ROAD - Why Construction Partners Stock Dropped Today
Shares of Dothan, Alabama-based civil construction company Construction Partners (NASDAQ: ROAD) plunged in Friday morning trading, falling 8.8% through 10:40 a.m. EDT. Its own shareholders are to blame.
Last night, Construction Partners announced that "certain affiliates of SunTx Capital Management Corp." (the selling shareholders in question) plan to sell at least 2 million shares -- and perhaps as many as 2.3 million shares -- of Construction Partners stock for $31.25 each.
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Why Construction Partners Stock Dropped Today