First Trust Advisors LP Buys 264,069 Shares of Construction Partners, Inc. $ROAD

First Trust Advisors LP raised its stake in Construction Partners, Inc. (NASDAQ:ROAD) by 33.2% during the 3rd quarter, HoldingsChannel reports. The institutional investor owned 1,059,566 shares of the company’s stock after buying an additional 264,069 shares during the period. First Trust Advisors LP’s holdings in Construction Partners were worth $134,565,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in ROAD. Invesco Ltd. grew its position in shares of Construction Partners by 4.2% during the 2nd quarter. Invesco Ltd. now owns 1,308,761 shares of the company’s stock worth $139,095,000 after buying an additional 52,670 shares during the period. Geode Capital Management LLC raised its position in shares of Construction Partners by 1.6% in the 2nd quarter. Geode Capital Management LLC now owns 1,153,123 shares of the company’s stock valued at $122,568,000 after acquiring an additional 18,229 shares during the period. State Street Corp boosted its stake in Construction Partners by 4.7% during the 2nd quarter. State Street Corp now owns 1,112,231 shares of the company’s stock worth $118,208,000 after acquiring an additional 49,898 shares during the last quarter. American Century Companies Inc. boosted its stake in Construction Partners by 5.6% during the 3rd quarter. American Century Companies Inc. now owns 1,039,928 shares of the company’s stock worth $132,071,000 after acquiring an additional 55,049 shares during the last quarter. Finally, Ameriprise Financial Inc. grew its holdings in Construction Partners by 6.2% during the second quarter. Ameriprise Financial Inc. now owns 842,535 shares of the company’s stock valued at $89,545,000 after purchasing an additional 49,542 shares during the period. Institutional investors own 94.83% of the company’s stock.

Construction Partners Price Performance

NASDAQ ROAD opened at $118.09 on Monday. The company has a debt-to-equity ratio of 1.76, a quick ratio of 1.26 and a current ratio of 1.59. The stock has a market cap of $6.67 billion, a price-to-earnings ratio of 53.68, a PEG ratio of 1.05 and a beta of 0.83. The business has a 50 day simple moving average of $121.19 and a 200 day simple moving average of $118.05. Construction Partners, Inc. has a 52-week low of $64.79 and a 52-week high of $141.90.

Construction Partners (NASDAQ:ROAD) last announced its quarterly earnings results on Thursday, February 5th. The company reported $0.47 earnings per share for the quarter, beating analysts’ consensus estimates of $0.31 by $0.16. The firm had revenue of $809.47 million for the quarter, compared to analyst estimates of $740.14 million. Construction Partners had a net margin of 3.99% and a return on equity of 15.26%. The business’s revenue was up 44.1% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.25 earnings per share. Analysts anticipate that Construction Partners, Inc. will post 1.96 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several brokerages have commented on ROAD. B. Riley Financial initiated coverage on shares of Construction Partners in a research note on Thursday, January 15th. They issued a “neutral” rating and a $117.00 target price for the company. Robert W. Baird set a $142.00 price target on shares of Construction Partners in a research report on Friday, February 6th. Zacks Research raised shares of Construction Partners from a “strong sell” rating to a “strong-buy” rating in a report on Thursday, January 29th. Bank of America lowered their price objective on shares of Construction Partners from $120.00 to $115.00 and set a “buy” rating for the company in a research report on Friday, November 21st. Finally, DA Davidson raised their price objective on Construction Partners from $120.00 to $130.00 and gave the stock a “neutral” rating in a research note on Friday, February 6th. Two equities research analysts have rated the stock with a Strong Buy rating, two have issued a Buy rating and three have given a Hold rating to the company. Based on data from MarketBeat, Construction Partners presently has a consensus rating of “Moderate Buy” and a consensus price target of $127.80.

About Construction Partners

Construction Partners, Inc (NASDAQ: ROAD) is a specialty contractor and infrastructure solutions provider focused on road building, paving, site development and aggregate production. The company delivers a comprehensive suite of civil construction services, including roadway paving and milling, site grading and preparation, stormwater and utility installation, and full-scale asphalt plant operations. By integrating materials production with contracting capabilities, the firm aims to streamline project delivery and maintain quality control across its contracting and materials businesses.

At the heart of Construction Partners’ operations are its network of asphalt plants, quarries and aggregate production facilities.