Dark Forest Capital Management LP Sells 22,443 Shares of Construction Partners, Inc. (NASDAQ:ROAD)

Dark Forest Capital Management LP cut its holdings in shares of Construction Partners, Inc. (NASDAQ:ROAD) by 68.9% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 10,116 shares of the company’s stock after selling 22,443 shares during the period. Dark Forest Capital Management LP’s holdings in Construction Partners were worth $895,000 at the end of the most recent quarter.

A number of other large investors have also recently modified their holdings of the business. Vanguard Group Inc. boosted its stake in Construction Partners by 42.8% in the fourth quarter. Vanguard Group Inc. now owns 3,492,368 shares of the company’s stock valued at $308,935,000 after buying an additional 1,046,617 shares in the last quarter. Invesco Ltd. lifted its holdings in shares of Construction Partners by 75.6% in the fourth quarter. Invesco Ltd. now owns 1,493,866 shares of the company’s stock worth $132,147,000 after acquiring an additional 642,987 shares during the last quarter. FMR LLC boosted its stake in shares of Construction Partners by 32.1% in the 4th quarter. FMR LLC now owns 2,329,801 shares of the company’s stock valued at $206,094,000 after purchasing an additional 565,583 shares in the last quarter. Raymond James Financial Inc. bought a new stake in shares of Construction Partners during the 4th quarter valued at approximately $42,527,000. Finally, Allspring Global Investments Holdings LLC increased its position in Construction Partners by 197.0% during the 4th quarter. Allspring Global Investments Holdings LLC now owns 616,032 shares of the company’s stock worth $54,104,000 after purchasing an additional 408,610 shares in the last quarter. Institutional investors and hedge funds own 94.83% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on ROAD. Robert W. Baird boosted their target price on shares of Construction Partners from $100.00 to $102.00 and gave the stock a “neutral” rating in a research note on Monday, February 10th. Raymond James reduced their price objective on Construction Partners from $112.00 to $104.00 and set a “strong-buy” rating on the stock in a research report on Thursday, January 16th. Finally, DA Davidson reiterated a “neutral” rating and issued a $95.00 target price on shares of Construction Partners in a research report on Thursday, January 30th.

Insider Buying and Selling

In other news, SVP John L. Harper sold 6,000 shares of the stock in a transaction dated Monday, April 14th. The stock was sold at an average price of $73.83, for a total value of $442,980.00. Following the completion of the sale, the senior vice president now owns 159,389 shares of the company’s stock, valued at approximately $11,767,689.87. This represents a 3.63 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO Fred Julius Smith III acquired 9,333 shares of the stock in a transaction dated Monday, April 14th. The shares were bought at an average price of $73.83 per share, with a total value of $689,055.39. Following the completion of the transaction, the chief executive officer now directly owns 9,333 shares of the company’s stock, valued at $689,055.39. The trade was a ∞ increase in their ownership of the stock. The disclosure for this purchase can be found here. 16.36% of the stock is owned by corporate insiders.

Construction Partners Price Performance

ROAD stock opened at $77.18 on Thursday. The company has a debt-to-equity ratio of 1.46, a quick ratio of 1.23 and a current ratio of 1.54. Construction Partners, Inc. has a 52-week low of $49.86 and a 52-week high of $103.69. The company has a market capitalization of $4.31 billion, a P/E ratio of 72.13, a PEG ratio of 0.99 and a beta of 0.85. The company has a fifty day moving average price of $73.84 and a 200-day moving average price of $82.74.

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.