Construction Partners (NASDAQ:ROAD) Reaches New 52-Week High – Still a Buy?

Construction Partners, Inc. (NASDAQ:ROAD) hit a new 52-week high during mid-day trading on Monday . The stock traded as high as $77.76 and last traded at $77.76, with a volume of 878 shares changing hands. The stock had previously closed at $74.70.

Analysts Set New Price Targets

Several research analysts recently weighed in on ROAD shares. Stifel Nicolaus upped their price target on shares of Construction Partners from $61.00 to $67.00 and gave the stock a “buy” rating in a research report on Monday, August 12th. DA Davidson increased their target price on Construction Partners from $50.00 to $55.00 and gave the company a “neutral” rating in a report on Tuesday, August 13th. Raymond James lifted their price target on Construction Partners from $69.00 to $72.00 and gave the stock a “strong-buy” rating in a research note on Monday, August 12th. Finally, Robert W. Baird increased their price objective on Construction Partners from $68.00 to $92.00 and gave the company a “neutral” rating in a research note on Tuesday. Three investment analysts have rated the stock with a hold rating, one has assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, Construction Partners currently has a consensus rating of “Moderate Buy” and an average price target of $69.00.

Construction Partners Stock Performance

The stock has a market cap of $4.42 billion, a price-to-earnings ratio of 71.62, a PEG ratio of 1.35 and a beta of 0.67. The company has a debt-to-equity ratio of 0.82, a current ratio of 1.60 and a quick ratio of 1.30. The firm has a fifty day moving average of $67.57 and a 200 day moving average of $60.25.

Construction Partners (NASDAQ:ROAD) last issued its earnings results on Friday, August 9th. The company reported $0.59 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.54 by $0.05. The business had revenue of $517.80 million during the quarter, compared to the consensus estimate of $503.57 million. Construction Partners had a return on equity of 13.34% and a net margin of 4.01%. The company’s revenue for the quarter was up 22.7% on a year-over-year basis. During the same period last year, the company earned $0.41 EPS. As a group, sell-side analysts forecast that Construction Partners, Inc. will post 1.43 EPS for the current year.

Insiders Place Their Bets

In other news, Director Mark R. Matteson sold 25,408 shares of the firm’s stock in a transaction that occurred on Thursday, August 22nd. The shares were sold at an average price of $61.97, for a total transaction of $1,574,533.76. Following the completion of the sale, the director now owns 102,592 shares in the company, valued at $6,357,626.24. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 18.80% of the stock is owned by insiders.

Hedge Funds Weigh In On Construction Partners

A number of hedge funds have recently modified their holdings of ROAD. Covestor Ltd raised its holdings in Construction Partners by 17,700.0% in the 1st quarter. Covestor Ltd now owns 534 shares of the company’s stock valued at $30,000 after buying an additional 531 shares during the period. GAMMA Investing LLC increased its position in shares of Construction Partners by 24.4% during the third quarter. GAMMA Investing LLC now owns 873 shares of the company’s stock valued at $61,000 after acquiring an additional 171 shares during the last quarter. Benjamin F. Edwards & Company Inc. raised its stake in shares of Construction Partners by 244.4% in the 1st quarter. Benjamin F. Edwards & Company Inc. now owns 1,178 shares of the company’s stock valued at $66,000 after acquiring an additional 836 shares during the period. nVerses Capital LLC acquired a new position in shares of Construction Partners in the 2nd quarter worth approximately $116,000. Finally, SG Americas Securities LLC acquired a new stake in Construction Partners in the 1st quarter valued at approximately $139,000. 94.83% of the stock is currently owned by hedge funds and other institutional investors.

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.