Bornite Capital Management LP Buys Shares of 150,000 Construction Partners, Inc. $ROAD

Bornite Capital Management LP bought a new stake in shares of Construction Partners, Inc. (NASDAQ:ROAD) in the 4th quarter, according to its most recent 13F filing with the SEC. The firm bought 150,000 shares of the company’s stock, valued at approximately $16,282,000. Construction Partners makes up about 1.6% of Bornite Capital Management LP’s portfolio, making the stock its 20th biggest position. Bornite Capital Management LP owned approximately 0.27% of Construction Partners as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also modified their holdings of ROAD. AQR Capital Management LLC grew its holdings in shares of Construction Partners by 14.4% during the first quarter. AQR Capital Management LLC now owns 10,333 shares of the company’s stock worth $743,000 after buying an additional 1,302 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its holdings in shares of Construction Partners by 11.2% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 96,191 shares of the company’s stock worth $6,913,000 after buying an additional 9,656 shares in the last quarter. Intech Investment Management LLC grew its holdings in shares of Construction Partners by 11.4% during the first quarter. Intech Investment Management LLC now owns 24,292 shares of the company’s stock worth $1,746,000 after buying an additional 2,482 shares in the last quarter. Strs Ohio purchased a new stake in shares of Construction Partners during the first quarter worth about $165,000. Finally, Hsbc Holdings PLC purchased a new stake in shares of Construction Partners during the second quarter worth about $552,000. 94.83% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of equities research analysts have recently commented on ROAD shares. B. Riley Financial upgraded shares of Construction Partners from a “neutral” rating to a “buy” rating and lifted their price target for the stock from $117.00 to $135.00 in a report on Thursday, April 2nd. Zacks Research downgraded shares of Construction Partners from a “strong-buy” rating to a “hold” rating in a report on Monday, April 27th. Raymond James Financial reiterated a “strong-buy” rating and set a $140.00 price target on shares of Construction Partners in a report on Monday, April 27th. Weiss Ratings downgraded shares of Construction Partners from a “buy (b-)” rating to a “hold (c+)” rating in a report on Tuesday, May 26th. Finally, Robert W. Baird lifted their price target on shares of Construction Partners from $129.00 to $169.00 and gave the stock an “outperform” rating in a report on Monday, May 11th. One research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and four have assigned a Hold rating to the stock. Based on data from MarketBeat, Construction Partners currently has a consensus rating of “Moderate Buy” and a consensus price target of $136.50.

Construction Partners Price Performance

ROAD opened at $113.87 on Friday. The company’s 50 day simple moving average is $117.25 and its 200 day simple moving average is $116.65. The company has a debt-to-equity ratio of 1.75, a quick ratio of 1.21 and a current ratio of 1.53. Construction Partners, Inc. has a 1 year low of $93.22 and a 1 year high of $151.00. The stock has a market capitalization of $6.44 billion, a PE ratio of 49.94, a P/E/G ratio of 0.95 and a beta of 0.88.

Construction Partners (NASDAQ:ROAD) last released its earnings results on Friday, May 8th. The company reported $0.18 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.05) by $0.23. Construction Partners had a net margin of 3.90% and a return on equity of 15.22%. The business had revenue of $769.20 million for the quarter, compared to analysts’ expectations of $678.46 million. During the same period last year, the company earned $0.08 earnings per share. The company’s quarterly revenue was up 34.6% on a year-over-year basis. As a group, sell-side analysts expect that Construction Partners, Inc. will post 2.95 EPS for the current year.

Construction Partners Profile

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.