Jennison Associates LLC Has $35.11 Million Stake in Construction Partners, Inc. (NASDAQ:ROAD)

Jennison Associates LLC lessened its position in shares of Construction Partners, Inc. (NASDAQ:ROAD - Free Report) by 5.0% in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 502,985 shares of the company's stock after selling 26,637 shares during the quarter. Jennison Associates LLC owned approximately 0.95% of Construction Partners worth $35,108,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. SG Americas Securities LLC purchased a new position in shares of Construction Partners during the first quarter valued at approximately $139,000. ProShare Advisors LLC boosted its holdings in shares of Construction Partners by 15.8% during the first quarter. ProShare Advisors LLC now owns 7,709 shares of the company's stock worth $433,000 after purchasing an additional 1,054 shares during the last quarter. Vanguard Group Inc. grew its position in shares of Construction Partners by 3.0% in the first quarter. Vanguard Group Inc. now owns 2,415,461 shares of the company's stock valued at $135,628,000 after purchasing an additional 69,223 shares during the period. Covestor Ltd increased its stake in Construction Partners by 17,700.0% in the first quarter. Covestor Ltd now owns 534 shares of the company's stock valued at $30,000 after purchasing an additional 531 shares during the last quarter. Finally, Ameritas Investment Partners Inc. lifted its position in Construction Partners by 7.1% during the first quarter. Ameritas Investment Partners Inc. now owns 4,279 shares of the company's stock worth $240,000 after buying an additional 285 shares during the period. Institutional investors and hedge funds own 94.83% of the company's stock.

Construction Partners Price Performance

NASDAQ:ROAD traded up $3.06 during mid-day trading on Friday, reaching $99.91. 454,984 shares of the stock were exchanged, compared to its average volume of 364,085. The company has a current ratio of 1.60, a quick ratio of 1.30 and a debt-to-equity ratio of 0.82. The firm has a market capitalization of $5.27 billion, a PE ratio of 72.82, a PEG ratio of 1.16 and a beta of 0.65. Construction Partners, Inc. has a 1-year low of $39.79 and a 1-year high of $100.70. The business has a fifty day moving average price of $78.38 and a 200 day moving average price of $65.26.

Construction Partners (NASDAQ:ROAD - Get Free Report) last issued its earnings results on Thursday, November 21st. The company reported $0.56 earnings per share for the quarter, missing analysts' consensus estimates of $0.57 by ($0.01). Construction Partners had a net margin of 4.01% and a return on equity of 13.34%. The business had revenue of $538.16 million during the quarter, compared to analyst estimates of $538.04 million. During the same quarter in the prior year, the company earned $0.59 EPS. Construction Partners's revenue for the quarter was up 13.3% on a year-over-year basis. Research analysts expect that Construction Partners, Inc. will post 1.33 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on ROAD shares. Stifel Nicolaus raised their target price on shares of Construction Partners from $61.00 to $67.00 and gave the stock a "buy" rating in a research report on Monday, August 12th. Raymond James boosted their price target on Construction Partners from $69.00 to $72.00 and gave the stock a "strong-buy" rating in a research report on Monday, August 12th. Robert W. Baird increased their price objective on shares of Construction Partners from $68.00 to $92.00 and gave the company a "neutral" rating in a research report on Tuesday, October 22nd. Finally, DA Davidson boosted their target price on shares of Construction Partners from $50.00 to $55.00 and gave the stock a "neutral" rating in a research report on Tuesday, August 13th. Three equities research analysts have rated the stock with a hold rating, one has given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $69.00.

Construction Partners Company 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.