Jennison Associates LLC Sells 116,959 Shares of Construction Partners, Inc. $ROAD

Jennison Associates LLC trimmed its holdings in shares of Construction Partners, Inc. (NASDAQ:ROAD) by 30.4% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 267,898 shares of the company’s stock after selling 116,959 shares during the quarter. Jennison Associates LLC owned 0.48% of Construction Partners worth $28,472,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Montag A & Associates Inc. acquired a new position in Construction Partners during the 1st quarter worth about $29,000. Caitong International Asset Management Co. Ltd lifted its holdings in Construction Partners by 2,750.0% during the 2nd quarter. Caitong International Asset Management Co. Ltd now owns 285 shares of the company’s stock worth $30,000 after buying an additional 275 shares during the period. Hazlett Burt & Watson Inc. lifted its holdings in Construction Partners by 88.9% during the 2nd quarter. Hazlett Burt & Watson Inc. now owns 425 shares of the company’s stock worth $45,000 after buying an additional 200 shares during the period. BI Asset Management Fondsmaeglerselskab A S acquired a new position in Construction Partners during the 1st quarter worth about $60,000. Finally, Nisa Investment Advisors LLC lifted its holdings in Construction Partners by 29.7% during the 2nd quarter. Nisa Investment Advisors LLC now owns 743 shares of the company’s stock worth $79,000 after buying an additional 170 shares during the period. 94.83% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research analysts have commented on ROAD shares. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Construction Partners in a report on Wednesday, October 8th. Robert W. Baird set a $122.00 target price on Construction Partners and gave the stock an “outperform” rating in a report on Friday, August 8th. DA Davidson lifted their target price on Construction Partners from $110.00 to $120.00 and gave the stock a “neutral” rating in a report on Thursday, October 23rd. Baird R W raised Construction Partners from a “hold” rating to a “strong-buy” rating in a research note on Friday, August 8th. Finally, Zacks Research raised Construction Partners from a “hold” rating to a “strong-buy” rating in a research note on Monday, October 6th. Three equities research analysts have rated the stock with a Strong Buy rating, one has assigned a Buy rating and two have assigned a Hold rating to the company. Based on data from MarketBeat.com, Construction Partners currently has an average rating of “Buy” and a consensus price target of $125.67.

Construction Partners Stock Performance

ROAD stock opened at $112.68 on Friday. The firm has a market cap of $6.32 billion, a PE ratio of 82.25, a P/E/G ratio of 1.03 and a beta of 0.98. The company has a quick ratio of 1.20, a current ratio of 1.47 and a debt-to-equity ratio of 1.63. The business has a 50 day moving average of $122.74 and a 200-day moving average of $108.18. Construction Partners, Inc. has a 12-month low of $64.79 and a 12-month high of $138.90.

Construction Partners (NASDAQ:ROAD) last released its earnings results on Thursday, August 7th. The company reported $0.81 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.87 by ($0.06). The business had revenue of $779.28 million during the quarter, compared to the consensus estimate of $810.47 million. Construction Partners had a net margin of 3.04% and a return on equity of 12.24%. The business’s revenue was up 50.5% on a year-over-year basis. During the same period in the prior year, the company earned $0.59 earnings per share. Construction Partners has set its FY 2025 guidance at EPS. As a group, sell-side analysts expect that Construction Partners, Inc. will post 1.96 earnings per share for the current year.

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.