Construction Partners (NASDAQ:ROAD) Hits New 12-Month High at $16.71

Construction Partners Inc (NASDAQ:ROAD)’s share price reached a new 52-week high during mid-day trading on Friday . The stock traded as high as $16.71 and last traded at $16.45, with a volume of 3246 shares traded. The stock had previously closed at $16.22.

Several equities research analysts recently issued reports on ROAD shares. ValuEngine cut shares of Construction Partners from a “hold” rating to a “sell” rating in a research report on Monday. Zacks Investment Research upgraded shares of Construction Partners from a “hold” rating to a “strong-buy” rating and set a $17.00 price objective for the company in a research report on Wednesday, August 14th. Raymond James raised their price objective on shares of Construction Partners from $15.00 to $16.50 and gave the stock a “strong-buy” rating in a research report on Monday, August 12th. Finally, Imperial Capital restated an “outperform” rating and set a $17.25 price objective (up from $15.50) on shares of Construction Partners in a research report on Thursday, August 15th. One analyst has rated the stock with a sell rating, two have issued a buy rating and two have given a strong buy rating to the company. Construction Partners currently has an average rating of “Buy” and an average target price of $16.44.

The firm has a market capitalization of $845.88 million, a price-to-earnings ratio of 18.82 and a beta of 1.90. The business’s 50-day simple moving average is $15.04 and its two-hundred day simple moving average is $13.67. The company has a quick ratio of 1.69, a current ratio of 1.97 and a debt-to-equity ratio of 0.11.

Construction Partners (NASDAQ:ROAD) last announced its quarterly earnings results on Thursday, August 8th. The company reported $0.33 earnings per share for the quarter, beating analysts’ consensus estimates of $0.29 by $0.04. Construction Partners had a net margin of 5.48% and a return on equity of 13.47%. The business had revenue of $227.30 million during the quarter, compared to analysts’ expectations of $229.67 million. During the same period last year, the business earned $0.29 earnings per share. The business’s revenue for the quarter was up 16.5% on a year-over-year basis. Sell-side analysts anticipate that Construction Partners Inc will post 0.85 earnings per share for the current year.

Several institutional investors and hedge funds have recently made changes to their positions in ROAD. Conestoga Capital Advisors LLC boosted its stake in shares of Construction Partners by 3.9% in the second quarter. Conestoga Capital Advisors LLC now owns 27,360 shares of the company’s stock valued at $411,000 after purchasing an additional 1,030 shares during the period. Anchor Capital Advisors LLC lifted its stake in Construction Partners by 2.1% in the second quarter. Anchor Capital Advisors LLC now owns 96,161 shares of the company’s stock worth $1,444,000 after acquiring an additional 1,995 shares during the last quarter. Strs Ohio purchased a new position in Construction Partners in the second quarter worth approximately $48,000. Bank of Montreal Can purchased a new position in Construction Partners in the second quarter worth approximately $50,000. Finally, Acadian Asset Management LLC purchased a new position in Construction Partners in the second quarter worth approximately $56,000. Institutional investors and hedge funds own 23.31% of the company’s stock.

About Construction Partners (NASDAQ:ROAD)

Construction Partners, Inc, an infrastructure and road construction company, provides construction products and services to public and private sectors. It offers construction of highways, roads, bridges, airports, and commercial and residential sites. The company provides a range of sitework construction services, including site development, paving, and utility and drainage systems construction, as well as supplies hot mix asphalt required for the projects.

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