Allspring Global Investments Holdings LLC Boosts Stake in Construction Partners, Inc. (NASDAQ:ROAD)

Allspring Global Investments Holdings LLC increased its stake in Construction Partners, Inc. (NASDAQ:ROAD - Free Report) by 47.9% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 207,422 shares of the company's stock after acquiring an additional 67,150 shares during the period. Allspring Global Investments Holdings LLC owned approximately 0.39% of Construction Partners worth $14,478,000 as of its most recent SEC filing.

Other large investors have also recently modified their holdings of the company. Wasatch Advisors LP lifted its stake in shares of Construction Partners by 188.3% during the 1st quarter. Wasatch Advisors LP now owns 1,692,328 shares of the company's stock worth $95,024,000 after acquiring an additional 1,105,423 shares during the last quarter. Clearbridge Investments LLC purchased a new stake in shares of Construction Partners during the second quarter valued at $20,360,000. TimesSquare Capital Management LLC bought a new position in shares of Construction Partners in the first quarter worth about $19,832,000. Geneva Capital Management LLC increased its stake in Construction Partners by 8.5% in the 1st quarter. Geneva Capital Management LLC now owns 3,408,788 shares of the company's stock worth $191,403,000 after buying an additional 268,225 shares during the period. Finally, Driehaus Capital Management LLC increased its stake in Construction Partners by 31.9% in the 2nd quarter. Driehaus Capital Management LLC now owns 569,440 shares of the company's stock worth $31,439,000 after buying an additional 137,572 shares during the period. Institutional investors own 94.83% of the company's stock.

Insiders Place Their Bets

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

Construction Partners Stock Performance

Construction Partners stock traded down $1.57 during mid-day trading on Friday, reaching $77.49. 335,499 shares of the company traded hands, compared to its average volume of 359,644. Construction Partners, Inc. has a fifty-two week low of $36.70 and a fifty-two week high of $86.00. The firm's fifty day moving average is $68.63 and its two-hundred day moving average is $60.70. The company has a debt-to-equity ratio of 0.82, a current ratio of 1.60 and a quick ratio of 1.30. The company has a market capitalization of $4.08 billion, a price-to-earnings ratio of 66.23, a price-to-earnings-growth ratio of 1.50 and a beta of 0.67.

Construction Partners (NASDAQ:ROAD - Get Free Report) last announced its quarterly earnings data on Friday, August 9th. The company reported $0.59 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.54 by $0.05. The firm had revenue of $517.80 million during the quarter, compared to analysts' expectations of $503.57 million. Construction Partners had a return on equity of 13.34% and a net margin of 4.01%. The company's revenue for the quarter was up 22.7% compared to the same quarter last year. During the same period last year, the business posted $0.41 earnings per share. On average, equities research analysts expect that Construction Partners, Inc. will post 1.43 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several research analysts have commented on ROAD shares. Stifel Nicolaus raised their price objective on Construction Partners from $61.00 to $67.00 and gave the stock a "buy" rating in a report on Monday, August 12th. Raymond James raised their price target on Construction Partners from $69.00 to $72.00 and gave the company a "strong-buy" rating in a research note on Monday, August 12th. Robert W. Baird upped their price objective on shares of Construction Partners from $68.00 to $92.00 and gave the stock a "neutral" rating in a research note on Tuesday. Finally, DA Davidson raised their target price 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 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 has an average rating of "Moderate Buy" and an average target price of $69.00.

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.