Construction Partners (NASDAQ:ROAD) Price Target Cut to $124.00 by Analysts at Robert W. Baird

Construction Partners (NASDAQ:ROAD) had its target price cut by equities research analysts at Robert W. Baird from $131.00 to $124.00 in a report issued on Friday,Benzinga reports. The firm presently has an “outperform” rating on the stock. Robert W. Baird’s price objective would suggest a potential upside of 24.14% from the stock’s previous close.

Other equities research analysts also recently issued research reports about the stock. Raymond James Financial reaffirmed a “strong-buy” rating and issued a $135.00 target price (up previously from $120.00) on shares of Construction Partners in a research report on Tuesday, October 21st. DA Davidson lifted their price target on shares of Construction Partners from $110.00 to $120.00 and gave the company a “neutral” rating in a report on Thursday, October 23rd. Weiss Ratings reiterated a “hold (c)” rating on shares of Construction Partners in a research report on Tuesday. Zacks Research downgraded Construction Partners from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, November 4th. Finally, Baird R W raised Construction Partners from a “hold” rating to a “strong-buy” rating in a research note on Friday, August 8th. Two equities research analysts have rated the stock with a Strong Buy rating, two have assigned a Buy rating and three have assigned a Hold rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $123.50.

Construction Partners Price Performance

Shares of ROAD stock opened at $99.89 on Friday. The business’s 50 day moving average price is $119.24 and its 200-day moving average price is $111.24. Construction Partners has a fifty-two week low of $64.79 and a fifty-two week high of $138.90. The company has a debt-to-equity ratio of 1.63, a quick ratio of 1.20 and a current ratio of 1.47. The firm has a market cap of $5.60 billion, a P/E ratio of 72.73, a P/E/G ratio of 0.92 and a beta of 1.02.

Construction Partners (NASDAQ:ROAD) last released its earnings results on Thursday, November 20th. The company reported $1.07 earnings per share for the quarter, missing analysts’ consensus estimates of $1.11 by ($0.04). The business had revenue of $899.85 million during the quarter, compared to analysts’ expectations of $896.17 million. Construction Partners had a return on equity of 12.24% and a net margin of 3.04%.The firm’s quarterly revenue was up 67.2% compared to the same quarter last year. During the same period in the prior year, the company earned $0.56 earnings per share. On average, equities research analysts anticipate that Construction Partners will post 1.96 earnings per share for the current year.

Institutional Investors Weigh In On Construction Partners

A number of large investors have recently made changes to their positions in ROAD. Vanguard Group Inc. increased its holdings in shares of Construction Partners by 5.0% in the first quarter. Vanguard Group Inc. now owns 3,666,331 shares of the company’s stock valued at $263,499,000 after purchasing an additional 173,963 shares during the period. Kayne Anderson Rudnick Investment Management LLC raised its position in Construction Partners by 0.5% during the 1st quarter. Kayne Anderson Rudnick Investment Management LLC now owns 2,592,079 shares of the company’s stock worth $186,293,000 after buying an additional 12,808 shares during the last quarter. Invesco Ltd. lifted its stake in Construction Partners by 4.2% during the 2nd quarter. Invesco Ltd. now owns 1,308,761 shares of the company’s stock valued at $139,095,000 after acquiring an additional 52,670 shares during the period. Geode Capital Management LLC increased its stake in shares of Construction Partners by 1.6% in the second quarter. Geode Capital Management LLC now owns 1,153,123 shares of the company’s stock worth $122,568,000 after acquiring an additional 18,229 shares during the period. Finally, State Street Corp raised its holdings in shares of Construction Partners by 4.7% during the second quarter. State Street Corp now owns 1,112,231 shares of the company’s stock worth $118,208,000 after purchasing an additional 49,898 shares during the last quarter. 94.83% of the stock is owned by hedge funds and other institutional investors.

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.