Independent Financial Group LLC acquired a new position in shares of Sterling Infrastructure, Inc. (NASDAQ:STRL – Free Report) in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The firm acquired 2,210 shares of the construction company’s stock, valued at approximately $900,000.
A number of other hedge funds and other institutional investors have also bought and sold shares of STRL. Empowered Funds LLC bought a new stake in Sterling Infrastructure in the 1st quarter valued at approximately $378,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its position in Sterling Infrastructure by 12.9% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 83,983 shares of the construction company’s stock worth $9,508,000 after acquiring an additional 9,625 shares during the last quarter. Focus Partners Wealth grew its stake in shares of Sterling Infrastructure by 13.7% during the 1st quarter. Focus Partners Wealth now owns 2,313 shares of the construction company’s stock worth $262,000 after acquiring an additional 279 shares in the last quarter. Arrowstreet Capital Limited Partnership bought a new position in shares of Sterling Infrastructure during the 2nd quarter worth approximately $5,929,000. Finally, Cerity Partners LLC raised its holdings in shares of Sterling Infrastructure by 195.7% in the second quarter. Cerity Partners LLC now owns 19,522 shares of the construction company’s stock valued at $4,504,000 after purchasing an additional 12,921 shares during the last quarter. Institutional investors and hedge funds own 80.95% of the company’s stock.
Sterling Infrastructure Trading Up 6.8%
NASDAQ STRL opened at $694.40 on Wednesday. The company has a market cap of $21.31 billion, a PE ratio of 62.11, a PEG ratio of 2.36 and a beta of 1.83. The company has a current ratio of 1.10, a quick ratio of 1.10 and a debt-to-equity ratio of 0.23. Sterling Infrastructure, Inc. has a 12 month low of $230.00 and a 12 month high of $1,005.68. The stock has a 50 day moving average of $792.78 and a 200-day moving average of $561.03.
Wall Street Analyst Weigh In
STRL has been the subject of several recent research reports. KeyCorp increased their target price on shares of Sterling Infrastructure from $889.00 to $922.00 and gave the stock an “overweight” rating in a report on Tuesday, June 2nd. Cantor Fitzgerald reissued an “overweight” rating on shares of Sterling Infrastructure in a research report on Thursday, June 18th. Zacks Research raised shares of Sterling Infrastructure from a “hold” rating to a “strong-buy” rating in a research report on Monday, June 1st. Wall Street Zen downgraded shares of Sterling Infrastructure from a “strong-buy” rating to a “buy” rating in a research note on Saturday, July 4th. Finally, Oppenheimer began coverage on Sterling Infrastructure in a report on Thursday, May 28th. They issued an “outperform” rating and a $950.00 price objective for the company. One equities research analyst has rated the stock with a Strong Buy rating and seven have assigned a Buy rating to the company. Based on data from MarketBeat, Sterling Infrastructure currently has an average rating of “Buy” and an average target price of $720.67.
View Our Latest Report on STRL
Insider Transactions at Sterling Infrastructure
In other news, General Counsel Mark D. Wolf sold 2,500 shares of the company’s stock in a transaction dated Thursday, June 25th. The shares were sold at an average price of $888.00, for a total value of $2,220,000.00. Following the sale, the general counsel directly owned 28,137 shares of the company’s stock, valued at approximately $24,985,656. This represents a 8.16% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Joseph A. Cutillo sold 50,000 shares of the firm’s stock in a transaction dated Thursday, April 23rd. The shares were sold at an average price of $497.57, for a total transaction of $24,878,500.00. Following the completion of the sale, the chief executive officer owned 290,593 shares of the company’s stock, valued at $144,590,359.01. This trade represents a 14.68% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Company insiders own 1.60% of the company’s stock.
Sterling Infrastructure Company Profile
Sterling Infrastructure, Inc (NASDAQ: STRL) is a diversified manufacturer and distributor of essential infrastructure products serving municipal, utility and industrial customers across North America. Through its network of wholly owned subsidiaries, the company designs, engineers and produces a wide range of cast and fabricated solutions tailored to the needs of the waterworks, natural gas, telecommunications, electric, traffic safety and parks & recreation markets.
The company’s product portfolio encompasses ductile iron and composite fittings, valve boxes, manhole frames and covers, water and gas meter sets, street light poles and mounting accessories, traffic sign posts with breakaway systems, bollards and related system components.
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