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Construction Partners, Inc. ROAD 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
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 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, 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 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.
Zacks Investment Research
Gates Industrial Corporation plc GTES is expanding its data center cooling solutions with the launch of the new Data Master Cooling Hose. This innovative product enhances performance and cleanliness in high-performance computing environments.
Developed through Gates' Eco-Innovation process, this new fluid conveyance solution marks a deeper move into the fast-growing data center liquid cooling sector, driven by the increasing demands of compute-intensive technologies like Artificial Intelligence.
This innovative addition to Gates' fluid conveyance portfolio offers enhanced flexibility and compact design. This development facilitates easier assembly, routing and handling in the footprint-constrained data center market. The growing demand for high-performance data centers has increased the need for reliable liquid cooling solutions. Gates' new Data Master Data Center Cooling Hose addresses this requirement with advancements in materials science thermal management and fluid conveyance.
As a member of the Open Compute Project, GTES continues to adapt to evolving data center requirements and invest in innovative technologies. This strategic focus aims to enhance GTES's offerings in the data center market and potentially support its growth.
GTES’ Price Performance
Shares of this global manufacturer of innovative, highly-engineered power transmission and fluid power solutions have increased 39.4% in the past year compared with the Zacks Engineering - R and D Services industry’s 32% growth. Earnings estimate for 2024 moved north to $1.32 per share from $1.30 in the past 30 days, reflecting analysts’ optimism for its growth potential.
The company is benefiting from restructuring and other strategic initiatives and a diversified product portfolio. Also, the emphasis on product innovation and replacement channel customers bode well.
During the second quarter of 2024, the company secured an agreement to extend its partnership with a major national replacement channel partner. This new agreement is expected to ramp up early next year, broadening the company’s market reach for mission-critical products. The expanded partnership aims to drive product conversions and strengthen the firm's presence in a key U.S. geography.
Zacks Rank & Key Picks
GTES carries a Zacks Rank #4 (Sell).
Some better-ranked stocks from the Zacks Construction sector are:
EMCOR Group, Inc. EME 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, 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 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.
Zacks Investment Research
Granite Construction Incorporated GVA recently announced a win with the Utah Department of Transportation (“UDOT”), securing a $65 million contract for Phase 2 of the SR-30 Improvement Project in Logan, UT. This deal builds on Granite's successful completion of Phase 1 in 2023, positioning the company as the preferred low bidder for the next phase of the project.
GVA stock gained 0.7% during the trading session on Sept. 10.
Boost to Granite’s Stock Value
This contract, funded by UDOT and federal sources, underscores Granite's robust portfolio, as it was included in the company’s second-quarter CAP. Such large-scale infrastructure projects play a crucial role in driving revenues, creating a stable pipeline for the company’s construction teams through late 2024 and most of the 2025 season. For investors, this project marks a strategic boost, aligning with Granite’s growth and market expansion plans.
Key Project Highlights
Phase 2 of the SR-30 project will significantly enhance the local infrastructure, featuring a 12-foot-wide multi-use path, wider shoulders, turning lanes, and improved safety features like advanced warning signs for railroad crossings. Additionally, the project will accommodate environmental needs with two new precast box culverts and the widening of a bridge to support the Logan River/Cutler Marsh area.
Long-Term Outlook of GVA
Granite's ongoing collaboration with UDOT strengthens its presence in the Utah region, offering long-term growth prospects. With a project completion date set for December 2025, this contract will help Granite maintain a steady operational cadence while showcasing its capabilities in delivering critical infrastructure improvements.
Granite’s strategic positioning with this contract bodes well for its stock, potentially driving future gains for shareholders.
GVA's Share Price Performance
Shares of GVA soared 34% in the past six months, outperforming the Zacks Building Products - Heavy Construction industry’s 15.9% rise. Earnings per share (EPS) estimates for 2024 have moved up to $5.24 from $4.76 in the past 60 days. The estimated figure indicates 66.9% year-over-year growth. The company’s EPS topped analysts’ expectations in three of the past four quarters, with an average of 26.4%.
GVA has been consistently receiving contracts on the back of its solid execution efforts (read more: Granite Wins $45M Contract From Caltrans, GVA Stock Jumps).
Also, it has been diversifying and expanding its business through acquisitions and investments. Recently, it announced the acquisition of Dickerson & Bowen, Inc. (D&B), a leading regional aggregates, asphalt, and highway construction company serving Central and Southern Mississippi. This bolt-on buyout is highly complementary to GVA’s prior acquisition of Lehman-Roberts Company and Memphis Stone & Gravel (LRC and MSG). (Read more: Granite Acquires D&B, Expands Footprint in Southeast).
GVA’s Zacks Rank
Granite currently carries a Zacks Rank #2 (Buy).
Other Stocks to Consider
Some other top-ranked stocks in the construction sector have been discussed below:
EMCOR Group, Inc. EME 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 EPS indicates an improvement of 46.2% from the prior-year levels.
Great Lakes Dredge & Dock GLDD, a Zacks Rank #2 company, is the largest provider of dredging services in the United States. It has a trailing four-quarter earnings surprise of 215.3%, on average.
The consensus estimate for GLDD’s 2024 EPS is expected to climb 471.4% year over year. The estimated figure moved up to 80 cents from 72 cents over the past 60 days.
MasTec, Inc. MTZ 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 over the past 60 days.
Zacks Investment Research
Sept 10 (Reuters) - Granite Construction Inc GVA.N:
GRANITE ANNOUNCES $65 MILLION PHASE 2 OF SR-30 IMPROVEMENT PROJECT IN LOGAN, UTAH
Source text for Eikon: (Full Story)
Further company coverage: GVA.N
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