Chase Investment Counsel Corp Takes Position in Construction Partners, Inc. (NASDAQ:ROAD)

Chase Investment Counsel Corp purchased a new stake in Construction Partners, Inc. (NASDAQ:ROAD) during the 4th quarter, Holdings Channel.com reports. The fund purchased 2,542 shares of the company’s stock, valued at approximately $224,000.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Byrne Asset Management LLC raised its position in Construction Partners by 33.3% in the fourth quarter. Byrne Asset Management LLC now owns 533 shares of the company’s stock worth $47,000 after acquiring an additional 133 shares in the last quarter. Allworth Financial LP lifted its stake in shares of Construction Partners by 15.0% during the fourth quarter. Allworth Financial LP now owns 1,228 shares of the company’s stock valued at $114,000 after buying an additional 160 shares during the period. USA Financial Formulas acquired a new stake in shares of Construction Partners during the fourth quarter worth $31,000. KBC Group NV grew its holdings in Construction Partners by 35.0% in the third quarter. KBC Group NV now owns 1,417 shares of the company’s stock valued at $99,000 after purchasing an additional 367 shares during the period. Finally, Mather Group LLC. purchased a new stake in Construction Partners during the fourth quarter valued at about $33,000. 94.83% of the stock is currently owned by hedge funds and other institutional investors.

Construction Partners Price Performance

NASDAQ ROAD opened at $72.53 on Friday. Construction Partners, Inc. has a twelve month low of $47.57 and a twelve month high of $103.69. The company has a debt-to-equity ratio of 1.46, a quick ratio of 1.23 and a current ratio of 1.54. The stock has a market capitalization of $4.05 billion, a PE ratio of 67.79, a P/E/G ratio of 0.99 and a beta of 0.74. The stock has a 50-day simple moving average of $84.25 and a 200 day simple moving average of $80.40.

Insider Buying and Selling

In other news, Director Charles E. Owens sold 46,596 shares of the firm’s stock in a transaction dated Wednesday, December 4th. The shares were sold at an average price of $101.33, for a total value of $4,721,572.68. Following the transaction, the director now owns 203,404 shares of the company’s stock, valued at approximately $20,610,927.32. This trade represents a 18.64 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Suntx Capital Ii Management Co sold 12,731 shares of the stock in a transaction that occurred on Monday, December 9th. The shares were sold at an average price of $99.78, for a total transaction of $1,270,299.18. Following the completion of the transaction, the director now owns 17,000 shares in the company, valued at $1,696,260. This represents a 42.82 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 139,225 shares of company stock worth $13,904,358 in the last 90 days. 16.36% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

Several research firms have issued reports on ROAD. Raymond James dropped their price objective on Construction Partners from $112.00 to $104.00 and set a “strong-buy” rating on the stock in a report on Thursday, January 16th. Robert W. Baird lifted their price objective on shares of Construction Partners from $100.00 to $102.00 and gave the company a “neutral” rating in a research report on Monday, February 10th. Finally, DA Davidson reaffirmed a “neutral” rating and set a $95.00 target price on shares of Construction Partners in a research note on Thursday, January 30th. Three analysts have rated the stock with a hold rating, one has given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, Construction Partners presently has an average rating of “Moderate Buy” and a consensus price target of $85.40.

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.