Bornite Capital Management LP Purchases Shares of 150,000 Construction Partners, Inc. $ROAD

Bornite Capital Management LP purchased a new stake in shares of Construction Partners, Inc. (NASDAQ:ROAD) during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund purchased 150,000 shares of the company’s stock, valued at approximately $16,282,000. Construction Partners makes up approximately 1.6% of Bornite Capital Management LP’s holdings, making the stock its 20th largest holding.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. AlphaQuest LLC lifted its position in Construction Partners by 292.5% during the third quarter. AlphaQuest LLC now owns 208 shares of the company’s stock valued at $26,000 after buying an additional 155 shares in the last quarter. Morse Asset Management Inc lifted its position in Construction Partners by 300.0% during the third quarter. Morse Asset Management Inc now owns 240 shares of the company’s stock valued at $30,000 after buying an additional 180 shares in the last quarter. Danske Bank A S acquired a new position in Construction Partners during the third quarter valued at approximately $38,000. Quarry LP acquired a new position in Construction Partners during the third quarter valued at approximately $42,000. Finally, MAI Capital Management lifted its position in Construction Partners by 21.7% during the third quarter. MAI Capital Management now owns 505 shares of the company’s stock valued at $64,000 after buying an additional 90 shares in the last quarter. 94.83% of the stock is owned by institutional investors and hedge funds.

Construction Partners Stock Up 7.7%

Shares of NASDAQ:ROAD opened at $113.87 on Friday. The company has a current ratio of 1.53, a quick ratio of 1.21 and a debt-to-equity ratio of 1.75. The company has a fifty day simple moving average of $117.25 and a 200 day simple moving average of $116.65. The firm has a market cap of $6.44 billion, a PE ratio of 49.94, a price-to-earnings-growth ratio of 0.95 and a beta of 0.88. Construction Partners, Inc. has a 12-month low of $93.22 and a 12-month high of $151.00.

Construction Partners (NASDAQ:ROAD) last issued its quarterly earnings results on Friday, May 8th. The company reported $0.18 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.05) by $0.23. The business had revenue of $769.20 million during the quarter, compared to analyst estimates of $678.46 million. Construction Partners had a net margin of 3.90% and a return on equity of 15.22%. The business’s revenue was up 34.6% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.08 earnings per share. On average, equities research analysts anticipate that Construction Partners, Inc. will post 2.95 EPS for the current fiscal year.

Analysts Set New Price Targets

ROAD has been the topic of a number of recent research reports. Zacks Research cut shares of Construction Partners from a “strong-buy” rating to a “hold” rating in a research report on Monday, April 27th. Weiss Ratings cut shares of Construction Partners from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Tuesday, May 26th. Raymond James Financial reiterated a “strong-buy” rating and set a $140.00 price objective on shares of Construction Partners in a research note on Monday, April 27th. Robert W. Baird lifted their price objective on shares of Construction Partners from $129.00 to $169.00 and gave the company an “outperform” rating in a research note on Monday, May 11th. Finally, Truist Financial began coverage on shares of Construction Partners in a research note on Wednesday, June 3rd. They set a “hold” rating and a $130.00 price objective on the stock. One analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and four have assigned a Hold rating to the stock. According to MarketBeat.com, Construction Partners currently has an average rating of “Moderate Buy” and an average target price of $136.50.

Construction Partners Company Profile

Construction Partners, Inc (NASDAQ: ROAD) is a specialty contractor and infrastructure solutions provider focused on road building, paving, site development and aggregate production. The company delivers a comprehensive suite of civil construction services, including roadway paving and milling, site grading and preparation, stormwater and utility installation, and full-scale asphalt plant operations. By integrating materials production with contracting capabilities, the firm aims to streamline project delivery and maintain quality control across its contracting and materials businesses.

At the heart of Construction Partners’ operations are its network of asphalt plants, quarries and aggregate production facilities.