Allspring Global Investments Holdings LLC Reduces Stock Holdings in Construction Partners, Inc. (NASDAQ:ROAD)

Allspring Global Investments Holdings LLC reduced its position in shares of Construction Partners, Inc. (NASDAQ:ROAD) by 24.6% in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 175,522 shares of the company’s stock after selling 57,319 shares during the quarter. Allspring Global Investments Holdings LLC owned 0.33% of Construction Partners worth $7,639,000 as of its most recent SEC filing.

Other large investors have also made changes to their positions in the company. Assenagon Asset Management S.A. bought a new stake in Construction Partners during the fourth quarter valued at approximately $769,000. R.P. Boggs & Co. grew its position in shares of Construction Partners by 2.6% during the 3rd quarter. R.P. Boggs & Co. now owns 433,044 shares of the company’s stock valued at $15,832,000 after acquiring an additional 11,142 shares during the period. New York State Common Retirement Fund increased its stake in shares of Construction Partners by 1,050.7% in the 3rd quarter. New York State Common Retirement Fund now owns 190,160 shares of the company’s stock worth $6,952,000 after purchasing an additional 173,635 shares in the last quarter. Dark Forest Capital Management LP bought a new position in Construction Partners in the 3rd quarter worth $648,000. Finally, Raymond James Financial Services Advisors Inc. lifted its position in Construction Partners by 44.5% during the fourth quarter. Raymond James Financial Services Advisors Inc. now owns 48,518 shares of the company’s stock valued at $2,112,000 after purchasing an additional 14,936 shares in the last quarter. 94.83% of the stock is currently owned by institutional investors.

Construction Partners Stock Down 1.5 %

Shares of ROAD stock opened at $52.94 on Thursday. The company’s fifty day simple moving average is $51.73 and its two-hundred day simple moving average is $45.25. Construction Partners, Inc. has a 52 week low of $24.20 and a 52 week high of $58.65. The stock has a market cap of $2.79 billion, a P/E ratio of 49.02, a PEG ratio of 1.39 and a beta of 0.65. The company has a quick ratio of 1.39, a current ratio of 1.75 and a debt-to-equity ratio of 0.82.

Construction Partners (NASDAQ:ROAD) last posted its earnings results on Friday, February 9th. The company reported $0.19 EPS for the quarter, topping analysts’ consensus estimates of $0.13 by $0.06. The company had revenue of $396.51 million for the quarter, compared to the consensus estimate of $393.62 million. Construction Partners had a return on equity of 11.56% and a net margin of 3.52%. The firm’s revenue for the quarter was up 16.0% on a year-over-year basis. During the same period in the previous year, the business earned $0.04 earnings per share. Analysts predict that Construction Partners, Inc. will post 1.34 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of brokerages have commented on ROAD. Robert W. Baird cut Construction Partners from an “outperform” rating to a “neutral” rating and upped their price target for the stock from $46.00 to $50.00 in a research report on Monday, February 12th. Stifel Nicolaus increased their target price on shares of Construction Partners from $51.00 to $57.00 and gave the stock a “buy” rating in a report on Monday, February 12th. Finally, Sidoti cut shares of Construction Partners from a “buy” rating to a “neutral” rating and set a $59.00 target price on the stock. in a research note on Thursday, March 28th. Two investment analysts have rated the stock with a hold rating, one has issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, Construction Partners has a consensus rating of “Moderate Buy” and a consensus price target of $52.00.

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.