Fred Alger Management LLC Invests $12.89 Million in Sterling Infrastructure, Inc. $STRL

Key Points

• Fred Alger Management LLC purchased 113,811 shares of Sterling Infrastructure, Inc. for approximately $12.89 million, increasing their total ownership to about 0.37% by the end of the recent reporting period.
• Several institutional investors, including Comerica Bank and Deutsche Bank AG, have also increased their stakes in Sterling Infrastructure, with 80.95% of the stock now held by institutional investors.
• Analysts have given the company a consensus rating of "Buy", with price targets being raised, including a new target of $355.00 from DA Davidson.

Fred Alger Management LLC acquired a new stake in Sterling Infrastructure, Inc. (NASDAQ:STRL - Free Report) in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund acquired 113,811 shares of the construction company's stock, valued at approximately $12,885,000. Fred Alger Management LLC owned about 0.37% of Sterling Infrastructure as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also recently bought and sold shares of STRL. Millennium Management LLC lifted its position in Sterling Infrastructure by 743.9% in the first quarter. Millennium Management LLC now owns 493,393 shares of the construction company's stock valued at $55,857,000 after purchasing an additional 434,925 shares during the last quarter. Pacer Advisors Inc. bought a new position in shares of Sterling Infrastructure during the first quarter valued at approximately $28,689,000. Nuveen LLC bought a new position in shares of Sterling Infrastructure during the first quarter valued at approximately $19,741,000. Vanguard Group Inc. raised its holdings in shares of Sterling Infrastructure by 6.3% during the first quarter. Vanguard Group Inc. now owns 2,682,995 shares of the construction company's stock valued at $303,742,000 after acquiring an additional 159,191 shares in the last quarter. Finally, GW&K Investment Management LLC raised its holdings in shares of Sterling Infrastructure by 37.7% during the first quarter. GW&K Investment Management LLC now owns 500,028 shares of the construction company's stock valued at $56,608,000 after acquiring an additional 136,777 shares in the last quarter. Institutional investors own 80.95% of the company's stock.

Insiders Place Their Bets

In other Sterling Infrastructure news, General Counsel Mark D. Wolf sold 3,500 shares of the stock in a transaction on Tuesday, June 24th. The stock was sold at an average price of $225.87, for a total value of $790,545.00. Following the completion of the transaction, the general counsel owned 29,315 shares in the company, valued at approximately $6,621,379.05. This represents a 10.67% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Dana C. O'brien sold 10,154 shares of the stock in a transaction on Monday, June 16th. The stock was sold at an average price of $206.58, for a total value of $2,097,613.32. Following the completion of the transaction, the director owned 16,498 shares of the company's stock, valued at approximately $3,408,156.84. This trade represents a 38.10% decrease in their position. The disclosure for this sale can be found here. 2.70% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

STRL has been the subject of a number of recent analyst reports. Zacks Research upgraded Sterling Infrastructure from a "hold" rating to a "strong-buy" rating in a report on Friday, September 5th. Wall Street Zen upgraded Sterling Infrastructure from a "buy" rating to a "strong-buy" rating in a report on Saturday. Finally, DA Davidson upped their target price on Sterling Infrastructure from $265.00 to $355.00 and gave the company a "buy" rating in a report on Wednesday, August 6th. One research analyst has rated the stock with a Strong Buy rating and two have issued a Buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of "Buy" and a consensus price target of $355.00.

Sterling Infrastructure Stock Down 0.8%

STRL traded down $2.61 during trading on Friday, reaching $313.55. The stock had a trading volume of 388,963 shares, compared to its average volume of 386,003. The stock's 50 day moving average is $272.84 and its two-hundred day moving average is $201.85. The company has a current ratio of 1.42, a quick ratio of 1.42 and a debt-to-equity ratio of 0.31. The company has a market capitalization of $9.54 billion, a price-to-earnings ratio of 34.08, a P/E/G ratio of 2.32 and a beta of 1.35. Sterling Infrastructure, Inc. has a one year low of $96.34 and a one year high of $321.79.

About Sterling Infrastructure

Sterling Infrastructure, Inc engages in the provision of e-infrastructure, transportation, and building solutions primarily in the United States. It operates through three segments: E-Infrastructure Solutions, Transportation Solutions, and Building Solutions. The E-Infrastructure Solutions segment provides site development services for the blue-chip end users in the e-commerce distribution center, data center, manufacturing, warehousing, and power generation sectors.