Golden State Wealth Management LLC Purchases New Position in Construction Partners, Inc. (NASDAQ:ROAD)

Golden State Wealth Management LLC acquired a new position in shares of Construction Partners, Inc. (NASDAQ:ROAD) during the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund acquired 563 shares of the company’s stock, valued at approximately $50,000.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the stock. State Street Corp raised its position in Construction Partners by 2.7% in the 3rd quarter. State Street Corp now owns 1,004,867 shares of the company’s stock worth $70,140,000 after purchasing an additional 26,189 shares during the period. Charles Schwab Investment Management Inc. raised its holdings in shares of Construction Partners by 0.9% in the third quarter. Charles Schwab Investment Management Inc. now owns 453,212 shares of the company’s stock worth $31,634,000 after buying an additional 4,009 shares during the period. Fred Alger Management LLC bought a new stake in shares of Construction Partners during the 3rd quarter worth approximately $16,535,000. Artemis Investment Management LLP bought a new stake in shares of Construction Partners during the 4th quarter worth approximately $18,893,000. Finally, Allspring Global Investments Holdings LLC boosted its holdings in Construction Partners by 47.9% during 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 period. 94.83% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In related news, CAO Todd Keith Andrews sold 2,511 shares of the stock in a transaction that occurred on Monday, December 16th. The shares were sold at an average price of $95.86, for a total transaction of $240,704.46. Following the completion of the sale, the chief accounting officer now owns 19,339 shares of the company’s stock, valued at $1,853,836.54. This represents a 11.49 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Charles E. Owens sold 49,695 shares of the firm’s stock in a transaction that occurred on Friday, December 6th. The shares were sold at an average price of $100.81, for a total transaction of $5,009,752.95. Following the completion of the sale, the director now owns 130,291 shares of the company’s stock, valued at approximately $13,134,635.71. This trade represents a 27.61 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 139,225 shares of company stock worth $13,904,358. Corporate insiders own 16.36% of the company’s stock.

Wall Street Analysts Forecast Growth

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

Construction Partners Stock Performance

Shares of Construction Partners stock opened at $81.62 on Tuesday. Construction Partners, Inc. has a 12 month low of $45.22 and a 12 month high of $103.69. The company has a current ratio of 1.54, a quick ratio of 1.26 and a debt-to-equity ratio of 0.85. The firm has a market cap of $4.56 billion, a P/E ratio of 61.83, a P/E/G ratio of 1.25 and a beta of 0.74. The stock’s fifty day moving average price is $89.65 and its 200-day moving average price is $79.18.

Construction Partners (NASDAQ:ROAD) last posted 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). Construction Partners had a return on equity of 12.90% and a net margin of 3.78%. The company had revenue of $538.16 million for the quarter, compared to analysts’ expectations of $538.04 million. During the same quarter in the prior year, the company earned $0.59 EPS. The firm’s quarterly revenue was up 13.3% on a year-over-year basis. On average, equities research analysts expect that Construction Partners, Inc. will post 1.95 earnings per share for the current fiscal 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.