Hardy Reed LLC Takes Position in Construction Partners, Inc. (NASDAQ:ROAD)

Hardy Reed LLC bought a new position in shares of Construction Partners, Inc. (NASDAQ:ROAD) in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor bought 2,975 shares of the company’s stock, valued at approximately $208,000.

Several other hedge funds have also recently bought and sold shares of ROAD. Dynamic Technology Lab Private Ltd bought a new stake in shares of Construction Partners during the third quarter worth $453,000. Nicolet Advisory Services LLC bought a new position in Construction Partners during the 3rd quarter worth about $208,000. Charles Schwab Investment Management Inc. raised its stake in shares of Construction Partners by 0.9% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 453,212 shares of the company’s stock valued at $31,634,000 after purchasing an additional 4,009 shares during the period. Intech Investment Management LLC bought a new stake in shares of Construction Partners in the third quarter valued at about $778,000. Finally, Advisors Asset Management Inc. boosted its position in shares of Construction Partners by 3.6% during the third quarter. Advisors Asset Management Inc. now owns 75,749 shares of the company’s stock worth $5,287,000 after buying an additional 2,647 shares during the period. 94.83% of the stock is currently owned by institutional investors and hedge funds.

Construction Partners Price Performance

Shares of ROAD opened at $99.52 on Wednesday. The company has a current ratio of 1.60, a quick ratio of 1.30 and a debt-to-equity ratio of 0.82. The company’s fifty day simple moving average is $79.76 and its 200 day simple moving average is $66.10. Construction Partners, Inc. has a 1-year low of $39.79 and a 1-year high of $102.57. The company has a market cap of $5.25 billion, a price-to-earnings ratio of 75.39, a PEG ratio of 1.24 and a beta of 0.65.

Construction Partners (NASDAQ:ROAD) last released its quarterly earnings data on Thursday, November 21st. The company reported $0.56 earnings per share for the quarter, missing the consensus estimate of $0.57 by ($0.01). Construction Partners had a return on equity of 13.15% and a net margin of 3.78%. The firm had revenue of $538.16 million for the quarter, compared to analyst estimates of $538.04 million. During the same quarter in the prior year, the firm earned $0.59 earnings per share. The firm’s revenue for the quarter was up 13.3% on a year-over-year basis. On average, research analysts forecast that Construction Partners, Inc. will post 1.91 earnings per share for the current fiscal year.

Analyst Ratings Changes

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

Construction Partners Company Profile

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.