Construction Partners (NASDAQ:ROAD) Shares Down 5.3% – Here’s What Happened

Construction Partners, Inc. (NASDAQ:ROAD) shares fell 5.3% on Thursday . The company traded as low as $96.93 and last traded at $96.53. 325,022 shares changed hands during trading, a decline of 43% from the average session volume of 574,011 shares. The stock had previously closed at $101.90.

Wall Street Analysts Forecast Growth

A number of analysts have commented on the stock. Zacks Research upgraded shares of Construction Partners from a “hold” rating to a “strong-buy” rating in a research note on Tuesday. Truist Financial initiated coverage on shares of Construction Partners in a research note on Wednesday, June 3rd. They set a “hold” rating and a $130.00 price objective on the stock. Robert W. Baird dropped their target price on shares of Construction Partners from $169.00 to $145.00 and set an “outperform” rating on the stock in a report on Wednesday, July 1st. Raymond James Financial reiterated a “strong-buy” rating and issued a $140.00 target price on shares of Construction Partners in a research note on Monday, April 27th. Finally, Weiss Ratings cut Construction Partners from a “buy (b-)” rating to a “hold (c+)” rating in a report on Tuesday, May 26th. Two equities research analysts have rated the stock with a Strong Buy rating, three have assigned a Buy rating and three have issued a Hold rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $132.50.

Construction Partners Stock Down 0.6%

The firm has a fifty day simple moving average of $116.74 and a 200-day simple moving average of $117.73. The firm has a market cap of $5.36 billion, a price-to-earnings ratio of 41.62, a P/E/G ratio of 0.80 and a beta of 0.88. The company has a debt-to-equity ratio of 1.75, a quick ratio of 1.21 and a current ratio of 1.53.

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

Institutional Investors Weigh In On Construction Partners

Hedge funds have recently bought and sold shares of the stock. Morse Asset Management Inc grew its position in shares of Construction Partners by 300.0% in the third quarter. Morse Asset Management Inc now owns 240 shares of the company’s stock valued at $30,000 after purchasing an additional 180 shares during the last quarter. Danske Bank A S acquired a new stake in Construction Partners during the 3rd quarter worth approximately $38,000. Quarry LP bought a new stake in Construction Partners in the 3rd quarter valued at $42,000. Harbor Investment Advisory LLC bought a new stake in Construction Partners in the 1st quarter valued at $39,000. Finally, Hollencrest Capital Management acquired a new position in Construction Partners in the 1st quarter valued at $39,000. 94.83% of the stock is currently owned by institutional investors and hedge funds.

About Construction Partners

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.