Construction Partners (NASDAQ:ROAD) Posts Earnings Results, Beats Expectations By $0.06 EPS

Construction Partners (NASDAQ:ROADGet Free Report) announced its earnings results on Friday. The company reported $0.19 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.13 by $0.06, Briefing.com reports. The business had revenue of $396.51 million for the quarter, compared to analysts’ expectations of $393.62 million. Construction Partners had a return on equity of 11.78% and a net margin of 3.52%. The business’s revenue for the quarter was up 16.0% on a year-over-year basis. During the same quarter last year, the firm earned $0.04 EPS. Construction Partners updated its FY 2024 guidance to EPS.

Construction Partners Trading Down 7.0 %

NASDAQ ROAD opened at $46.81 on Monday. The company has a fifty day simple moving average of $43.56 and a two-hundred day simple moving average of $39.39. The stock has a market cap of $2.47 billion, a P/E ratio of 43.34 and a beta of 0.64. Construction Partners has a 12-month low of $24.12 and a 12-month high of $50.70. The company has a current ratio of 1.70, a quick ratio of 1.39 and a debt-to-equity ratio of 0.70.

Insiders Place Their Bets

In other Construction Partners news, Director Suntx Capital Ii Management Co sold 50,000 shares of the firm’s stock in a transaction on Wednesday, December 20th. The shares were sold at an average price of $44.21, for a total value of $2,210,500.00. Following the completion of the transaction, the director now owns 128,134 shares of the company’s stock, valued at $5,664,804.14. The transaction was disclosed in a filing with the SEC, which is available at this link. Corporate insiders own 18.80% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in ROAD. Bank of New York Mellon Corp raised its holdings in shares of Construction Partners by 11.7% during the first quarter. Bank of New York Mellon Corp now owns 573,400 shares of the company’s stock worth $15,012,000 after purchasing an additional 59,957 shares during the last quarter. Cambridge Investment Research Advisors Inc. purchased a new position in shares of Construction Partners during the first quarter worth $229,000. MetLife Investment Management LLC raised its holdings in shares of Construction Partners by 82.3% during the first quarter. MetLife Investment Management LLC now owns 21,313 shares of the company’s stock worth $558,000 after purchasing an additional 9,622 shares during the last quarter. Rhumbline Advisers raised its holdings in shares of Construction Partners by 38.5% during the first quarter. Rhumbline Advisers now owns 34,539 shares of the company’s stock worth $904,000 after purchasing an additional 9,598 shares during the last quarter. Finally, BlackRock Inc. raised its holdings in shares of Construction Partners by 23.2% during the first quarter. BlackRock Inc. now owns 2,655,171 shares of the company’s stock worth $69,511,000 after purchasing an additional 500,697 shares during the last quarter. Hedge funds and other institutional investors own 77.19% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts have commented on ROAD shares. Robert W. Baird downgraded shares of Construction Partners from an “outperform” rating to a “neutral” rating and boosted their target price for the stock from $46.00 to $50.00 in a report on Monday. Raymond James raised their target price on shares of Construction Partners from $45.00 to $49.00 and gave the company a “strong-buy” rating in a research note on Friday, December 1st. Finally, Stifel Nicolaus raised their target price on shares of Construction Partners from $45.00 to $51.00 and gave the company a “buy” rating in a research note on Tuesday, December 19th. Two equities research analysts have rated the stock with a hold rating, one has given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, Construction Partners currently has a consensus rating of “Moderate Buy” and a consensus target price of $48.75.

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Construction Partners Company Profile

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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.

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Earnings History for Construction Partners (NASDAQ:ROAD)

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