Geneva Capital Management LLC Reduces Stock Position in Construction Partners, Inc. (NASDAQ:ROAD)

Geneva Capital Management LLC reduced its position in Construction Partners, Inc. (NASDAQ:ROAD - Free Report) by 22.8% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 2,458,288 shares of the company's stock after selling 726,429 shares during the quarter. Construction Partners accounts for about 3.8% of Geneva Capital Management LLC's holdings, making the stock its largest holding. Geneva Capital Management LLC owned approximately 4.40% of Construction Partners worth $217,460,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the company. Sheets Smith Wealth Management purchased a new stake in shares of Construction Partners during the fourth quarter valued at approximately $632,000. Segall Bryant & Hamill LLC bought a new stake in Construction Partners during the 3rd quarter valued at $10,377,000. Intech Investment Management LLC purchased a new stake in Construction Partners during the 3rd quarter valued at $778,000. Artemis Investment Management LLP bought a new stake in Construction Partners in the 4th quarter worth $18,893,000. Finally, Washington University purchased a new position in shares of Construction Partners in the fourth quarter valued at about $3,452,000. 94.83% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

ROAD has been the subject of a number of analyst reports. Robert W. Baird increased their target price on shares of Construction Partners from $100.00 to $102.00 and gave the stock a "neutral" rating in a report on Monday, February 10th. DA Davidson reiterated a "neutral" rating and issued a $95.00 price objective on shares of Construction Partners in a report on Thursday, January 30th. Finally, Raymond James reduced their target price 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 investment 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 stock. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $85.40.

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Insider Activity

In related news, Director Charles E. Owens sold 16,203 shares of the business's stock in a transaction dated Wednesday, December 11th. The shares were sold at an average price of $98.22, for a total transaction of $1,591,458.66. Following the sale, the director now owns 102,610 shares of the company's stock, valued at $10,078,354.20. The trade was a 13.64 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CAO Todd Keith Andrews sold 5,489 shares of the company's stock in a transaction dated Friday, December 20th. The stock was 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 approximately $1,597,464.96. This trade represents a 23.99 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 30,203 shares of company stock worth $2,902,733 in the last quarter. 16.36% of the stock is owned by company insiders.

Construction Partners Trading Down 2.5 %

ROAD stock traded down $1.74 during trading on Monday, reaching $67.67. The company had a trading volume of 1,096,566 shares, compared to its average volume of 418,750. The company has a debt-to-equity ratio of 1.46, a current ratio of 1.54 and a quick ratio of 1.23. Construction Partners, Inc. has a 52 week low of $49.16 and a 52 week high of $103.69. The business has a 50 day moving average of $81.65 and a 200 day moving average of $81.01. The company has a market cap of $3.78 billion, a P/E ratio of 63.24, a PEG ratio of 0.99 and a beta of 0.79.

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.