Construction Partners (ROAD) Downgraded by Zacks Investment Research

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Construction Partners (NASDAQ:ROAD) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued on Thursday.

According to Zacks, “Construction Partners Inc. is an infrastructure and road construction company. It provides construction products and services to public and private sectors. The company’s services include construction of highways, roads, bridges, airports and commercial and residential sites. Construction Partners Inc. is based in Alabama, United States. “

Several other equities analysts also recently commented on the company. Imperial Capital assumed coverage on Construction Partners in a research report on Friday, June 29th. They issued an “outperform” rating and a $16.00 target price on the stock. DA Davidson started coverage on Construction Partners in a research report on Tuesday, May 29th. They issued a “buy” rating and a $14.50 target price on the stock. Stephens started coverage on Construction Partners in a research note on Tuesday, May 29th. They issued an “overweight” rating and a $15.00 price target for the company. Raymond James started coverage on Construction Partners in a research note on Tuesday, May 29th. They issued a “strong-buy” rating and a $15.00 price target for the company. Finally, Robert W. Baird started coverage on Construction Partners in a research note on Tuesday, May 29th. They issued an “outperform” rating and a $15.00 price target for the company. One research analyst has rated the stock with a hold rating, four have assigned a buy rating and one has issued a strong buy rating to the company. The stock currently has an average rating of “Buy” and a consensus target price of $14.75.

Construction Partners stock opened at $11.99 on Thursday. Construction Partners has a 12 month low of $10.31 and a 12 month high of $14.06. The company has a debt-to-equity ratio of 0.18, a quick ratio of 1.74 and a current ratio of 1.94.

Construction Partners (NASDAQ:ROAD) last posted its earnings results on Thursday, August 9th. The company reported $0.29 EPS for the quarter, beating the consensus estimate of $0.23 by $0.06. The firm had revenue of $195.10 million during the quarter, compared to analyst estimates of $192.54 million. The firm’s revenue for the quarter was up 31.7% compared to the same quarter last year. sell-side analysts anticipate that Construction Partners will post 0.84 earnings per share for the current fiscal year.

Several hedge funds have recently modified their holdings of ROAD. Massachusetts Financial Services Co. MA bought a new stake in shares of Construction Partners in the second quarter valued at approximately $8,888,000. Bank of New York Mellon Corp bought a new stake in shares of Construction Partners in the second quarter valued at approximately $8,272,000. Wasatch Advisors Inc. bought a new stake in shares of Construction Partners in the second quarter valued at approximately $8,004,000. Gilder Gagnon Howe & Co. LLC bought a new stake in shares of Construction Partners in the second quarter valued at approximately $7,804,000. Finally, Summit Creek Advisors LLC bought a new stake in shares of Construction Partners in the second quarter valued at approximately $6,006,000. Institutional investors and hedge funds own 20.64% of the company’s stock.

About Construction Partners

Construction Partners, Inc, an infrastructure and road construction company, provides construction products and services to public and private sectors. Its services cover construction of highways, roads, bridges, airports, and commercial and residential sites. The company provides site development, paving, utility and drainage systems, as well as supplies hot mix asphalt.

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