.5% in the third quarter. AlphaQuest LLC now owns 208 shares of the company’s stock worth $26,000 after purchasing an additional 155 shares in the last quarter. &PARTNERS grew its stake in Construction Partners by 2.5% in the fourth quarter. &PARTNERS now owns 6,899 shares of the company’s stock worth $749,000 after purchasing an additional 167 shares in the last quarter. GAMMA Investing LLC grew its stake in Construction Partners by 13.9% in the fourth quarter. GAMMA Investing LLC now owns 1,467 shares of the company’s stock worth $159,000 after purchasing an additional 179 shares in the last quarter. Finally, Morse Asset Management Inc grew its stake in Construction Partners by 300.0% in the third quarter. Morse Asset Management Inc now owns 240 shares of the company’s stock worth $30,000 after purchasing an additional 180 shares in the last quarter. Institutional investors own 94.83% of the company’s stock.

Construction Partners Stock Up 1.4%

Shares of NASDAQ ROAD opened at $122.01 on Wednesday. The company has a current ratio of 1.53, a quick ratio of 1.21 and a debt-to-equity ratio of 1.75. The stock has a market capitalization of $6.90 billion, a PE ratio of 53.51, a price-to-earnings-growth ratio of 1.00 and a beta of 0.88. The stock’s fifty day simple moving average is $117.86 and its two-hundred day simple moving average is $116.94. Construction Partners, Inc. has a 12-month low of $93.22 and a 12-month high of $151.00.

Construction Partners (NASDAQ:ROAD) last announced its earnings results on Friday, May 8th. The company reported $0.18 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.05) by $0.23. The business had revenue of $769.20 million for the quarter, compared to analysts’ expectations of $678.46 million. Construction Partners had a return on equity of 15.22% and a net margin of 3.90%.The business’s revenue for the quarter was up 34.6% on a year-over-year basis. During the same quarter last year, the firm earned $0.08 EPS. As a group, analysts expect that Construction Partners, Inc. will post 2.95 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

ROAD has been the topic of several recent research reports. Zacks Research cut Construction Partners from a “strong-buy” rating to a “hold” rating in a research report on Monday, April 27th. B. Riley Financial raised Construction Partners from a “neutral” rating to a “buy” rating and increased their target price for the company from $117.00 to $135.00 in a research report on Thursday, April 2nd. Truist Financial initiated coverage on Construction Partners in a research report on Wednesday, June 3rd. They set a “hold” rating and a $130.00 target price on the stock. Robert W. Baird increased their target price on Construction Partners from $129.00 to $169.00 and gave the company an “outperform” rating in a research report on Monday, May 11th. Finally, Raymond James Financial reaffirmed a “strong-buy” rating and set a $140.00 target price on shares of Construction Partners in a research report on Monday, April 27th. One research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and four have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $136.50.

Construction Partners Profile

Construction Partners, Inc (NASDAQ: ROAD) is a specialty contractor and infrastructure solutions provider focused on road building, paving, site development and aggregate production. The company delivers a comprehensive suite of civil construction services, including roadway paving and milling, site grading and preparation, stormwater and utility installation, and full-scale asphalt plant operations. By integrating materials production with contracting capabilities, the firm aims to streamline project delivery and maintain quality control across its contracting and materials businesses.

At the heart of Construction Partners’ operations are its network of asphalt plants, quarries and aggregate production facilities.