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

PNC Financial Services Group Inc. boosted its stake in shares of Construction Partners, Inc. (NASDAQ:ROAD) by 49.3% in the second quarter, HoldingsChannel reports. 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 quarter.

A number of other hedge funds have also added to or reduced their stakes in ROAD. Atria Investments Inc boosted its holdings in shares of Construction Partners by 5.5% in the second quarter. Atria Investments Inc now owns 16,129 shares of the company’s stock valued at $1,714,000 after purchasing an additional 835 shares during the period. Vanguard Personalized Indexing Management LLC purchased a new position in Construction Partners during the 2nd quarter worth $542,000. Wealth Enhancement Advisory Services LLC bought a new stake in Construction Partners during the 2nd quarter valued at $344,000. GAMMA Investing LLC lifted its holdings in shares of Construction Partners by 33.6% in the 2nd quarter. GAMMA Investing LLC now owns 1,164 shares of the company’s stock worth $124,000 after buying an additional 293 shares during the period. Finally, Janney Montgomery Scott LLC bought a new position in shares of Construction Partners during the 2nd quarter worth $802,000. 94.83% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several analysts recently weighed in on ROAD shares. Weiss Ratings restated a “hold (c)” rating on shares of Construction Partners in a report on Tuesday. DA Davidson reissued a “neutral” rating and set a $120.00 target price on shares of Construction Partners in a research report on Friday. Robert W. Baird reduced their price target on shares of Construction Partners from $131.00 to $124.00 and set an “outperform” rating for the company in a report on Friday. Zacks Research downgraded shares of Construction Partners from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, November 4th. Finally, Bank of America cut their price objective on shares of Construction Partners from $120.00 to $115.00 and set a “buy” rating on the stock in a report on Friday. Two research 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, the company has an average rating of “Moderate Buy” and a consensus target price of $123.50.

Construction Partners Stock Performance

Shares of Construction Partners stock opened at $101.16 on Friday. The company has a market capitalization of $5.67 billion, a PE ratio of 55.28, a P/E/G ratio of 0.89 and a beta of 1.02. The company has a 50-day simple moving average of $118.76 and a two-hundred day simple moving average of $111.46. Construction Partners, Inc. has a one year low of $64.79 and a one year 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.

Construction Partners (NASDAQ:ROAD) last issued its quarterly earnings data on Thursday, November 20th. The company reported $1.07 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.11 by ($0.04). The firm 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 14.80% and a net margin of 3.62%.The firm’s quarterly revenue was up 67.2% on a year-over-year basis. During the same period in the previous year, the firm earned $0.56 EPS. Research analysts expect that Construction Partners, Inc. will post 1.96 EPS for the current fiscal 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.