Clark Capital Management Group Inc. Acquires 59,323 Shares of Sterling Infrastructure, Inc. $STRL

Key Points

• Clark Capital Management Group Inc. increased its stake in Sterling Infrastructure, Inc. by 86.2%, acquiring an additional 59,323 shares, bringing its total ownership to approximately 0.42% valued at $14.5 million.
• Several institutional investors, including Comerica Bank and Ameriprise Financial Inc., have also increased their holdings in Sterling Infrastructure, contributing to a total of 80.95% institutional ownership.
• Analysts have given Sterling Infrastructure a consensus rating of "Buy" with a target price of $355.00, although one recent downgrade adjusted the rating from "strong-buy" to "buy."

Clark Capital Management Group Inc. lifted its holdings in shares of Sterling Infrastructure, Inc. (NASDAQ:STRL - Free Report) by 86.2% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 128,116 shares of the construction company's stock after acquiring an additional 59,323 shares during the quarter. Clark Capital Management Group Inc. owned approximately 0.42% of Sterling Infrastructure worth $14,504,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors also recently bought and sold shares of STRL. Assetmark Inc. raised its holdings in Sterling Infrastructure by 5.4% in the first quarter. Assetmark Inc. now owns 1,372 shares of the construction company's stock worth $155,000 after purchasing an additional 70 shares in the last quarter. Peterson Wealth Services increased its stake in shares of Sterling Infrastructure by 2.1% in the 1st quarter. Peterson Wealth Services now owns 5,054 shares of the construction company's stock worth $572,000 after acquiring an additional 103 shares in the last quarter. D.A. Davidson & CO. increased its stake in shares of Sterling Infrastructure by 5.0% in the 1st quarter. D.A. Davidson & CO. now owns 2,424 shares of the construction company's stock worth $274,000 after acquiring an additional 116 shares in the last quarter. JT Stratford LLC increased its stake in shares of Sterling Infrastructure by 1.0% in the 4th quarter. JT Stratford LLC now owns 12,465 shares of the construction company's stock worth $2,100,000 after acquiring an additional 121 shares in the last quarter. Finally, Xponance Inc. increased its stake in shares of Sterling Infrastructure by 6.0% during the first quarter. Xponance Inc. now owns 2,272 shares of the construction company's stock valued at $257,000 after purchasing an additional 128 shares in the last quarter. 80.95% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of research firms recently weighed in on STRL. Wall Street Zen lowered Sterling Infrastructure from a "strong-buy" rating to a "buy" rating in a research report on Saturday, August 30th. DA Davidson raised their price target on Sterling Infrastructure from $265.00 to $355.00 and gave the company a "buy" rating in a report on Wednesday, August 6th. Two research analysts have rated the stock with a Buy rating, Based on data from MarketBeat, Sterling Infrastructure presently has an average rating of "Buy" and an average price target of $355.00.

Sterling Infrastructure Stock Performance

Shares of STRL stock traded down $2.70 during mid-day trading on Friday, reaching $285.98. 498,723 shares of the company's stock traded hands, compared to its average volume of 430,810. The firm has a 50 day moving average price of $265.87 and a two-hundred day moving average price of $195.43. Sterling Infrastructure, Inc. has a 12 month low of $96.34 and a 12 month high of $321.79. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.42 and a current ratio of 1.42. The firm has a market capitalization of $8.70 billion, a PE ratio of 31.08, a price-to-earnings-growth ratio of 2.12 and a beta of 1.35.

Insider Buying and Selling

In related news, General Counsel Mark D. Wolf sold 3,500 shares of the business's stock in a transaction that occurred on Tuesday, June 24th. The stock was sold at an average price of $225.87, for a total transaction of $790,545.00. Following the completion of the transaction, the general counsel directly owned 29,315 shares in the company, valued at approximately $6,621,379.05. The trade was a 10.67% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Dana C. O'brien sold 10,154 shares of the company's stock in a transaction that occurred on Monday, June 16th. The stock was sold at an average price of $206.58, for a total transaction 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. The trade was a 38.10% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 2.70% of the company's stock.

Sterling Infrastructure Profile

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.