Construction Partners (NASDAQ:ROAD) Now Covered by Bank of America

Bank of America began coverage on shares of Construction Partners (NASDAQ:ROAD) in a research report released on Friday, The Fly reports. The firm issued a buy rating on the stock.

A number of other equities analysts also recently commented on ROAD. Raymond James boosted their target price on shares of Construction Partners from $15.00 to $16.50 and gave the stock a strong-buy rating in a report on Monday, August 12th. ValuEngine cut shares of Construction Partners from a hold rating to a sell rating in a report on Tuesday, December 3rd. Zacks Investment Research downgraded shares of Construction Partners from a strong-buy rating to a hold rating in a research report on Tuesday, November 5th. Finally, Imperial Capital reaffirmed an outperform rating and issued a $17.25 price objective (up previously from $15.50) on shares of Construction Partners in a research report on Thursday, August 15th. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating, two have issued a buy rating and one has issued a strong buy rating to the stock. The company presently has an average rating of Buy and a consensus target price of $16.92.

Shares of ROAD stock opened at $19.91 on Friday. The stock’s 50-day moving average is $18.14 and its 200 day moving average is $15.55. Construction Partners has a 1-year low of $7.70 and a 1-year high of $20.25. The company has a debt-to-equity ratio of 0.11, a current ratio of 1.97 and a quick ratio of 1.69. The company has a market cap of $1.03 billion, a P/E ratio of 23.15 and a beta of 1.95.

In related news, Director Cpi Expansion Fund Gp L. Suntx sold 5,000,000 shares of Construction Partners stock in a transaction that occurred on Friday, September 20th. The shares were sold at an average price of $13.47, for a total value of $67,350,000.00. Also, Director Cpi Expansion Fund Gp L. Suntx sold 750,000 shares of the business’s stock in a transaction that occurred on Monday, October 21st. The stock was sold at an average price of $17.24, for a total transaction of $12,930,000.00. Corporate insiders own 74.79% of the company’s stock.

Several hedge funds and other institutional investors have recently bought and sold shares of the business. Strs Ohio acquired a new stake in shares of Construction Partners during the second quarter worth $48,000. Bank of Montreal Can purchased a new stake in Construction Partners during the 2nd quarter valued at about $50,000. Acadian Asset Management LLC acquired a new position in shares of Construction Partners in the second quarter valued at about $56,000. JPMorgan Chase & Co. acquired a new position in shares of Construction Partners in the second quarter valued at about $66,000. Finally, Cubist Systematic Strategies LLC acquired a new position in shares of Construction Partners in the second quarter valued at about $170,000. 35.57% of the stock is owned by institutional investors and hedge funds.

Construction Partners Company Profile

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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