Clearbridge Investments LLC acquired a new position in Construction Partners, Inc. (NASDAQ:ROAD - Free Report) in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm acquired 368,773 shares of the company's stock, valued at approximately $20,360,000. Clearbridge Investments LLC owned approximately 0.70% of Construction Partners at the end of the most recent reporting period.
Several other hedge funds also recently added to or reduced their stakes in ROAD. Covestor Ltd increased its position in shares of Construction Partners by 17,700.0% in the 1st quarter. Covestor Ltd now owns 534 shares of the company's stock valued at $30,000 after acquiring an additional 531 shares during the period. Benjamin F. Edwards & Company Inc. raised its holdings in shares of Construction Partners by 244.4% during the first quarter. Benjamin F. Edwards & Company Inc. now owns 1,178 shares of the company's stock worth $66,000 after purchasing an additional 836 shares during the last quarter. YHB Investment Advisors Inc. acquired a new position in Construction Partners during the first quarter valued at $116,000. nVerses Capital LLC acquired a new position in Construction Partners during the second quarter valued at $116,000. Finally, SG Americas Securities LLC purchased a new stake in Construction Partners in the first quarter valued at $139,000. 94.83% of the stock is owned by institutional investors and hedge funds.
Several research firms have commented on ROAD. Raymond James upped their price objective on Construction Partners from $69.00 to $72.00 and gave the stock a "strong-buy" rating in a research report on Monday, August 12th. Stifel Nicolaus increased their price target on Construction Partners from $61.00 to $67.00 and gave the stock a "buy" rating in a research report on Monday, August 12th. Finally, DA Davidson boosted their price objective on Construction Partners from $50.00 to $55.00 and gave the company a "neutral" rating in a research report on Tuesday, August 13th. Three equities research analysts have rated the stock with a hold rating, one has assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, Construction Partners presently has an average rating of "Moderate Buy" and a consensus target price of $59.67.
Check Out Our Latest Report on Construction Partners
In other news, Director Mark R. Matteson sold 25,408 shares of the firm's stock in a transaction dated Thursday, August 22nd. The stock was sold at an average price of $61.97, for a total transaction of $1,574,533.76. Following the sale, the director now owns 102,592 shares of the company's stock, valued at approximately $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 accessible through the SEC website. 18.80% of the stock is owned by corporate insiders.
ROAD opened at $68.46 on Friday. Construction Partners, Inc. has a twelve month low of $36.70 and a twelve month high of $76.73. The firm has a market capitalization of $3.61 billion, a PE ratio of 58.51, a PEG ratio of 1.58 and a beta of 0.67. 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 firm's 50-day moving average price is $63.73 and its 200 day moving average price is $58.47.
Construction Partners (NASDAQ:ROAD - Get Free Report) last issued its earnings results on Friday, August 9th. The company reported $0.59 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.54 by $0.05. The company had revenue of $517.80 million during the quarter, compared to analysts' expectations of $503.57 million. Construction Partners had a return on equity of 13.34% and a net margin of 4.01%. The firm's quarterly revenue was up 22.7% on a year-over-year basis. During the same period in the prior year, the business earned $0.41 EPS. As a group, sell-side analysts expect that Construction Partners, Inc. will post 1.43 EPS for the current fiscal year.
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.
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