Jennison Associates LLC Trims Stock Position in Construction Partners, Inc. (NASDAQ:ROAD)

Jennison Associates LLC lessened its stake in Construction Partners, Inc. (NASDAQ:ROAD) by 22.4% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 390,484 shares of the company’s stock after selling 112,501 shares during the period. Jennison Associates LLC owned 0.70% of Construction Partners worth $34,542,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds also recently made changes to their positions in the company. State Street Corp boosted its position in shares of Construction Partners by 2.7% in the 3rd quarter. State Street Corp now owns 1,004,867 shares of the company’s stock valued at $70,140,000 after purchasing an additional 26,189 shares during the period. Charles Schwab Investment Management Inc. lifted its stake in Construction Partners by 0.9% in the third quarter. Charles Schwab Investment Management Inc. now owns 453,212 shares of the company’s stock valued at $31,634,000 after buying an additional 4,009 shares during the last quarter. Fred Alger Management LLC acquired a new stake in shares of Construction Partners in the third quarter valued at approximately $16,535,000. Artemis Investment Management LLP acquired a new stake in shares of Construction Partners in the fourth quarter valued at approximately $18,893,000. Finally, Allspring Global Investments Holdings LLC grew its position in shares of Construction Partners by 47.9% during the third quarter. Allspring Global Investments Holdings LLC now owns 207,422 shares of the company’s stock worth $14,478,000 after acquiring an additional 67,150 shares during the last quarter. Hedge funds and other institutional investors own 94.83% of the company’s stock.

Insider Activity

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

Analysts Set New Price Targets

ROAD has been the subject of several research reports. Robert W. Baird upped their price target on shares of Construction Partners from $68.00 to $92.00 and gave the company a “neutral” rating in a research report on Tuesday, October 22nd. DA Davidson reaffirmed a “neutral” rating and issued a $95.00 target price on shares of Construction Partners in a report on Thursday, January 30th. Finally, Raymond James lowered their price target 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 issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $83.40.

Construction Partners Stock Up 2.7 %

Shares of Construction Partners stock opened at $81.95 on Wednesday. Construction Partners, Inc. has a one year low of $44.77 and a one year high of $103.69. The company has a market cap of $4.58 billion, a P/E ratio of 62.08, a PEG ratio of 0.99 and a beta of 0.74. The company has a debt-to-equity ratio of 0.85, a quick ratio of 1.26 and a current ratio of 1.54. The firm has a fifty day moving average of $91.06 and a two-hundred day moving average of $78.55.

Construction Partners (NASDAQ:ROAD) last posted its quarterly earnings results on Thursday, November 21st. The company reported $0.56 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.57 by ($0.01). Construction Partners had a return on equity of 12.90% and a net margin of 3.78%. The firm had revenue of $538.16 million for the quarter, compared to analysts’ expectations of $538.04 million. During the same period in the prior year, the company earned $0.59 earnings per share. The company’s revenue for the quarter was up 13.3% on a year-over-year basis. On average, analysts forecast that Construction Partners, Inc. will post 1.95 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.