CI Investments Inc. acquired a new position in shares of Sterling Infrastructure, Inc. (NASDAQ:STRL – Free Report) during the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor acquired 99,201 shares of the construction company’s stock, valued at approximately $40,402,000.
Other hedge funds and other institutional investors have also recently modified their holdings of the company. Empowered Funds LLC bought a new stake in Sterling Infrastructure in the first quarter worth $378,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its position in Sterling Infrastructure by 12.9% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 83,983 shares of the construction company’s stock valued at $9,508,000 after purchasing an additional 9,625 shares during the last quarter. Focus Partners Wealth lifted its position in Sterling Infrastructure by 13.7% during the first quarter. Focus Partners Wealth now owns 2,313 shares of the construction company’s stock valued at $262,000 after purchasing an additional 279 shares during the last quarter. Arrowstreet Capital Limited Partnership purchased a new position in shares of Sterling Infrastructure in the 2nd quarter worth $5,929,000. Finally, Cerity Partners LLC grew its stake in shares of Sterling Infrastructure by 195.7% in the 2nd quarter. Cerity Partners LLC now owns 19,522 shares of the construction company’s stock worth $4,504,000 after buying an additional 12,921 shares in the last quarter. 80.95% of the stock is currently owned by institutional investors.
Sterling Infrastructure Price Performance
Sterling Infrastructure stock opened at $694.40 on Wednesday. The stock has a market cap of $21.31 billion, a price-to-earnings ratio of 62.11, a price-to-earnings-growth ratio of 2.36 and a beta of 1.83. The company has a debt-to-equity ratio of 0.23, a current ratio of 1.10 and a quick ratio of 1.10. Sterling Infrastructure, Inc. has a 1 year low of $230.00 and a 1 year high of $1,005.68. The firm has a 50-day moving average of $792.78 and a two-hundred day moving average of $561.03.
Wall Street Analyst Weigh In
Several brokerages have recently issued reports on STRL. Argus initiated coverage on shares of Sterling Infrastructure in a research report on Thursday, April 16th. They set a “buy” rating and a $510.00 target price on the stock. Oppenheimer started coverage on Sterling Infrastructure in a research report on Thursday, May 28th. They issued an “outperform” rating and a $950.00 price target for the company. Weiss Ratings raised Sterling Infrastructure from a “buy (b-)” rating to a “buy (b)” rating in a research note on Monday, July 6th. Cantor Fitzgerald restated an “overweight” rating on shares of Sterling Infrastructure in a research report on Thursday, June 18th. Finally, Wall Street Zen downgraded Sterling Infrastructure from a “strong-buy” rating to a “buy” rating in a research report on Saturday, July 4th. One analyst has rated the stock with a Strong Buy rating and seven have assigned a Buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Buy” and an average target price of $720.67.
View Our Latest Analysis on Sterling Infrastructure
Insider Buying and Selling
In related news, CEO Joseph A. Cutillo sold 50,000 shares of the stock in a transaction that occurred on Thursday, April 23rd. The stock was sold at an average price of $497.57, for a total value of $24,878,500.00. Following the transaction, the chief executive officer owned 290,593 shares of the company’s stock, valued at $144,590,359.01. This represents a 14.68% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, General Counsel Mark D. Wolf sold 2,500 shares of the firm’s stock in a transaction on Thursday, June 25th. The stock was sold at an average price of $888.00, for a total value of $2,220,000.00. Following the transaction, the general counsel owned 28,137 shares in the company, valued at $24,985,656. The trade was a 8.16% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 1.60% of the stock is currently owned by insiders.
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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