Clearbridge Investments LLC Takes $20.36 Million Position in Construction Partners, Inc. (NASDAQ:ROAD)

Clearbridge Investments LLC purchased a new stake in shares of Construction Partners, Inc. (NASDAQ:ROAD) in the second quarter, HoldingsChannel.com reports. The firm purchased 368,773 shares of the company’s stock, valued at approximately $20,360,000.

Several other institutional investors and hedge funds have also recently bought and sold shares of the company. Vanguard Group Inc. grew its holdings in shares of Construction Partners by 2.4% during the fourth quarter. Vanguard Group Inc. now owns 2,346,238 shares of the company’s stock valued at $102,108,000 after purchasing an additional 55,752 shares during the last quarter. Tyro Capital Management LLC bought a new position in shares of Construction Partners during the fourth quarter valued at approximately $12,410,000. Wasatch Advisors LP grew its holdings in shares of Construction Partners by 188.3% during the first quarter. Wasatch Advisors LP now owns 1,692,328 shares of the company’s stock valued at $95,024,000 after purchasing an additional 1,105,423 shares during the last quarter. Ninepoint Partners LP bought a new position in shares of Construction Partners during the second quarter valued at approximately $954,000. Finally, Engle Capital Management L.P. bought a new position in shares of Construction Partners during the second quarter valued at approximately $5,742,000. Institutional investors and hedge funds own 94.83% of the company’s stock.

Insiders Place Their Bets

In other Construction Partners news, Director Mark R. Matteson sold 25,408 shares of the stock in a transaction 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. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Company insiders own 18.80% of the company’s stock.

Construction Partners Price Performance

Shares of NASDAQ:ROAD opened at $68.46 on Friday. Construction Partners, Inc. has a one year low of $36.70 and a one year high of $76.73. The stock has a fifty day moving average of $63.73 and a 200-day moving average of $58.47. The company has a market capitalization of $3.61 billion, a PE ratio of 58.51, a price-to-earnings-growth ratio of 1.58 and a beta of 0.67. 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 released its earnings results on Friday, August 9th. The company reported $0.59 earnings per share (EPS) 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 company had revenue of $517.80 million during the quarter, compared to analyst estimates of $503.57 million. During the same quarter in the prior year, the company earned $0.41 earnings per share. The company’s revenue for the quarter was up 22.7% on a year-over-year basis. As a group, equities analysts anticipate that Construction Partners, Inc. will post 1.43 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of equities analysts recently issued reports on ROAD shares. DA Davidson increased their price objective on Construction Partners from $50.00 to $55.00 and gave the stock a “neutral” rating in a report on Tuesday, August 13th. Stifel Nicolaus increased their price objective on Construction Partners from $61.00 to $67.00 and gave the stock a “buy” rating in a report on Monday, August 12th. Finally, Raymond James increased their price objective on Construction Partners from $69.00 to $72.00 and gave the stock a “strong-buy” rating in a report on Monday, August 12th. Three analysts have rated the stock with a hold rating, one has assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, Construction Partners has an average rating of “Moderate Buy” and an average price target of $59.67.

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.