Construction Partners, Inc. (NASDAQ:ROAD) Shares Bought by Fred Alger Management LLC

Fred Alger Management LLC increased its position in Construction Partners, Inc. (NASDAQ:ROAD - Free Report) by 36.9% in the 4th quarter, according to its most recent filing with the SEC. The fund owned 324,384 shares of the company's stock after purchasing an additional 87,487 shares during the period. Fred Alger Management LLC owned 0.58% of Construction Partners worth $28,695,000 at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in ROAD. Byrne Asset Management LLC lifted its stake in Construction Partners by 33.3% in the fourth quarter. Byrne Asset Management LLC now owns 533 shares of the company's stock valued at $47,000 after buying an additional 133 shares during the last quarter. Allworth Financial LP increased its holdings in shares of Construction Partners by 15.0% in the 4th quarter. Allworth Financial LP now owns 1,228 shares of the company's stock valued at $114,000 after acquiring an additional 160 shares during the period. Summit Investment Advisors Inc. raised its position in Construction Partners by 5.0% in the 4th quarter. Summit Investment Advisors Inc. now owns 4,492 shares of the company's stock valued at $397,000 after purchasing an additional 213 shares during the last quarter. USA Financial Formulas acquired a new stake in Construction Partners during the 4th quarter worth $31,000. Finally, HighTower Advisors LLC grew its position in Construction Partners by 1.2% during the 4th quarter. HighTower Advisors LLC now owns 29,531 shares of the company's stock worth $2,612,000 after purchasing an additional 350 shares during the last quarter. 94.83% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In other Construction Partners news, SVP John L. Harper sold 6,000 shares of the firm's stock in a transaction on Monday, April 14th. The stock was sold at an average price of $73.83, for a total value of $442,980.00. Following the completion of the sale, the senior vice president now owns 159,389 shares of the company's stock, valued at approximately $11,767,689.87. This trade represents a 3.63 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Fred Julius Smith III purchased 9,333 shares of the stock in a transaction dated Monday, April 14th. The shares were bought at an average cost of $73.83 per share, for a total transaction of $689,055.39. Following the completion of the purchase, the chief executive officer now owns 9,333 shares in the company, valued at approximately $689,055.39. This trade represents a ∞ increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders own 16.36% of the company's stock.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on ROAD. Robert W. Baird upped their target price on shares of Construction Partners from $100.00 to $102.00 and gave the company a "neutral" rating in a report on Monday, February 10th. Raymond James decreased their price objective on Construction Partners from $104.00 to $100.00 and set a "strong-buy" rating for the company in a research report on Tuesday, April 29th. Finally, DA Davidson reissued a "neutral" rating and issued a $95.00 target price on shares of Construction Partners in a report on Thursday, January 30th.

Get Our Latest Analysis on Construction Partners

Construction Partners Trading Down 1.3 %

NASDAQ ROAD opened at $90.01 on Thursday. Construction Partners, Inc. has a 52-week low of $51.63 and a 52-week high of $103.69. The firm has a 50-day moving average price of $76.03 and a 200 day moving average price of $83.59. The stock has a market capitalization of $5.03 billion, a P/E ratio of 84.12, a P/E/G ratio of 0.99 and a beta of 0.87. The company has a quick ratio of 1.23, a current ratio of 1.54 and a debt-to-equity ratio of 1.46.

Construction Partners 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.

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