Bank of New York Mellon Corp Has $24.14 Million Position in Construction Partners, Inc. (NASDAQ:ROAD)

Bank of New York Mellon Corp lowered its position in shares of Construction Partners, Inc. (NASDAQ:ROAD - Free Report) by 11.1% in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 272,895 shares of the company's stock after selling 34,232 shares during the quarter. Bank of New York Mellon Corp owned approximately 0.49% of Construction Partners worth $24,140,000 at the end of the most recent reporting period.

Several other large investors have also made changes to their positions in ROAD. Allspring Global Investments Holdings LLC lifted its holdings in Construction Partners by 197.0% in the fourth quarter. Allspring Global Investments Holdings LLC now owns 616,032 shares of the company's stock valued at $54,104,000 after buying an additional 408,610 shares during the period. Fred Alger Management LLC bought a new stake in Construction Partners in the third quarter valued at about $16,535,000. Artemis Investment Management LLP acquired a new position in Construction Partners in the fourth quarter valued at about $18,893,000. Segall Bryant & Hamill LLC bought a new position in Construction Partners during the third quarter worth about $10,377,000. Finally, Peregrine Capital Management LLC bought a new position in Construction Partners during the fourth quarter worth about $8,172,000. Institutional investors and hedge funds own 94.83% of the company's stock.

Construction Partners Stock Down 1.3 %

Shares of NASDAQ:ROAD traded down $0.93 during midday trading on Thursday, reaching $68.86. 266,576 shares of the company were exchanged, compared to its average volume of 420,759. The stock has a fifty day simple moving average of $80.44 and a two-hundred day simple moving average of $81.00. Construction Partners, Inc. has a fifty-two week low of $49.16 and a fifty-two week high of $103.69. The firm has a market cap of $3.85 billion, a PE ratio of 64.35, a P/E/G ratio of 0.99 and a beta of 0.79. The company has a quick ratio of 1.23, a current ratio of 1.54 and a debt-to-equity ratio of 1.46.

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Analysts Set New Price Targets

ROAD has been the topic of a number of analyst reports. Raymond James reduced their price objective on shares of Construction Partners from $112.00 to $104.00 and set a "strong-buy" rating on the stock in a research note on Thursday, January 16th. Robert W. Baird boosted their price target on shares of Construction Partners from $100.00 to $102.00 and gave the company a "neutral" rating in a report on Monday, February 10th. Finally, DA Davidson reaffirmed a "neutral" rating and set a $95.00 price objective on shares of Construction Partners in a research note on Thursday, January 30th. Three equities research analysts have rated the stock with a hold rating, one has given a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat, Construction Partners currently has a consensus rating of "Moderate Buy" and a consensus price target of $85.40.

Insider Buying and Selling

In related news, SVP John L. Harper sold 6,000 shares of the firm's stock in a transaction on Friday, December 13th. The shares were sold at an average price of $94.41, for a total value of $566,460.00. Following the completion of the transaction, the senior vice president now owns 154,856 shares of the company's stock, valued at approximately $14,619,954.96. This trade represents a 3.73 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CAO Todd Keith Andrews sold 5,489 shares of Construction Partners stock in a transaction on Friday, December 20th. The shares were sold at an average price of $91.84, for a total transaction of $504,109.76. Following the completion of the sale, the chief accounting officer now owns 17,394 shares in the company, valued at $1,597,464.96. The trade was a 23.99 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 14,000 shares of company stock worth $1,311,274. 16.36% of the stock is owned by corporate insiders.

Construction Partners 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.