Jennison Associates LLC Trims Stock Holdings in Construction Partners, Inc. (NASDAQ:ROAD)

Jennison Associates LLC trimmed its holdings in shares of Construction Partners, Inc. (NASDAQ:ROAD - Free Report) by 22.4% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 390,484 shares of the company's stock after selling 112,501 shares during the period. Jennison Associates LLC owned about 0.70% of Construction Partners worth $34,542,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in ROAD. Fred Alger Management LLC bought a new position in Construction Partners during the 3rd quarter worth about $16,535,000. Artemis Investment Management LLP bought a new stake in shares of Construction Partners in the 4th quarter valued at about $18,893,000. Segall Bryant & Hamill LLC bought a new stake in shares of Construction Partners in the 3rd quarter valued at about $10,377,000. Allspring Global Investments Holdings LLC boosted its holdings in shares of Construction Partners by 47.9% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 207,422 shares of the company's stock valued at $14,478,000 after buying an additional 67,150 shares in the last quarter. Finally, Aubrey Capital Management Ltd bought a new stake in shares of Construction Partners in the 3rd quarter valued at about $4,410,000. 94.83% of the stock is currently owned by institutional investors.

Insider Activity

In related news, Director Charles E. Owens sold 46,596 shares of Construction Partners stock in a transaction on Wednesday, December 4th. The shares were sold at an average price of $101.33, for a total value of $4,721,572.68. Following the sale, the director now owns 203,404 shares of the company's stock, valued at approximately $20,610,927.32. This trade represents a 18.64 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CAO Todd Keith Andrews sold 2,511 shares of Construction Partners stock in a transaction on Monday, December 16th. The shares were sold at an average price of $95.86, for a total transaction of $240,704.46. Following the completion of the sale, the chief accounting officer now directly owns 19,339 shares in the company, valued at $1,853,836.54. This represents a 11.49 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 139,225 shares of company stock valued at $13,904,358 in the last three months. 16.36% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

A number of research firms have recently weighed in on ROAD. Robert W. Baird raised their price target on shares of Construction Partners from $68.00 to $92.00 and gave the company a "neutral" rating in a report on Tuesday, October 22nd. Raymond James lowered their price target on shares of Construction Partners from $112.00 to $104.00 and set a "strong-buy" rating on the stock in a report on Thursday, January 16th. Finally, DA Davidson reiterated a "neutral" rating and issued a $95.00 target price 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 stock. Based on data from MarketBeat.com, Construction Partners presently has a consensus rating of "Moderate Buy" and an average price target of $83.40.

Construction Partners Stock Performance

ROAD traded up $2.29 during trading on Friday, reaching $86.76. 1,359,766 shares of the company's stock were exchanged, compared to its average volume of 649,282. Construction Partners, Inc. has a 1 year low of $44.77 and a 1 year high of $103.69. The company has a debt-to-equity ratio of 0.85, a current ratio of 1.54 and a quick ratio of 1.26. The stock has a market capitalization of $4.85 billion, a P/E ratio of 65.73, a price-to-earnings-growth ratio of 1.25 and a beta of 0.74. The company's fifty day simple moving average is $90.02 and its 200-day simple moving average is $78.89.

Construction Partners (NASDAQ:ROAD - Get Free Report) last posted its quarterly earnings results on Thursday, November 21st. The company reported $0.56 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.57 by ($0.01). The business had revenue of $538.16 million for the quarter, compared to analysts' expectations of $538.04 million. Construction Partners had a return on equity of 12.90% and a net margin of 3.78%. The business's quarterly revenue was up 13.3% compared to the same quarter last year. During the same period in the prior year, the business posted $0.59 earnings per share. As a group, research analysts predict that Construction Partners, Inc. will post 1.95 earnings per share for the current fiscal year.

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.