Construction Partners (NASDAQ:ROAD) Shares Gap Down – Here’s What Happened

Construction Partners, Inc. (NASDAQ:ROAD)’s stock price gapped down before the market opened on Thursday . The stock had previously closed at $92.78, but opened at $85.17. Construction Partners shares last traded at $83.72, with a volume of 419,152 shares changing hands.

Analysts Set New Price Targets

A number of brokerages recently weighed in on ROAD. Robert W. Baird boosted their price objective on shares of Construction Partners from $68.00 to $92.00 and gave the company a “neutral” rating in a research report on Tuesday, October 22nd. Raymond James reduced their price target on shares of Construction Partners from $112.00 to $104.00 and set a “strong-buy” rating for the company in a research note on Thursday, January 16th. Three analysts have rated the stock with a hold rating, one has issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $75.40.

Construction Partners Trading Down 10.9 %

The firm’s 50 day moving average is $93.52 and its 200 day moving average is $76.88. The company has a quick ratio of 1.26, a current ratio of 1.54 and a debt-to-equity ratio of 0.85. The firm has a market capitalization of $4.62 billion, a price-to-earnings ratio of 62.70, a price-to-earnings-growth ratio of 1.15 and a beta of 0.75.

Construction Partners (NASDAQ:ROAD) last released its quarterly earnings results on Thursday, November 21st. The company reported $0.56 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.57 by ($0.01). The firm had revenue of $538.16 million for 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 was up 13.3% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.59 EPS. Equities analysts forecast that Construction Partners, Inc. will post 1.95 earnings per share for the current year.

Insider Transactions at Construction Partners

In other news, Director Charles E. Owens sold 46,596 shares of the company’s stock in a transaction dated Wednesday, December 4th. The shares were sold at an average price of $101.33, for a total transaction of $4,721,572.68. Following the completion of the transaction, the director now owns 203,404 shares of the company’s stock, valued at approximately $20,610,927.32. This represents a 18.64 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Suntx Capital Ii Management Co sold 12,731 shares of the company’s stock in a transaction dated Monday, December 9th. The shares were sold at an average price of $99.78, for a total transaction of $1,270,299.18. Following the transaction, the director now directly owns 17,000 shares of the company’s stock, valued at $1,696,260. This represents a 42.82 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 139,225 shares of company stock worth $13,904,358 in the last 90 days. 18.80% of the stock is owned by insiders.

Institutional Investors Weigh In On Construction Partners

Several institutional investors and hedge funds have recently bought and sold shares of ROAD. Dimensional Fund Advisors LP increased its holdings in Construction Partners by 2.6% in the 2nd quarter. Dimensional Fund Advisors LP now owns 972,400 shares of the company’s stock valued at $53,687,000 after buying an additional 24,828 shares during the period. Hsbc Holdings PLC increased its holdings in Construction Partners by 86.6% in the 2nd quarter. Hsbc Holdings PLC now owns 11,447 shares of the company’s stock valued at $635,000 after buying an additional 5,313 shares during the period. Benjamin F. Edwards & Company Inc. increased its holdings in Construction Partners by 55.4% in the 2nd quarter. Benjamin F. Edwards & Company Inc. now owns 1,831 shares of the company’s stock valued at $101,000 after buying an additional 653 shares during the period. Public Employees Retirement Association of Colorado bought a new stake in Construction Partners in the 2nd quarter valued at $162,000. Finally, AQR Capital Management LLC increased its holdings in Construction Partners by 25.0% in the 2nd quarter. AQR Capital Management LLC now owns 9,574 shares of the company’s stock valued at $529,000 after buying an additional 1,912 shares during the period. Institutional investors own 94.83% of the company’s stock.

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.