Construction Partners (NASDAQ:ROAD) Sets New 52-Week High - Here's What Happened

Construction Partners, Inc. (NASDAQ:ROAD - Get Free Report)'s share price reached a new 52-week high during trading on Monday . The company traded as high as $77.76 and last traded at $77.76, with a volume of 878 shares changing hands. The stock had previously closed at $74.70.

Analysts Set New Price Targets

A number of equities analysts have recently weighed in on ROAD shares. Stifel Nicolaus upped their price target on shares of Construction Partners from $61.00 to $67.00 and gave the stock a "buy" rating in a research note on Monday, August 12th. Raymond James upped their target price on shares of Construction Partners from $69.00 to $72.00 and gave the stock a "strong-buy" rating in a research report on Monday, August 12th. Finally, DA Davidson lifted their price target on shares of Construction Partners from $50.00 to $55.00 and gave the company a "neutral" rating in a research report on Tuesday, August 13th. Three investment analysts have rated the stock with a hold rating, one has issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, Construction Partners presently has a consensus rating of "Moderate Buy" and an average price target of $62.60.

Construction Partners Stock Performance

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 stock's 50 day moving average is $66.62 and its 200 day moving average is $59.87. The stock has a market capitalization of $4.46 billion, a price-to-earnings ratio of 71.91, a PEG ratio of 1.35 and a beta of 0.67.

Construction Partners (NASDAQ:ROAD - Get Free Report) last released its quarterly earnings results on Friday, August 9th. The company reported $0.59 EPS for the quarter, beating the consensus estimate of $0.54 by $0.05. Construction Partners had a net margin of 4.01% and a return on equity of 13.34%. The business had revenue of $517.80 million for the quarter, compared to analyst estimates of $503.57 million. During the same period in the prior year, the business earned $0.41 earnings per share. The company's quarterly revenue was up 22.7% on a year-over-year basis. On average, analysts predict that Construction Partners, Inc. will post 1.43 earnings per share for the current year.

Insider Transactions at Construction Partners

In related news, Director Mark R. Matteson sold 25,408 shares of the stock in a transaction on Thursday, August 22nd. The stock was sold at an average price of $61.97, for a total transaction of $1,574,533.76. Following the sale, the director now owns 102,592 shares of the company's stock, valued at $6,357,626.24. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 18.80% of the company's stock.

Institutional Investors Weigh In On Construction Partners

Several hedge funds have recently modified their holdings of ROAD. Conestoga Capital Advisors LLC boosted its position in Construction Partners by 3.0% during the second quarter. Conestoga Capital Advisors LLC now owns 4,135,202 shares of the company's stock worth $228,305,000 after acquiring an additional 120,155 shares during the last quarter. Geneva Capital Management LLC boosted its holdings in shares of Construction Partners by 8.5% during the first quarter. Geneva Capital Management LLC now owns 3,408,788 shares of the company's stock worth $191,403,000 after purchasing an additional 268,225 shares during the last quarter. Vanguard Group Inc. boosted its holdings in shares of Construction Partners by 3.0% during the first quarter. Vanguard Group Inc. now owns 2,415,461 shares of the company's stock worth $135,628,000 after purchasing an additional 69,223 shares during the last quarter. Wasatch Advisors LP grew its position in shares of Construction Partners by 188.3% in the first quarter. Wasatch Advisors LP now owns 1,692,328 shares of the company's stock valued at $95,024,000 after purchasing an additional 1,105,423 shares during the period. Finally, Dimensional Fund Advisors LP increased its stake in Construction Partners by 2.6% in the second quarter. Dimensional Fund Advisors LP now owns 972,400 shares of the company's stock valued at $53,687,000 after purchasing an additional 24,828 shares during the last quarter. 94.83% of the stock is owned by institutional investors and hedge funds.

About Construction Partners

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.