The Manufacturers Life Insurance Company Sells 259 Shares of Construction Partners, Inc. (NASDAQ:ROAD)

The Manufacturers Life Insurance Company lowered its stake in Construction Partners, Inc. (NASDAQ:ROAD) by 1.1% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 23,311 shares of the company’s stock after selling 259 shares during the quarter. The Manufacturers Life Insurance Company’s holdings in Construction Partners were worth $1,627,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently made changes to their positions in the company. Cetera Advisors LLC acquired a new stake in Construction Partners during the 1st quarter valued at approximately $254,000. EFG Asset Management North America Corp. lifted its holdings in shares of Construction Partners by 13.1% in the 2nd quarter. EFG Asset Management North America Corp. now owns 47,569 shares of the company’s stock worth $2,624,000 after purchasing an additional 5,499 shares in the last quarter. Conestoga Capital Advisors LLC lifted its holdings in shares of Construction Partners by 3.0% in the 2nd quarter. Conestoga Capital Advisors LLC now owns 4,135,202 shares of the company’s stock worth $228,305,000 after purchasing an additional 120,155 shares in the last quarter. Commonwealth Equity Services LLC bought a new position in Construction Partners during the 2nd quarter valued at $342,000. Finally, nVerses Capital LLC bought a new position in Construction Partners during the 2nd quarter valued at $116,000. Institutional investors own 94.83% of the company’s stock.

Construction Partners Stock Performance

Shares of ROAD opened at $97.15 on Tuesday. The stock has a 50-day moving average price of $85.56 and a 200-day moving average price of $69.19. The company has a market cap of $5.43 billion, a PE ratio of 73.60, a price-to-earnings-growth ratio of 1.22 and a beta of 0.70. Construction Partners, Inc. has a 12-month low of $39.79 and a 12-month high of $103.69. The company has a current ratio of 1.54, a quick ratio of 1.26 and a debt-to-equity ratio of 0.85.

Construction Partners (NASDAQ:ROAD) last released its earnings results on Thursday, November 21st. The company reported $0.56 earnings per share for the quarter, missing analysts’ consensus estimates of $0.57 by ($0.01). The firm had revenue of $538.16 million during the quarter, compared to the consensus estimate of $538.04 million. Construction Partners had a return on equity of 12.90% and a net margin of 3.78%. The business’s quarterly revenue was up 13.3% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.59 EPS. As a group, equities analysts forecast that Construction Partners, Inc. will post 1.96 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Construction Partners news, Director Charles E. Owens sold 49,695 shares of the business’s stock in a transaction that occurred on Friday, December 6th. The stock was sold at an average price of $100.81, for a total value of $5,009,752.95. Following the completion of the sale, the director now owns 130,291 shares in the company, valued at approximately $13,134,635.71. The trade was a 27.61 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 18.80% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

Several equities analysts have weighed in on ROAD shares. Robert W. Baird raised their price objective on Construction Partners from $68.00 to $92.00 and gave the company a “neutral” rating in a research note on Tuesday, October 22nd. DA Davidson raised their price objective on Construction Partners from $50.00 to $55.00 and gave the company a “neutral” rating in a research note on Tuesday, August 13th. Raymond James raised their price objective on Construction Partners from $69.00 to $72.00 and gave the company a “strong-buy” rating in a research note on Monday, August 12th. Finally, Stifel Nicolaus lifted their target price on Construction Partners from $61.00 to $67.00 and gave the stock a “buy” rating in a research note on Monday, August 12th. Three analysts have rated the stock with a hold rating, one has assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $69.00.

About Construction Partners

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.