Construction Partners (ROAD) Cut to Sell at Zacks Investment Research

Zacks Investment Research cut shares of Construction Partners (NASDAQ:ROAD) from a hold rating to a sell rating in a research report released on Thursday.

According to Zacks, “Construction Partners Inc. is an infrastructure and road construction company. It provides construction products and services to public and private sectors. The company’s services include construction of highways, roads, bridges, airports and commercial and residential sites. Construction Partners Inc. is based in Alabama, United States. “

Several other research firms have also recently commented on ROAD. DA Davidson set a $15.00 target price on Construction Partners and gave the company a buy rating in a research note on Friday, November 23rd. Raymond James cut their target price on Construction Partners from $15.00 to $13.00 and set a strong-buy rating on the stock in a research note on Wednesday, December 12th. Imperial Capital set a $14.00 target price on Construction Partners and gave the company a buy rating in a research note on Monday, December 10th. Finally, ValuEngine cut Construction Partners from a hold rating to a sell rating in a research note on Thursday, October 18th. Two analysts have rated the stock with a sell rating, four have issued a buy rating and one has given a strong buy rating to the stock. Construction Partners has an average rating of Buy and a consensus target price of $14.00.

Shares of ROAD opened at $10.99 on Thursday. The company has a debt-to-equity ratio of 0.16, a current ratio of 1.99 and a quick ratio of 1.81. Construction Partners has a 52-week low of $7.70 and a 52-week high of $14.06. The company has a market capitalization of $532.65 million and a P/E ratio of 12.78.

Construction Partners (NASDAQ:ROAD) last released its earnings results on Tuesday, December 11th. The company reported $0.29 EPS for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.29. The firm had revenue of $215.70 million during the quarter, compared to the consensus estimate of $215.45 million. The business’s revenue for the quarter was up 15.0% on a year-over-year basis. Equities analysts forecast that Construction Partners will post 0.79 EPS for the current year.

In other news, Director Ned N. Fleming III bought 4,000 shares of the business’s stock in a transaction on Friday, December 21st. The shares were purchased at an average price of $8.47 per share, for a total transaction of $33,880.00. The purchase was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider John L. Harper bought 9,000 shares of the business’s stock in a transaction on Friday, December 14th. The stock was purchased at an average price of $8.41 per share, for a total transaction of $75,690.00. The disclosure for this purchase can be found here. Insiders acquired a total of 14,500 shares of company stock worth $122,605 in the last 90 days.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Massachusetts Financial Services Co. MA raised its stake in shares of Construction Partners by 17.6% during the 3rd quarter. Massachusetts Financial Services Co. MA now owns 793,608 shares of the company’s stock worth $9,603,000 after purchasing an additional 118,738 shares in the last quarter. Wasatch Advisors Inc. raised its stake in shares of Construction Partners by 28.8% during the 3rd quarter. Wasatch Advisors Inc. now owns 782,577 shares of the company’s stock worth $9,469,000 after purchasing an additional 174,807 shares in the last quarter. Bank of New York Mellon Corp raised its stake in shares of Construction Partners by 6.4% during the 3rd quarter. Bank of New York Mellon Corp now owns 668,202 shares of the company’s stock worth $8,084,000 after purchasing an additional 40,119 shares in the last quarter. Summit Creek Advisors LLC raised its stake in shares of Construction Partners by 10.1% during the 3rd quarter. Summit Creek Advisors LLC now owns 502,168 shares of the company’s stock worth $6,076,000 after purchasing an additional 46,106 shares in the last quarter. Finally, Vanguard Group Inc raised its stake in shares of Construction Partners by 0.4% during the 3rd quarter. Vanguard Group Inc now owns 424,512 shares of the company’s stock worth $5,137,000 after purchasing an additional 1,615 shares in the last quarter. Hedge funds and other institutional investors own 20.53% of the company’s stock.

About Construction Partners

Construction Partners, Inc, an infrastructure and road construction company, provides construction products and services to public and private sectors. Its services cover construction of highways, roads, bridges, airports, and commercial and residential sites. The company provides site development, paving, utility and drainage systems, as well as supplies hot mix asphalt.

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