Construction Partners Inc (NASDAQ:ROAD) Sees Large Growth in Short Interest

Construction Partners Inc (NASDAQ:ROAD) saw a large increase in short interest in the month of November. As of November 29th, there was short interest totalling 702,700 shares, an increase of 21.5% from the November 14th total of 578,400 shares. Based on an average daily volume of 299,900 shares, the short-interest ratio is presently 2.3 days. Approximately 3.8% of the company’s shares are sold short.

In other Construction Partners news, Director Cpi Expansion Fund Gp L. Suntx sold 5,000,000 shares of the company’s stock in a transaction that occurred on Friday, September 20th. The stock was sold at an average price of $13.47, for a total transaction of $67,350,000.00. Also, Director Cpi Expansion Fund Gp L. Suntx sold 750,000 shares of the company’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 value of $12,930,000.00. 74.79% of the stock is owned by insiders.

Several institutional investors and hedge funds have recently modified their holdings of the company. Squarepoint Ops LLC boosted its position in shares of Construction Partners by 19.1% in the 3rd quarter. Squarepoint Ops LLC now owns 14,634 shares of the company’s stock worth $228,000 after purchasing an additional 2,348 shares in the last quarter. California State Teachers Retirement System lifted its position in Construction Partners by 5.7% in the 3rd quarter. California State Teachers Retirement System now owns 19,562 shares of the company’s stock valued at $305,000 after acquiring an additional 1,060 shares in the last quarter. State Street Corp lifted its position in Construction Partners by 70.3% in the 3rd quarter. State Street Corp now owns 224,748 shares of the company’s stock valued at $3,502,000 after acquiring an additional 92,769 shares in the last quarter. Massachusetts Financial Services Co. MA lifted its position in Construction Partners by 1.1% in the 3rd quarter. Massachusetts Financial Services Co. MA now owns 1,310,147 shares of the company’s stock valued at $20,412,000 after acquiring an additional 14,553 shares in the last quarter. Finally, First Trust Advisors LP bought a new position in Construction Partners in the 3rd quarter valued at approximately $1,151,000. 35.57% of the stock is currently owned by hedge funds and other institutional investors.

Shares of ROAD traded up $0.01 during mid-day trading on Friday, reaching $17.18. The company had a trading volume of 296,825 shares, compared to its average volume of 310,442. The company has a debt-to-equity ratio of 0.11, a quick ratio of 1.69 and a current ratio of 1.97. The firm has a 50-day moving average price of $18.35 and a 200 day moving average price of $15.72. Construction Partners has a 52 week low of $7.70 and a 52 week high of $20.79. The company has a market capitalization of $885.97 million, a price-to-earnings ratio of 20.61, a price-to-earnings-growth ratio of 7.71 and a beta of 1.95.

Construction Partners (NASDAQ:ROAD) last issued its quarterly earnings results on Tuesday, December 10th. The company reported $0.32 EPS for the quarter, missing analysts’ consensus estimates of $0.34 by ($0.02). Construction Partners had a return on equity of 13.77% and a net margin of 5.51%. The company had revenue of $237.30 million during the quarter, compared to the consensus estimate of $250.47 million. During the same period in the prior year, the firm earned $0.29 earnings per share. The business’s revenue for the quarter was up 10.0% compared to the same quarter last year. As a group, research analysts forecast that Construction Partners will post 0.91 earnings per share for the current fiscal year.

ROAD has been the topic of a number of research analyst reports. Robert W. Baird upped their target price on Construction Partners from $16.00 to $20.00 and gave the stock an “outperform” rating in a report on Tuesday. Imperial Capital upped their target price on Construction Partners from $17.25 to $18.50 and gave the stock an “outperform” rating in a report on Wednesday. ValuEngine upgraded Construction Partners from a “sell” rating to a “hold” rating in a report on Tuesday. Bank of America initiated coverage on Construction Partners in a report on Friday, December 6th. They set a “buy” rating on the stock. Finally, Zacks Investment Research downgraded Construction Partners from a “hold” rating to a “strong sell” rating in a report on Friday. One analyst has rated the stock with a sell rating, one has issued a hold rating, four have given a buy rating and one has assigned a strong buy rating to the company. Construction Partners presently has an average rating of “Buy” and a consensus target price of $18.40.

About Construction Partners

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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