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ROAD Expands Alabama Presence With John G. Walton Acquisition
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Construction Partners, Inc. (ROAD - Free Report) or CPI, acquired John G. Walton Construction Company, Inc., based in Mobile, AL. The acquisition includes a hot-mix asphalt plant, along with crews and equipment, serving the greater Mobile and southwestern Alabama area.
The strategic acquisition, which includes a hot-mix asphalt plant with access to water and rail, strengthens ROAD’s position in the growing Mobile metro area. With this addition, the company now operates in Alabama’s four largest markets and continues to pursue further opportunities to expand its presence in the state.
ROAD’s shares rose 2.9% during the trading session on Sept. 10, 2024.
ROAD follows a profitable buyout strategy, which enhances and expands its product offerings and geographical reach. The company has been bolstering inorganic growth and market expansion in the past several years. On Aug. 1, 2024, it acquired Robinson Paving Company, based in Columbus, GA. This acquisition includes three hot-mix asphalt plants in Columbus and the surrounding areas.
On June 3, the company acquired Hudson Paving, Inc. based in Rockingham, NC. This acquisition adds a hot-mix asphalt plant along with crews and equipment serving the Sandhills region.
On May 1, the company acquired Auburn, GA-based Sunbelt Asphalt Surfaces, Inc.’s asphalt manufacturing and construction operations and one active hot-mix asphalt plant and related crews and equipment. The transaction also included a greenfield hot-mix asphalt plant in Commerce.
In January, the company completed the acquisitions of SJ&L General Contractor, LLC, based in Huntsville, and Littlefield Construction Company, located in Waycross. These strategic acquisitions aim to enhance ROAD's presence in existing growth markets by expanding services and adding crews and equipment to its portfolio.
Increased government infrastructure spending is bolstering the company’s prospects. The U.S. administration’s endeavor to rebuild the nation’s deteriorating roads and bridges and fund new climate-resilient and broadband initiatives is expected to boost its prospects.
ROAD’s YTD Price Performance
Image Source: Zacks Investment Research
In the year-to-date period, this vertically integrated civil infrastructure company’s shares have outperformed in the Zacks Building Products - Miscellaneous industry. The stock has rallied 36.4% compared with the industry’s growth of 10.1%. The company is benefiting from strong demand for infrastructure services across its regions, supported by increased funding for public projects at federal, state and local levels. Also, the emphasis on accretive acquisitions, a solid backlog level and strategic business initiatives are added positives.
Zacks Rank & Other Key Picks
Construction Partners carries a Zacks Rank #2 (Buy).
Some other top-ranked stocks from the Zacks Construction sector are:
The consensus estimate for EME’s 2024 earnings per share (EPS) indicates an improvement of 46.2% from the prior-year levels.
Granite Construction, Inc. (GVA - Free Report) , a Zacks Rank #2 (Buy) company, is the largest diversified infrastructure firm in the United States. It has a trailing four-quarter earnings surprise of 26.4%, on average.
The consensus estimate for GVA’s 2024 EPS is expected to climb 66.9% year over year. The estimated figure moved up to $5.24 from $4.76 in the past 60 days.
MasTec, Inc. (MTZ - Free Report) currently carries a Zacks Rank #2. It has a trailing four-quarter earnings surprise of 19.4%, on average.
The consensus estimate for MTZ’s 2024 EPS is expected to rise 53.3% year over year. The estimated figure moved up to $3.02 from $2.94 in the past 60 days.
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ROAD Expands Alabama Presence With John G. Walton Acquisition
Construction Partners, Inc. (ROAD - Free Report) or CPI, acquired John G. Walton Construction Company, Inc., based in Mobile, AL. The acquisition includes a hot-mix asphalt plant, along with crews and equipment, serving the greater Mobile and southwestern Alabama area.
The strategic acquisition, which includes a hot-mix asphalt plant with access to water and rail, strengthens ROAD’s position in the growing Mobile metro area. With this addition, the company now operates in Alabama’s four largest markets and continues to pursue further opportunities to expand its presence in the state.
ROAD’s shares rose 2.9% during the trading session on Sept. 10, 2024.
Strategic Acquisitions Strengthen ROAD's Market Presence
ROAD follows a profitable buyout strategy, which enhances and expands its product offerings and geographical reach. The company has been bolstering inorganic growth and market expansion in the past several years. On Aug. 1, 2024, it acquired Robinson Paving Company, based in Columbus, GA. This acquisition includes three hot-mix asphalt plants in Columbus and the surrounding areas.
On June 3, the company acquired Hudson Paving, Inc. based in Rockingham, NC. This acquisition adds a hot-mix asphalt plant along with crews and equipment serving the Sandhills region.
On May 1, the company acquired Auburn, GA-based Sunbelt Asphalt Surfaces, Inc.’s asphalt manufacturing and construction operations and one active hot-mix asphalt plant and related crews and equipment. The transaction also included a greenfield hot-mix asphalt plant in Commerce.
In January, the company completed the acquisitions of SJ&L General Contractor, LLC, based in Huntsville, and Littlefield Construction Company, located in Waycross. These strategic acquisitions aim to enhance ROAD's presence in existing growth markets by expanding services and adding crews and equipment to its portfolio.
Increased government infrastructure spending is bolstering the company’s prospects. The U.S. administration’s endeavor to rebuild the nation’s deteriorating roads and bridges and fund new climate-resilient and broadband initiatives is expected to boost its prospects.
ROAD’s YTD Price Performance
Image Source: Zacks Investment Research
In the year-to-date period, this vertically integrated civil infrastructure company’s shares have outperformed in the Zacks Building Products - Miscellaneous industry. The stock has rallied 36.4% compared with the industry’s growth of 10.1%. The company is benefiting from strong demand for infrastructure services across its regions, supported by increased funding for public projects at federal, state and local levels. Also, the emphasis on accretive acquisitions, a solid backlog level and strategic business initiatives are added positives.
Zacks Rank & Other Key Picks
Construction Partners carries a Zacks Rank #2 (Buy).
Some other top-ranked stocks from the Zacks Construction sector are:
EMCOR Group, Inc. (EME - Free Report) presently flaunts a Zacks Rank #1 (Strong Buy). It has a trailing four-quarter earnings surprise of 36.5%, on average. You can see the complete list of today’s Zacks #1 Rank stocks here.
The consensus estimate for EME’s 2024 earnings per share (EPS) indicates an improvement of 46.2% from the prior-year levels.
Granite Construction, Inc. (GVA - Free Report) , a Zacks Rank #2 (Buy) company, is the largest diversified infrastructure firm in the United States. It has a trailing four-quarter earnings surprise of 26.4%, on average.
The consensus estimate for GVA’s 2024 EPS is expected to climb 66.9% year over year. The estimated figure moved up to $5.24 from $4.76 in the past 60 days.
MasTec, Inc. (MTZ - Free Report) currently carries a Zacks Rank #2. It has a trailing four-quarter earnings surprise of 19.4%, on average.
The consensus estimate for MTZ’s 2024 EPS is expected to rise 53.3% year over year. The estimated figure moved up to $3.02 from $2.94 in the past 60 days.