Construction Partners (NASDAQ:ROAD) Reaches New 12-Month High – Time to Buy?

Construction Partners, Inc. (NASDAQ:ROAD)’s stock price reached a new 52-week high during trading on Monday . The company traded as high as $77.76 and last traded at $77.76, with a volume of 878 shares traded. The stock had previously closed at $74.70.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on ROAD. Stifel Nicolaus increased their price target on Construction Partners from $61.00 to $67.00 and gave the company a “buy” rating in a report on Monday, August 12th. Raymond James increased their target price on Construction Partners from $69.00 to $72.00 and gave the company a “strong-buy” rating in a report on Monday, August 12th. Finally, DA Davidson boosted their price target on Construction Partners from $50.00 to $55.00 and gave the company a “neutral” rating in a research note on Tuesday, August 13th. Three analysts have rated the stock with a hold rating, one has issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, Construction Partners presently has an average rating of “Moderate Buy” and an average price target of $62.60.

Construction Partners Price Performance

The firm has a 50 day moving average price of $66.62 and a 200 day moving average price of $59.85. The stock has a market capitalization of $4.20 billion, a PE ratio of 63.85, a price-to-earnings-growth ratio of 1.35 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.

Construction Partners (NASDAQ:ROAD) last issued its quarterly earnings results on Friday, August 9th. The company reported $0.59 EPS for the quarter, topping analysts’ consensus estimates of $0.54 by $0.05. The business 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 business’s quarterly revenue was up 22.7% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.41 earnings per share. Research analysts anticipate that Construction Partners, Inc. will post 1.43 earnings per share for the current year.

Insiders Place Their Bets

In other news, Director Mark R. Matteson sold 25,408 shares of the firm’s stock in a transaction on Thursday, August 22nd. The shares were sold at an average price of $61.97, for a total transaction of $1,574,533.76. Following the sale, 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 document filed with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 18.80% of the company’s stock.

Hedge Funds Weigh In On Construction Partners

A number of hedge funds have recently made changes to their positions in the business. Vanguard Group Inc. lifted its holdings in Construction Partners by 2.4% in the 4th quarter. Vanguard Group Inc. now owns 2,346,238 shares of the company’s stock worth $102,108,000 after purchasing an additional 55,752 shares in the last quarter. Wasatch Advisors LP raised its position in shares of Construction Partners by 188.3% during the first quarter. Wasatch Advisors LP now owns 1,692,328 shares of the company’s stock valued at $95,024,000 after buying an additional 1,105,423 shares during the last quarter. Ninepoint Partners LP purchased a new position in shares of Construction Partners in the second quarter worth $954,000. Engle Capital Management L.P. bought a new position in shares of Construction Partners during the second quarter worth $5,742,000. Finally, Westover Capital Advisors LLC purchased a new position in Construction Partners during the second quarter valued at $674,000. Institutional investors own 94.83% of the company’s stock.

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.