Oak Ridge Investments LLC Sells 21,550 Shares of Construction Partners, Inc. (NASDAQ:ROAD)

Oak Ridge Investments LLC lessened its holdings in Construction Partners, Inc. (NASDAQ:ROAD) by 23.8% in the third quarter, Holdings Channel reports. The firm owned 68,856 shares of the company’s stock after selling 21,550 shares during the period. Oak Ridge Investments LLC’s holdings in Construction Partners were worth $4,806,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds also recently made changes to their positions in the business. Vanguard Group Inc. increased its holdings in Construction Partners by 2.4% during the fourth quarter. Vanguard Group Inc. now owns 2,346,238 shares of the company’s stock worth $102,108,000 after buying an additional 55,752 shares during the last quarter. Ninepoint Partners LP purchased a new position in Construction Partners in the second quarter valued at approximately $954,000. Engle Capital Management L.P. bought a new position in Construction Partners during the second quarter valued at $5,742,000. Allspring Global Investments Holdings LLC increased its position in Construction Partners by 47.9% in the third quarter. Allspring Global Investments Holdings LLC now owns 207,422 shares of the company’s stock worth $14,478,000 after buying an additional 67,150 shares during the last quarter. Finally, Westover Capital Advisors LLC bought a new stake in shares of Construction Partners in the second quarter valued at $674,000. 94.83% of the stock is currently owned by institutional investors.

Construction Partners Stock Performance

Shares of ROAD stock opened at $78.73 on Friday. The company has a market capitalization of $4.15 billion, a P/E ratio of 58.32, a PEG ratio of 1.46 and a beta of 0.67. Construction Partners, Inc. has a fifty-two week low of $37.66 and a fifty-two week high of $86.00. The company has a debt-to-equity ratio of 0.82, a quick ratio of 1.30 and a current ratio of 1.60. The stock has a 50 day moving average price of $69.74 and a two-hundred day moving average price of $61.19.

Construction Partners (NASDAQ:ROAD) last announced its quarterly earnings results on Friday, August 9th. The company reported $0.59 earnings per share for the quarter, beating the consensus estimate of $0.54 by $0.05. Construction Partners had a net margin of 4.01% and a return on equity of 13.34%. The business had revenue of $517.80 million during the quarter, compared to analysts’ expectations of $503.57 million. During the same quarter in the prior year, the company posted $0.41 EPS. The firm’s revenue for the quarter was up 22.7% compared to the same quarter last year. Analysts expect that Construction Partners, Inc. will post 1.33 earnings per share for the current year.

Insider Activity at Construction Partners

In related news, Director Mark R. Matteson sold 25,408 shares of the stock in a transaction dated Thursday, August 22nd. The shares were sold at an average price of $61.97, for a total value of $1,574,533.76. Following the completion of the transaction, the director now directly owns 102,592 shares in the company, valued at $6,357,626.24. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 18.80% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on ROAD. Raymond James increased their target price on shares of Construction Partners from $69.00 to $72.00 and gave the stock a “strong-buy” rating in a research report on Monday, August 12th. Robert W. Baird raised their price target on Construction Partners from $68.00 to $92.00 and gave the company a “neutral” rating in a report on Tuesday, October 22nd. Stifel Nicolaus lifted their price target on Construction Partners from $61.00 to $67.00 and gave the stock a “buy” rating in a research note on Monday, August 12th. Finally, DA Davidson upped their target price on Construction Partners from $50.00 to $55.00 and gave the stock a “neutral” rating in a research note on Tuesday, August 13th. Three investment analysts have rated the stock with a hold rating, one has given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $69.00.

About Construction Partners

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.