John L. Harper, the Senior Vice President of Construction Partners, Inc. (NASDAQ:ROAD), recently sold shares of the company's Class A common stock. According to a filing with the Securities and Exchange Commission, Harper disposed of a total of 6,000 shares on December 13, 2024. The sales were executed at prices ranging from $94.29 to $94.88 per share, resulting in a total transaction value of approximately $566,476. The transaction comes as Construction Partners' stock has demonstrated remarkable strength, with a 120% gain over the past year and a current market capitalization of $5.35 billion.
Following these transactions, Harper retains direct ownership of 154,856 shares of Construction Partners stock. Additionally, he holds 1,000 shares indirectly through his spouse. The sales come as part of Harper's ongoing portfolio management and do not indicate any change in his role or responsibilities at the company. According to InvestingPro analysis, the company maintains a "GOOD" financial health rating, though it currently trades at a relatively high P/E ratio of 72. InvestingPro subscribers have access to 17 additional key insights about Construction Partners, including detailed valuation metrics and growth forecasts.
In other recent news, Construction Partners Inc (NASDAQ:ROAD). reported a record fiscal year in 2024, with revenue growing by 17% to $1.82 billion and net income increasing by 41% to $68.9 million. The company's adjusted EBITDA also saw a remarkable increase of 28%, reaching $220.6 million. DA Davidson, considering these results and the additional contributions from the Lone Star Paving acquisition, has raised the price target for Construction Partners to $95.00 from the previous target of $75.00, while maintaining a neutral rating on the stock.
The acquisition of Lone Star Paving played a transformative role in the firm's strategy, enhancing its presence in Texas and contributing to its EBITDA margins. Furthermore, Construction Partners completed eight acquisitions in fiscal 2024, expanding its market share in Sunbelt states. Looking ahead, the company anticipates robust demand in commercial and public markets, backed by the Infrastructure Investment and Jobs Act.
For fiscal 2025, Construction Partners projects increased revenue between $2.48 billion and $2.58 billion, and adjusted EBITDA between $347 million and $377 million. These recent developments show a promising future for Construction Partners.
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