DA Davidson Has Pessimistic Outlook of ROAD FY2024 Earnings

Construction Partners, Inc. (NASDAQ:ROAD) – Investment analysts at DA Davidson reduced their FY2024 earnings per share (EPS) estimates for Construction Partners in a report released on Tuesday, October 22nd. DA Davidson analyst B. Thielman now anticipates that the company will earn $1.33 per share for the year, down from their previous forecast of $1.44. DA Davidson currently has a “Neutral” rating and a $55.00 target price on the stock. The consensus estimate for Construction Partners’ current full-year earnings is $1.43 per share. DA Davidson also issued estimates for Construction Partners’ FY2025 earnings at $1.77 EPS.

Construction Partners (NASDAQ:ROAD) last released its quarterly earnings data on Friday, August 9th. The company reported $0.59 earnings per share for the quarter, topping the consensus estimate of $0.54 by $0.05. Construction Partners had a net margin of 4.01% and a return on equity of 13.34%. The company had revenue of $517.80 million for the quarter, compared to analyst estimates of $503.57 million. During the same period in the previous year, the business earned $0.41 EPS. Construction Partners’s revenue for the quarter was up 22.7% compared to the same quarter last year.

A number of other research firms also recently weighed in on ROAD. Stifel Nicolaus upped their target price on Construction Partners from $61.00 to $67.00 and gave the company a “buy” rating in a research report on Monday, August 12th. Raymond James increased their price target on Construction Partners from $69.00 to $72.00 and gave the company a “strong-buy” rating in a research note on Monday, August 12th. Finally, Robert W. Baird lifted 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. Three equities research analysts have rated the stock with a hold rating, one has assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $69.00.

Construction Partners Stock Performance

NASDAQ:ROAD opened at $79.06 on Thursday. The stock has a 50 day simple moving average of $68.32 and a 200 day simple moving average of $60.53. The stock has a market cap of $4.17 billion, a P/E ratio of 58.56, a PEG ratio of 1.50 and a beta of 0.67. Construction Partners has a 1-year low of $36.70 and a 1-year high of $86.00. The company has a current ratio of 1.60, a quick ratio of 1.30 and a debt-to-equity ratio of 0.82.

Insider Activity

In related news, Director Mark R. Matteson sold 25,408 shares of the firm’s stock in a transaction dated 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 approximately $6,357,626.24. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. 18.80% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Construction Partners

Hedge funds have recently made changes to their positions in the stock. Vanguard Group Inc. lifted its stake in shares of Construction Partners by 2.4% in the 4th quarter. Vanguard Group Inc. now owns 2,346,238 shares of the company’s stock valued at $102,108,000 after acquiring an additional 55,752 shares during the last quarter. Cannon Global Investment Management LLC purchased a new stake in shares of Construction Partners in the 1st quarter worth approximately $460,000. Wasatch Advisors LP grew its stake in shares of Construction Partners by 188.3% in the first quarter. Wasatch Advisors LP now owns 1,692,328 shares of the company’s stock worth $95,024,000 after acquiring an additional 1,105,423 shares during the last quarter. Benjamin F. Edwards & Company Inc. increased its stake in Construction Partners by 244.4% during the 1st quarter. Benjamin F. Edwards & Company Inc. now owns 1,178 shares of the company’s stock valued at $66,000 after purchasing an additional 836 shares in the last quarter. Finally, Principal Financial Group Inc. increased its position in shares of Construction Partners by 86.5% during the first quarter. Principal Financial Group Inc. now owns 40,229 shares of the company’s stock valued at $2,259,000 after acquiring an additional 18,664 shares in the last quarter. 94.83% of the stock is currently owned by hedge funds and other institutional investors.

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.