Kayne Anderson Rudnick Investment Management LLC Sells 956,387 Shares of Construction Partners, Inc. (NASDAQ:ROAD)

Kayne Anderson Rudnick Investment Management LLC decreased its stake in Construction Partners, Inc. (NASDAQ:ROAD) by 26.0% in the second quarter, Holdings Channel.com reports. The firm owned 2,715,900 shares of the company’s stock after selling 956,387 shares during the period. Kayne Anderson Rudnick Investment Management LLC owned about 0.05% of Construction Partners worth $149,945,000 at the end of the most recent quarter.

Several other large investors have also recently modified their holdings of the stock. Arizona State Retirement System boosted its stake in Construction Partners by 2.1% during the second quarter. Arizona State Retirement System now owns 12,270 shares of the company’s stock worth $677,000 after buying an additional 257 shares during the period. Ameritas Investment Partners Inc. grew its holdings in Construction Partners by 7.1% during the 1st quarter. Ameritas Investment Partners Inc. now owns 4,279 shares of the company’s stock valued at $240,000 after purchasing an additional 285 shares during the last quarter. Envestnet Portfolio Solutions Inc. raised its position in Construction Partners by 4.3% in the 1st quarter. Envestnet Portfolio Solutions Inc. now owns 7,023 shares of the company’s stock worth $394,000 after purchasing an additional 292 shares during the period. Covestor Ltd raised its position in Construction Partners by 17,700.0% in the 1st quarter. Covestor Ltd now owns 534 shares of the company’s stock worth $30,000 after purchasing an additional 531 shares during the period. Finally, Benjamin F. Edwards & Company Inc. lifted its stake in Construction Partners by 55.4% in the second quarter. Benjamin F. Edwards & Company Inc. now owns 1,831 shares of the company’s stock worth $101,000 after purchasing an additional 653 shares during the last quarter. Institutional investors own 94.83% of the company’s stock.

Insiders Place Their Bets

In related news, Director Mark R. Matteson sold 25,408 shares of Construction Partners stock in a transaction that occurred on Thursday, August 22nd. The shares were sold at an average price of $61.97, for a total transaction of $1,574,533.76. Following the transaction, the director now directly owns 102,592 shares of the company’s stock, valued at $6,357,626.24. The sale was disclosed in a filing with the SEC, which is accessible through this link. 18.80% of the stock is owned by company insiders.

Construction Partners Stock Down 4.9 %

Shares of NASDAQ ROAD opened at $72.53 on Friday. Construction Partners, Inc. has a 52-week low of $34.21 and a 52-week high of $76.73. The firm has a market capitalization of $3.83 billion, a price-to-earnings ratio of 61.99, a PEG ratio of 1.52 and a beta of 0.67. The stock has a 50 day moving average price of $61.98 and a 200 day moving average price of $57.32. The company has a debt-to-equity ratio of 0.82, a quick ratio of 1.30 and a current ratio of 1.60.

Construction Partners (NASDAQ:ROAD) last issued its earnings results on Friday, August 9th. The company reported $0.59 earnings per share for the quarter, topping the consensus estimate of $0.54 by $0.05. The business had revenue of $517.80 million during the quarter, compared to analysts’ expectations of $503.57 million. Construction Partners had a return on equity of 13.34% and a net margin of 4.01%. The business’s revenue for the quarter was up 22.7% compared to the same quarter last year. During the same period in the prior year, the business earned $0.41 EPS. Sell-side analysts expect that Construction Partners, Inc. will post 1.43 earnings per share for the current year.

Analysts Set New Price Targets

ROAD has been the topic of several recent analyst reports. Raymond James increased their price target on Construction Partners from $69.00 to $72.00 and gave the stock a “strong-buy” rating in a report on Monday, August 12th. DA Davidson increased their target price on Construction Partners from $50.00 to $55.00 and gave the stock a “neutral” rating in a research note on Tuesday, August 13th. Finally, Stifel Nicolaus boosted their target price on shares of Construction Partners from $61.00 to $67.00 and gave the company a “buy” rating in a research note on Monday, August 12th. Three research analysts have rated the stock with a hold rating, one has issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $59.67.

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.