Construction Partners (NASDAQ:ROAD) Downgraded to Hold Rating by Zacks Research

Construction Partners (NASDAQ:ROAD) was downgraded by stock analysts at Zacks Research from a “strong-buy” rating to a “hold” rating in a research report issued to clients and investors on Tuesday,Zacks.com reports.

ROAD has been the subject of a number of other research reports. Raymond James Financial reissued a “strong-buy” rating and set a $135.00 target price (up previously from $120.00) on shares of Construction Partners in a research note on Tuesday, October 21st. Baird R W raised Construction Partners from a “hold” rating to a “strong-buy” rating in a research report on Friday, August 8th. DA Davidson upped their target price on Construction Partners from $110.00 to $120.00 and gave the company a “neutral” rating in a research report on Thursday, October 23rd. Robert W. Baird set a $122.00 target price on Construction Partners and gave the stock an “outperform” rating in a research note on Friday, August 8th. Finally, Weiss Ratings reissued a “hold (c+)” rating on shares of Construction Partners in a research note on Wednesday, October 8th. Two equities research analysts have rated the stock with a Strong Buy rating, one has given a Buy rating and three have given a Hold rating to the stock. According to data from MarketBeat, Construction Partners presently has an average rating of “Moderate Buy” and a consensus price target of $125.67.

Construction Partners Trading Up 2.5%

Shares of ROAD stock opened at $114.85 on Tuesday. Construction Partners has a 1-year low of $64.79 and a 1-year high of $138.90. The company has a current ratio of 1.47, a quick ratio of 1.20 and a debt-to-equity ratio of 1.63. The stock has a market cap of $6.44 billion, a price-to-earnings ratio of 83.83, a PEG ratio of 0.99 and a beta of 1.02. The stock has a 50-day moving average of $122.13 and a 200-day moving average of $109.37.

Construction Partners (NASDAQ:ROAD) last released its quarterly earnings results on Thursday, August 7th. The company reported $0.81 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.87 by ($0.06). Construction Partners had a return on equity of 12.24% and a net margin of 3.04%.The firm had revenue of $779.28 million for the quarter, compared to the consensus estimate of $810.47 million. During the same quarter in the previous year, the business posted $0.59 EPS. The firm’s revenue for the quarter was up 50.5% compared to the same quarter last year. On average, equities research analysts forecast that Construction Partners will post 1.96 earnings per share for the current year.

Hedge Funds Weigh In On Construction Partners

Institutional investors have recently modified their holdings of the company. TD Waterhouse Canada Inc. acquired a new stake in Construction Partners in the 3rd quarter valued at $25,000. AlphaQuest LLC increased its position in shares of Construction Partners by 292.5% during the third quarter. AlphaQuest LLC now owns 208 shares of the company’s stock worth $26,000 after acquiring an additional 155 shares in the last quarter. Caitong International Asset Management Co. Ltd raised its holdings in shares of Construction Partners by 2,750.0% in the 2nd quarter. Caitong International Asset Management Co. Ltd now owns 285 shares of the company’s stock worth $30,000 after acquiring an additional 275 shares during the last quarter. Mather Group LLC. bought a new position in Construction Partners in the 3rd quarter valued at about $47,000. Finally, First Horizon Corp acquired a new position in Construction Partners during the 3rd quarter valued at about $49,000. 94.83% of the stock is owned by institutional investors and hedge funds.

Construction Partners Company 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.