Construction Partners, Inc. (NASDAQ:ROAD) Shares Sold by Jennison Associates LLC

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

Other hedge funds have also modified their holdings of the company. Washington University purchased a new stake in Construction Partners in the 4th quarter valued at approximately $3,452,000. KBC Group NV lifted its position in shares of Construction Partners by 49.5% in the fourth quarter. KBC Group NV now owns 2,118 shares of the company’s stock valued at $187,000 after acquiring an additional 701 shares in the last quarter. Nisa Investment Advisors LLC boosted its stake in shares of Construction Partners by 400.9% during the fourth quarter. Nisa Investment Advisors LLC now owns 541 shares of the company’s stock valued at $48,000 after acquiring an additional 433 shares during the last quarter. Sheets Smith Wealth Management purchased a new stake in Construction Partners during the 4th quarter worth about $632,000. Finally, Perpetual Ltd raised its stake in Construction Partners by 47.0% in the 4th quarter. Perpetual Ltd now owns 9,277 shares of the company’s stock valued at $821,000 after purchasing an additional 2,967 shares during the last quarter. 94.83% of the stock is owned by hedge funds and other institutional investors.

Construction Partners Trading Up 2.7 %

Shares of ROAD stock opened at $81.95 on Wednesday. Construction Partners, Inc. has a 1-year low of $44.77 and a 1-year high of $103.69. The firm’s 50-day simple moving average is $91.06 and its 200-day simple moving average is $78.55. The firm 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 current ratio of 1.54 and a quick ratio of 1.26.

Construction Partners (NASDAQ:ROAD) last announced its quarterly 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). The company had revenue of $538.16 million during the quarter, compared to analyst estimates of $538.04 million. Construction Partners had a net margin of 3.78% and a return on equity of 12.90%. The firm’s revenue for the quarter was up 13.3% compared to the same quarter last year. During the same quarter last year, the business earned $0.59 EPS. As a group, equities analysts forecast that Construction Partners, Inc. will post 1.95 EPS for the current year.

Insider Buying and Selling at Construction Partners

In related news, SVP John L. Harper sold 6,000 shares of Construction Partners stock in a transaction on Friday, December 13th. The shares were sold at an average price of $94.41, for a total transaction of $566,460.00. Following the transaction, the senior vice president now owns 154,856 shares in the company, valued at approximately $14,619,954.96. The trade was a 3.73 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CAO Todd Keith Andrews sold 2,511 shares of the stock in a transaction on Monday, December 16th. The shares were sold at an average price of $95.86, for a total value 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 approximately $1,853,836.54. This represents a 11.49 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 139,225 shares of company stock valued at $13,904,358. Company insiders own 16.36% of the company’s stock.

Analyst Upgrades and Downgrades

ROAD has been the topic of several analyst reports. DA Davidson reaffirmed a “neutral” rating and set a $95.00 price target on shares of Construction Partners in a research note on Thursday, January 30th. Robert W. Baird raised their target price on shares of Construction Partners from $68.00 to $92.00 and gave the stock a “neutral” rating in a research report on Tuesday, October 22nd. Finally, Raymond James cut their price target on Construction Partners from $112.00 to $104.00 and set a “strong-buy” rating for the company in a report on Thursday, January 16th. Three analysts have rated the stock with a hold rating, one has given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $83.40.

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.