Avantax Advisory Services Inc. Sells 8,992 Shares of Construction Partners, Inc. (NASDAQ:ROAD)

Avantax Advisory Services Inc. cut its position in shares of Construction Partners, Inc. (NASDAQ:ROAD - Free Report) by 26.6% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 24,843 shares of the company's stock after selling 8,992 shares during the quarter. Avantax Advisory Services Inc.'s holdings in Construction Partners were worth $2,198,000 at the end of the most recent quarter.

A number of other hedge funds also recently modified their holdings of ROAD. Byrne Asset Management LLC increased its holdings in shares of Construction Partners by 33.3% in the 4th quarter. Byrne Asset Management LLC now owns 533 shares of the company's stock valued at $47,000 after purchasing an additional 133 shares during the period. Allworth Financial LP increased its stake in Construction Partners by 15.0% in the 4th quarter. Allworth Financial LP now owns 1,228 shares of the company's stock valued at $114,000 after buying an additional 160 shares during the period. USA Financial Formulas purchased a new stake in Construction Partners in the 4th quarter worth approximately $31,000. HighTower Advisors LLC lifted its position in Construction Partners by 1.2% in the 4th quarter. HighTower Advisors LLC now owns 29,531 shares of the company's stock worth $2,612,000 after buying an additional 350 shares in the last quarter. Finally, KBC Group NV boosted its stake in shares of Construction Partners by 35.0% during the 3rd quarter. KBC Group NV now owns 1,417 shares of the company's stock valued at $99,000 after buying an additional 367 shares during the period. Hedge funds and other institutional investors own 94.83% of the company's stock.

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Insider Activity

In related news, CAO Todd Keith Andrews sold 5,489 shares of the stock in a transaction that occurred on Friday, December 20th. The shares were sold at an average price of $91.84, for a total value of $504,109.76. Following the transaction, the chief accounting officer now directly owns 17,394 shares in the company, valued at $1,597,464.96. This represents a 23.99 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. 16.36% of the stock is owned by insiders.

Construction Partners Price Performance

Shares of Construction Partners stock traded up $0.22 during trading on Thursday, reaching $76.16. The company's stock had a trading volume of 404,120 shares, compared to its average volume of 609,970. Construction Partners, Inc. has a one year low of $49.16 and a one year high of $103.69. The stock has a 50-day moving average price of $78.64 and a two-hundred day moving average price of $81.26. The company has a current ratio of 1.54, a quick ratio of 1.23 and a debt-to-equity ratio of 1.46. The stock has a market capitalization of $4.26 billion, a P/E ratio of 71.18, a price-to-earnings-growth ratio of 0.99 and a beta of 0.79.

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on ROAD. Robert W. Baird raised their price target on Construction Partners from $100.00 to $102.00 and gave the stock a "neutral" rating in a research note on Monday, February 10th. DA Davidson restated a "neutral" rating and set a $95.00 price target on shares of Construction Partners in a report on Thursday, January 30th. Finally, Raymond James dropped their price objective on 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. Three 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. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $85.40.

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.