PNC Financial Services Group Inc. Increases Stock Position in Construction Partners, Inc. $ROAD

PNC Financial Services Group Inc. grew its position in shares of Construction Partners, Inc. (NASDAQ:ROAD) by 49.3% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 5,584 shares of the company’s stock after purchasing an additional 1,845 shares during the period. PNC Financial Services Group Inc.’s holdings in Construction Partners were worth $593,000 at the end of the most recent reporting period.

Several other large investors have also recently made changes to their positions in ROAD. Caitong International Asset Management Co. Ltd boosted its stake in Construction Partners by 2,750.0% during the second quarter. Caitong International Asset Management Co. Ltd now owns 285 shares of the company’s stock valued at $30,000 after buying an additional 275 shares during the last quarter. Hazlett Burt & Watson Inc. raised its holdings in shares of Construction Partners by 88.9% during the 2nd quarter. Hazlett Burt & Watson Inc. now owns 425 shares of the company’s stock worth $45,000 after acquiring an additional 200 shares in the last quarter. BI Asset Management Fondsmaeglerselskab A S bought a new position in shares of Construction Partners during the 1st quarter valued at approximately $60,000. Montag A & Associates Inc. grew its holdings in shares of Construction Partners by 46.5% in the second quarter. Montag A & Associates Inc. now owns 586 shares of the company’s stock valued at $62,000 after purchasing an additional 186 shares in the last quarter. Finally, Nisa Investment Advisors LLC increased its position in Construction Partners by 29.7% in the second quarter. Nisa Investment Advisors LLC now owns 743 shares of the company’s stock worth $79,000 after purchasing an additional 170 shares during the last quarter. 94.83% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several research firms have commented on ROAD. Robert W. Baird lowered their price objective on shares of Construction Partners from $131.00 to $124.00 and set an “outperform” rating for the company in a research report on Friday. Bank of America decreased their target price on shares of Construction Partners from $120.00 to $115.00 and set a “buy” rating on the stock in a research report on Friday. Raymond James Financial reiterated a “strong-buy” rating and issued a $135.00 price target (up previously from $120.00) on shares of Construction Partners in a research report on Tuesday, October 21st. DA Davidson restated a “neutral” rating and set a $120.00 price objective on shares of Construction Partners in a research report on Friday. Finally, Weiss Ratings reaffirmed a “hold (c)” rating on shares of Construction Partners in a research note on Tuesday. Two analysts have rated the stock with a Strong Buy rating, two have given a Buy rating and three have issued a Hold rating to the company. According to data from MarketBeat.com, Construction Partners presently has an average rating of “Moderate Buy” and a consensus target price of $123.50.

Construction Partners Stock Performance

Shares of NASDAQ:ROAD opened at $101.16 on Friday. The company has a current ratio of 1.47, a quick ratio of 1.20 and a debt-to-equity ratio of 1.63. Construction Partners, Inc. has a 12 month low of $64.79 and a 12 month high of $138.90. The company has a market capitalization of $5.67 billion, a price-to-earnings ratio of 55.28, a PEG ratio of 0.89 and a beta of 1.02. The firm’s 50-day moving average is $118.76 and its 200 day moving average is $111.46.

Construction Partners (NASDAQ:ROAD) last announced its earnings results on Thursday, November 20th. The company reported $1.07 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.11 by ($0.04). The business had revenue of $899.85 million for the quarter, compared to analysts’ expectations of $896.17 million. Construction Partners had a net margin of 3.62% and a return on equity of 14.80%. The firm’s quarterly revenue was up 67.2% on a year-over-year basis. During the same quarter last year, the firm earned $0.56 EPS. Research analysts predict that Construction Partners, Inc. will post 1.96 EPS for the current 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.