Fred Alger Management LLC Purchases New Position in Construction Partners, Inc. (NASDAQ:ROAD)

Fred Alger Management LLC acquired a new position in Construction Partners, Inc. (NASDAQ:ROAD) during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund acquired 236,897 shares of the company’s stock, valued at approximately $16,535,000.

Other hedge funds have also modified their holdings of the company. Vanguard Group Inc. increased its position in Construction Partners by 3.0% in the first quarter. Vanguard Group Inc. now owns 2,415,461 shares of the company’s stock worth $135,628,000 after purchasing an additional 69,223 shares during the last quarter. Ninepoint Partners LP purchased a new position in shares of Construction Partners in the 2nd quarter worth $954,000. Segall Bryant & Hamill LLC purchased a new stake in shares of Construction Partners during the 3rd quarter valued at about $10,377,000. Engle Capital Management L.P. purchased a new stake in shares of Construction Partners during the 2nd quarter valued at about $5,742,000. Finally, Allspring Global Investments Holdings LLC lifted its holdings in shares of Construction Partners by 47.9% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 207,422 shares of the company’s stock valued at $14,478,000 after acquiring an additional 67,150 shares during the last quarter. 94.83% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of equities research analysts have issued reports on ROAD shares. DA Davidson upped 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. Raymond James increased their price target on Construction Partners from $69.00 to $72.00 and gave the company a “strong-buy” rating in a report on Monday, August 12th. Robert W. Baird lifted their price objective on shares of Construction Partners from $68.00 to $92.00 and gave the stock a “neutral” rating in a research note on Tuesday, October 22nd. Finally, Stifel Nicolaus increased their target price on shares of Construction Partners from $61.00 to $67.00 and gave the company a “buy” rating in a research note on Monday, August 12th. Three equities research 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 company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $69.00.

Construction Partners Price Performance

Shares of ROAD stock opened at $101.61 on Friday. The stock has a 50 day moving average price of $81.41 and a 200 day moving average price of $66.89. Construction Partners, Inc. has a 52-week low of $39.79 and a 52-week high of $103.24. The company has a debt-to-equity ratio of 0.85, a quick ratio of 1.30 and a current ratio of 1.54. The firm has a market capitalization of $5.68 billion, a P/E ratio of 76.98, a P/E/G ratio of 1.21 and a beta of 0.65.

Construction Partners (NASDAQ:ROAD) last released its earnings results on Thursday, November 21st. The company reported $0.56 earnings per share for the quarter, missing analysts’ consensus estimates of $0.57 by ($0.01). The business had revenue of $538.16 million during the quarter, compared to analysts’ expectations of $538.04 million. Construction Partners had a return on equity of 12.90% and a net margin of 3.78%. The business’s revenue for the quarter was up 13.3% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.59 EPS. As a group, sell-side analysts predict that Construction Partners, Inc. will post 1.96 earnings per share for the current year.

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.