Charles E. Owens, a director at Construction Partners, Inc. (NASDAQ:ROAD), recently sold a significant portion of his holdings in the company. According to a Form 4 filing with the Securities and Exchange Commission, Owens disposed of multiple tranches of Class A common stock over several days, culminating in a total sale of approximately $2.74 million. The sales come as the company's stock has shown remarkable performance, with InvestingPro data showing a 125% return over the past year and an impressive market capitalization of $5.46 billion.
The sales occurred between December 9 and December 11, 2024, with share prices ranging from $98.19 to $102.22. Following these transactions, Owens holds 102,610 shares directly through Grace, Ltd., where he serves as the general partner. The stock is trading near its 52-week high of $103.69, significantly above its 52-week low of $39.79.
These transactions reflect Owens' continued management of his investment in Construction Partners, a company specializing in heavy construction services. Investors and analysts often monitor such insider transactions to gauge the confidence of those with intimate knowledge of a company's operations and prospects. According to InvestingPro, the company maintains a GOOD financial health score, though it trades at a relatively high P/E ratio of 73.7. For deeper insights into Construction Partners' valuation and over 15 additional ProTips, explore the comprehensive Pro Research Report available on InvestingPro.
In other recent news, Construction Partners Inc (NASDAQ:ROAD). saw a record fiscal year in 2024, posting a 17% revenue increase to $1.82 billion and a 41% rise in net income to $68.9 million. Adjusted EBITDA also grew significantly by 28%, reaching $220.6 million. These positive results were largely driven by the acquisition of Lone Star Paving, which expanded the company's presence in Texas and improved its EBITDA margins.
DA Davidson, in its recent analysis, upgraded the price target for Construction Partners from $75 to $95, maintaining a neutral rating. The firm's decision was influenced by the financial contributions from the Lone Star Paving acquisition and the company's promising outlook.
In addition to the Lone Star Paving acquisition, Construction Partners completed eight other acquisitions in fiscal 2024, expanding its market share in Sunbelt states. Looking forward, the company expects strong demand in commercial and public markets, backed by the Infrastructure Investment and Jobs Act. For fiscal 2025, it projects an increased revenue between $2.48 billion and $2.58 billion, and adjusted EBITDA between $347 million and $377 million.
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