Raymond James Trust N.A. Cuts Stock Position in Construction Partners, Inc. (NASDAQ:ROAD)

Raymond James Trust N.A. trimmed its holdings in shares of Construction Partners, Inc. (NASDAQ:ROAD) by 5.1% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 7,899 shares of the company’s stock after selling 427 shares during the period. Raymond James Trust N.A.’s holdings in Construction Partners were worth $436,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also recently added to or reduced their stakes in the company. ICA Group Wealth Management LLC acquired a new position in shares of Construction Partners during the fourth quarter worth $30,000. Covestor Ltd grew its holdings in Construction Partners by 17,700.0% during the 1st quarter. Covestor Ltd now owns 534 shares of the company’s stock valued at $30,000 after purchasing an additional 531 shares in the last quarter. Benjamin F. Edwards & Company Inc. increased its stake in Construction Partners by 244.4% during the 1st quarter. Benjamin F. Edwards & Company Inc. now owns 1,178 shares of the company’s stock worth $66,000 after buying an additional 836 shares during the period. USA Financial Formulas purchased a new position in Construction Partners in the 4th quarter valued at about $72,000. Finally, YHB Investment Advisors Inc. acquired a new stake in shares of Construction Partners during the first quarter valued at about $116,000. 94.83% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, Director Mark R. Matteson sold 25,408 shares of the company’s stock in a transaction that occurred on Thursday, August 22nd. The stock was sold at an average price of $61.97, for a total transaction of $1,574,533.76. Following the completion of the transaction, the director now directly owns 102,592 shares of the company’s stock, valued at $6,357,626.24. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 18.80% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

ROAD has been the subject of a number of analyst reports. DA Davidson increased their price target on Construction Partners from $50.00 to $55.00 and gave the company a “neutral” rating in a report on Tuesday, August 13th. Stifel Nicolaus raised their price target on shares of Construction Partners from $61.00 to $67.00 and gave the stock a “buy” rating in a research report on Monday, August 12th. Robert W. Baird upped their price target on shares of Construction Partners from $50.00 to $60.00 and gave the company a “neutral” rating in a report on Monday, May 13th. Finally, Raymond James increased their price objective on shares of Construction Partners from $69.00 to $72.00 and gave the company a “strong-buy” rating in a research note on Monday, August 12th. Three investment analysts have rated the stock with a hold rating, one has given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $59.67.

Construction Partners Price Performance

Shares of NASDAQ ROAD opened at $65.28 on Wednesday. The business has a 50 day simple moving average of $58.62 and a 200-day simple moving average of $55.27. Construction Partners, Inc. has a twelve month low of $33.24 and a twelve month high of $66.78. The company has a market capitalization of $3.44 billion, a price-to-earnings ratio of 55.79, a price-to-earnings-growth ratio of 1.39 and a beta of 0.66. The company has a current ratio of 1.60, a quick ratio of 1.30 and a debt-to-equity ratio of 0.82.

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 analysts’ consensus estimates of $0.54 by $0.05. Construction Partners had a net margin of 4.01% and a return on equity of 13.34%. The company had revenue of $517.80 million for the quarter, compared to analysts’ expectations of $503.57 million. During the same period in the prior year, the company earned $0.41 earnings per share. The firm’s revenue was up 22.7% compared to the same quarter last year. As a group, equities research analysts expect that Construction Partners, Inc. will post 1.44 earnings per share for the current year.

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.