Construction Partners, Inc. $ROAD Shares Sold by Jennison Associates LLC

Jennison Associates LLC decreased its holdings in shares of Construction Partners, Inc. (NASDAQ:ROAD) by 14.3% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 177,296 shares of the company’s stock after selling 29,639 shares during the quarter. Jennison Associates LLC’s holdings in Construction Partners were worth $19,701,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. AQR Capital Management LLC raised its holdings in Construction Partners by 14.4% during the first quarter. AQR Capital Management LLC now owns 10,333 shares of the company’s stock worth $743,000 after purchasing an additional 1,302 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its holdings in shares of Construction Partners by 11.2% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 96,191 shares of the company’s stock valued at $6,913,000 after buying an additional 9,656 shares in the last quarter. Intech Investment Management LLC boosted its holdings in shares of Construction Partners by 11.4% in the 1st quarter. Intech Investment Management LLC now owns 24,292 shares of the company’s stock valued at $1,746,000 after buying an additional 2,482 shares in the last quarter. Strs Ohio purchased a new position in shares of Construction Partners in the 1st quarter valued at $165,000. Finally, Hsbc Holdings PLC acquired a new stake in Construction Partners during the 2nd quarter worth $552,000. 94.83% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on ROAD. Robert W. Baird reduced their price target on shares of Construction Partners from $169.00 to $145.00 and set an “outperform” rating for the company in a research report on Wednesday, July 1st. B. Riley Financial raised Construction Partners from a “neutral” rating to a “buy” rating and raised their price objective for the stock from $117.00 to $135.00 in a report on Thursday, April 2nd. Zacks Research cut Construction Partners from a “strong-buy” rating to a “hold” rating in a research report on Thursday, July 16th. Truist Financial began coverage on Construction Partners in a report on Wednesday, June 3rd. They issued a “hold” rating and a $130.00 target price for the company. Finally, Raymond James Financial decreased their target price on Construction Partners from $161.00 to $150.00 and set a “strong-buy” rating for the company in a research report on Wednesday, July 15th. One research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and four have given a Hold rating to the company. According to MarketBeat, Construction Partners presently has a consensus rating of “Moderate Buy” and a consensus price target of $134.17.

Construction Partners Stock Performance

Shares of Construction Partners stock opened at $103.21 on Wednesday. The firm’s fifty day simple moving average is $112.39 and its 200-day simple moving average is $117.27. Construction Partners, Inc. has a 12 month low of $93.22 and a 12 month high of $151.00. The stock has a market capitalization of $5.83 billion, a price-to-earnings ratio of 45.27, a PEG ratio of 0.87 and a beta of 0.88. The company has a debt-to-equity ratio of 1.75, a current ratio of 1.53 and a quick ratio of 1.21.

Construction Partners (NASDAQ:ROAD) last issued its quarterly earnings results on Friday, May 8th. The company reported $0.18 earnings per share for the quarter, topping analysts’ consensus estimates of ($0.05) by $0.23. The firm had revenue of $769.20 million during the quarter, compared to analysts’ expectations of $678.46 million. Construction Partners had a net margin of 3.90% and a return on equity of 15.22%. Construction Partners’s quarterly revenue was up 34.6% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.08 EPS. As a group, equities analysts forecast that Construction Partners, Inc. will post 2.91 earnings per share for the current year.

Construction Partners Company 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.