Penserra Capital Management LLC Purchases New Position in Construction Partners, Inc. $ROAD

Penserra Capital Management LLC acquired a new position in Construction Partners, Inc. (NASDAQ:ROAD) during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor acquired 1,932 shares of the company’s stock, valued at approximately $205,000.

Other institutional investors and hedge funds have also bought and sold shares of the company. Vanguard Group Inc. grew its position in shares of Construction Partners by 5.0% during the 1st quarter. Vanguard Group Inc. now owns 3,666,331 shares of the company’s stock worth $263,499,000 after buying an additional 173,963 shares in the last quarter. Kayne Anderson Rudnick Investment Management LLC raised its holdings in shares of Construction Partners by 0.5% in the first quarter. Kayne Anderson Rudnick Investment Management LLC now owns 2,592,079 shares of the company’s stock valued at $186,293,000 after acquiring an additional 12,808 shares in the last quarter. Driehaus Capital Management LLC lifted its stake in Construction Partners by 10.3% in the first quarter. Driehaus Capital Management LLC now owns 828,846 shares of the company’s stock worth $59,569,000 after acquiring an additional 77,641 shares during the period. Ameriprise Financial Inc. grew its holdings in Construction Partners by 10.9% during the 1st quarter. Ameriprise Financial Inc. now owns 792,993 shares of the company’s stock worth $56,992,000 after acquiring an additional 78,042 shares in the last quarter. Finally, Bank of New York Mellon Corp grew its holdings in Construction Partners by 81.8% during the 2nd quarter. Bank of New York Mellon Corp now owns 496,783 shares of the company’s stock worth $52,798,000 after acquiring an additional 223,457 shares in the last quarter. 94.83% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

ROAD has been the subject of several research reports. Baird R W raised shares of Construction Partners from a “hold” rating to a “strong-buy” rating in a research report on Friday, August 8th. Robert W. Baird set a $122.00 price objective on shares of Construction Partners and gave the stock an “outperform” rating in a research note on Friday, August 8th. Raymond James Financial restated a “strong-buy” rating and set a $135.00 target price (up previously from $120.00) on shares of Construction Partners in a report on Tuesday, October 21st. Weiss Ratings reiterated a “hold (c+)” rating on shares of Construction Partners in a report on Wednesday, October 8th. Finally, Zacks Research lowered Construction Partners from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, November 4th. Two equities research analysts have rated the stock with a Strong Buy rating, one has issued a Buy rating and three have given a Hold rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $125.67.

Construction Partners Price Performance

Shares of ROAD opened at $111.68 on Thursday. The company has a 50 day moving average of $121.43 and a two-hundred day moving average of $110.57. The company has a quick ratio of 1.20, a current ratio of 1.47 and a debt-to-equity ratio of 1.63. Construction Partners, Inc. has a twelve month low of $64.79 and a twelve month high of $138.90. The company has a market cap of $6.26 billion, a price-to-earnings ratio of 81.52, a price-to-earnings-growth ratio of 0.98 and a beta of 1.02.

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.