State of New Jersey Common Pension Fund D Lowers Position in Construction Partners, Inc. $ROAD

State of New Jersey Common Pension Fund D lowered its holdings in Construction Partners, Inc. (NASDAQ:ROAD) by 31.9% during the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 18,756 shares of the company’s stock after selling 8,805 shares during the period. State of New Jersey Common Pension Fund D’s holdings in Construction Partners were worth $1,993,000 at the end of the most recent reporting period.

Other large investors also recently modified their holdings of the company. Vanguard Personalized Indexing Management LLC purchased a new position in shares of Construction Partners during the 2nd quarter valued at about $542,000. Wealth Enhancement Advisory Services LLC purchased a new position in shares of Construction Partners during the 2nd quarter valued at about $344,000. GAMMA Investing LLC raised its holdings in shares of Construction Partners by 33.6% during the 2nd quarter. GAMMA Investing LLC now owns 1,164 shares of the company’s stock valued at $124,000 after buying an additional 293 shares in the last quarter. Janney Montgomery Scott LLC purchased a new position in shares of Construction Partners during the 2nd quarter valued at about $802,000. Finally, KLP Kapitalforvaltning AS raised its holdings in shares of Construction Partners by 7.7% during the 2nd quarter. KLP Kapitalforvaltning AS now owns 9,800 shares of the company’s stock valued at $1,042,000 after buying an additional 700 shares in the last quarter. 94.83% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of equities analysts recently weighed in on ROAD shares. Weiss Ratings reissued a “hold (c+)” rating on shares of Construction Partners in a report on Wednesday, October 8th. Zacks Research raised Construction Partners from a “hold” rating to a “strong-buy” rating in a report on Monday, October 6th. DA Davidson raised their price objective on Construction Partners from $110.00 to $120.00 and gave the company a “neutral” rating in a report on Thursday, October 23rd. Robert W. Baird set a $122.00 price target on Construction Partners and gave the stock an “outperform” rating in a research report on Friday, August 8th. Finally, Raymond James Financial reiterated a “strong-buy” rating and issued a $135.00 price objective (up previously from $120.00) on shares of Construction Partners in a research report on Tuesday, October 21st. Three equities research analysts have rated the stock with a Strong Buy rating, one has issued a Buy rating and two have assigned a Hold rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Buy” and an average price target of $125.67.

Construction Partners Price Performance

Shares of ROAD stock opened at $112.68 on Friday. The firm has a market cap of $6.32 billion, a P/E ratio of 82.25, a P/E/G ratio of 1.03 and a beta of 0.98. Construction Partners, Inc. has a fifty-two week low of $64.79 and a fifty-two week high of $138.90. The business’s 50 day moving average price is $122.74 and its 200-day moving average price is $108.18. The company has a debt-to-equity ratio of 1.63, a quick ratio of 1.20 and a current ratio of 1.47.

Construction Partners (NASDAQ:ROAD) last issued its quarterly earnings data on Thursday, August 7th. The company reported $0.81 earnings per share for the quarter, missing analysts’ consensus estimates of $0.87 by ($0.06). The business had revenue of $779.28 million during the quarter, compared to the consensus estimate of $810.47 million. Construction Partners had a return on equity of 12.24% and a net margin of 3.04%.Construction Partners’s quarterly revenue was up 50.5% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.59 earnings per share. Construction Partners has set its FY 2025 guidance at EPS. On average, equities research analysts anticipate that Construction Partners, Inc. will post 1.96 earnings per share for the current year.

Construction Partners Company 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.