Dark Forest Capital Management LP Has $951,000 Stake in Construction Partners, Inc. (NASDAQ:ROAD)

Dark Forest Capital Management LP raised its position in Construction Partners, Inc. (NASDAQ:ROAD) by 147.1% in the second quarter, HoldingsChannel.com reports. The fund owned 17,229 shares of the company’s stock after purchasing an additional 10,256 shares during the quarter. Dark Forest Capital Management LP’s holdings in Construction Partners were worth $951,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors also recently modified their holdings of the company. Engle Capital Management L.P. acquired a new stake in shares of Construction Partners in the second quarter valued at approximately $5,742,000. AQR Capital Management LLC raised its stake in Construction Partners by 25.0% in the 2nd quarter. AQR Capital Management LLC now owns 9,574 shares of the company’s stock valued at $529,000 after acquiring an additional 1,912 shares during the period. Hood River Capital Management LLC raised its stake in Construction Partners by 16.1% in the 2nd quarter. Hood River Capital Management LLC now owns 476,021 shares of the company’s stock valued at $26,281,000 after acquiring an additional 66,021 shares during the period. Bridges Investment Management Inc. acquired a new stake in Construction Partners during the 2nd quarter valued at $350,000. Finally, Public Employees Retirement Association of Colorado bought a new position in Construction Partners during the second quarter worth $162,000. Institutional investors own 94.83% of the company’s stock.

Analyst Ratings Changes

A number of analysts have recently issued reports on ROAD shares. DA Davidson raised their target price on shares of Construction Partners from $50.00 to $55.00 and gave the stock a “neutral” rating in a research note on Tuesday, August 13th. Raymond James raised their price objective on shares of Construction Partners from $69.00 to $72.00 and gave the stock a “strong-buy” rating in a research report on Monday, August 12th. Finally, Stifel Nicolaus upped their target price on Construction Partners from $61.00 to $67.00 and gave the company a “buy” rating in a research report on Monday, August 12th. Three investment 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, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $59.67.

Insider Activity

In other Construction Partners news, Director Mark R. Matteson sold 25,408 shares of the company’s stock in a transaction 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 sale, the director now directly owns 102,592 shares in the company, 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. Corporate insiders own 18.80% of the company’s stock.

Construction Partners Trading Down 0.9 %

Shares of ROAD stock opened at $69.79 on Friday. The stock has a market cap of $3.68 billion, a P/E ratio of 59.65, a price-to-earnings-growth ratio of 1.61 and a beta of 0.67. Construction Partners, Inc. has a 1 year low of $35.46 and a 1 year high of $76.73. The company has a current ratio of 1.60, a quick ratio of 1.30 and a debt-to-equity ratio of 0.82. The stock has a 50 day simple moving average of $62.93 and a 200 day simple moving average of $57.88.

Construction Partners (NASDAQ:ROAD) last released its earnings results on Friday, August 9th. The company reported $0.59 earnings per share for the quarter, beating analysts’ consensus estimates of $0.54 by $0.05. Construction Partners had a return on equity of 13.34% and a net margin of 4.01%. The firm had revenue of $517.80 million during the quarter, compared to the consensus estimate of $503.57 million. During the same period in the prior year, the company posted $0.41 EPS. The company’s revenue was up 22.7% compared to the same quarter last year. On average, research analysts predict that Construction Partners, Inc. will post 1.43 earnings per share for the current fiscal 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.