Westover Capital Advisors LLC Cuts Holdings in Construction Partners, Inc. (NASDAQ:ROAD)

Westover Capital Advisors LLC decreased its stake in shares of Construction Partners, Inc. (NASDAQ:ROAD) by 2.0% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 11,947 shares of the company’s stock after selling 249 shares during the quarter. Westover Capital Advisors LLC’s holdings in Construction Partners were worth $1,057,000 as of its most recent SEC filing.

Several other large investors also recently bought and sold shares of ROAD. Allspring Global Investments Holdings LLC increased its holdings in Construction Partners by 197.0% during the 4th quarter. Allspring Global Investments Holdings LLC now owns 616,032 shares of the company’s stock worth $54,104,000 after purchasing an additional 408,610 shares during the period. Fred Alger Management LLC purchased a new stake in Construction Partners during the 3rd quarter worth about $16,535,000. Artemis Investment Management LLP purchased a new stake in Construction Partners during the 4th quarter worth about $18,893,000. Segall Bryant & Hamill LLC purchased a new stake in Construction Partners during the 3rd quarter worth about $10,377,000. Finally, Peregrine Capital Management LLC purchased a new stake in Construction Partners during the 4th quarter worth about $8,172,000. Hedge funds and other institutional investors own 94.83% of the company’s stock.

Insider Activity at Construction Partners

In related news, Director Charles E. Owens sold 46,596 shares of the company’s stock in a transaction dated Wednesday, December 4th. The stock was sold at an average price of $101.33, for a total value of $4,721,572.68. Following the completion of the sale, the director now directly owns 203,404 shares of the company’s stock, valued at $20,610,927.32. This represents a 18.64 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CAO Todd Keith Andrews sold 2,511 shares of the company’s stock in a transaction dated Monday, December 16th. The shares were sold at an average price of $95.86, for a total value of $240,704.46. Following the completion of the sale, the chief accounting officer now directly owns 19,339 shares of the company’s stock, valued at approximately $1,853,836.54. This trade represents a 11.49 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 139,225 shares of company stock valued at $13,904,358 in the last three months. 16.36% of the stock is currently owned by company insiders.

Construction Partners Trading Down 4.4 %

ROAD opened at $69.34 on Tuesday. The company has a market cap of $3.87 billion, a P/E ratio of 64.80, a PEG ratio of 0.99 and a beta of 0.74. The company has a debt-to-equity ratio of 1.46, a quick ratio of 1.23 and a current ratio of 1.54. Construction Partners, Inc. has a one year low of $48.83 and a one year high of $103.69. The business’s 50-day simple moving average is $83.84 and its 200-day simple moving average is $80.76.

Analysts Set New Price Targets

Several equities research analysts have weighed in on the company. Robert W. Baird upped their price target on Construction Partners from $100.00 to $102.00 and gave the stock a “neutral” rating in a report on Monday, February 10th. DA Davidson reiterated a “neutral” rating and issued a $95.00 price objective on shares of Construction Partners in a report on Thursday, January 30th. Finally, Raymond James dropped their price objective on Construction Partners from $112.00 to $104.00 and set a “strong-buy” rating on the stock in a report on Thursday, January 16th. Three research analysts have rated the stock with a hold rating, one has assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, Construction Partners presently has a consensus rating of “Moderate Buy” and a consensus target price of $85.40.

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.