Construction Partners Snaps up PLT Construction; Street Says Buy
Vertically integrated civil Infrastructure company Construction Partners (ROAD) has acquired North Carolina-based PLT Construction Company.
Construction Partners has expertise in building and maintaining roadways in five southeastern states. PLT is a grading and site work contractor.
Construction Partners President and CEO Fred J. Smith, III, said, “We are pleased with this strategic acquisition to further enhance our vertical integration of construction services across multiple markets in North Carolina.” (See Construction Partners stock chart on TipRanks)
Smith added, “For several years, the team at PLT Construction Company has been successfully partnering with the Rose Brothers organization we acquired last October on a variety of projects, and now we will have the opportunity to continue their shared legacy of high-quality work in this part of the state as a single, unified organization.”
Last month, Raymond James analyst Joshua Wilson reiterated a Buy rating on the stock and a $35 price target (15% upside potential).
Wilson commented, “We continue to find Construction Partners’ exposure to rising population trends in the Southeast, increased infrastructure spending, and myriad M&A opportunities attractive.”
Consensus on the Street is a Strong Buy based on 3 unanimous Buys. The average Construction Partners analyst price target of $34.67 implies 13.9% upside potential. Shares have surged 72.4% over the past year.
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