Essex Investment Management Co. LLC Buys 16,242 Shares of Sterling Infrastructure, Inc. (NASDAQ:STRL)

Key Points

• Essex Investment Management Co. LLC increased its holdings in Sterling Infrastructure by 43.1% during Q1, now owning approximately 53,925 shares valued at about $6.11 million.
• Several institutional investors, including Vanguard Group and Capital Research Global Investors, significantly raised their stakes in Sterling Infrastructure, with institutional ownership now at 80.95%.
• Analysts have mixed opinions on Sterling Infrastructure, with one firm raising the price target significantly while others have downgraded the stock from a "buy" to a "hold" rating.

Essex Investment Management Co. LLC boosted its position in Sterling Infrastructure, Inc. (NASDAQ:STRL - Free Report) by 43.1% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 53,925 shares of the construction company's stock after buying an additional 16,242 shares during the period. Sterling Infrastructure makes up 1.3% of Essex Investment Management Co. LLC's holdings, making the stock its 14th biggest holding. Essex Investment Management Co. LLC owned about 0.18% of Sterling Infrastructure worth $6,105,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Sunbelt Securities Inc. lifted its holdings in Sterling Infrastructure by 689.7% in the first quarter. Sunbelt Securities Inc. now owns 229 shares of the construction company's stock valued at $26,000 after buying an additional 200 shares during the period. Versant Capital Management Inc raised its holdings in shares of Sterling Infrastructure by 355.8% during the first quarter. Versant Capital Management Inc now owns 237 shares of the construction company's stock valued at $27,000 after purchasing an additional 185 shares during the period. Opal Wealth Advisors LLC acquired a new position in shares of Sterling Infrastructure during the first quarter valued at about $28,000. Huntington National Bank raised its holdings in shares of Sterling Infrastructure by 34.6% during the fourth quarter. Huntington National Bank now owns 288 shares of the construction company's stock valued at $49,000 after purchasing an additional 74 shares during the period. Finally, SBI Securities Co. Ltd. raised its holdings in shares of Sterling Infrastructure by 111.3% during the first quarter. SBI Securities Co. Ltd. now owns 488 shares of the construction company's stock valued at $55,000 after purchasing an additional 257 shares during the period. Institutional investors and hedge funds own 80.95% of the company's stock.

Sterling Infrastructure Stock Down 1.8%

Shares of NASDAQ:STRL traded down $4.94 during midday trading on Friday, hitting $262.65. 632,249 shares of the company's stock were exchanged, compared to its average volume of 666,335. The company has a debt-to-equity ratio of 0.34, a current ratio of 1.32 and a quick ratio of 1.32. The stock has a 50 day moving average price of $222.81 and a 200-day moving average price of $170.63. The company has a market cap of $7.99 billion, a PE ratio of 30.67, a price-to-earnings-growth ratio of 2.18 and a beta of 1.40. Sterling Infrastructure, Inc. has a 12 month low of $93.50 and a 12 month high of $270.38.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on STRL. DA Davidson upped their price objective on shares of Sterling Infrastructure from $205.00 to $265.00 and gave the company a "buy" rating in a report on Wednesday, June 18th. Wall Street Zen lowered shares of Sterling Infrastructure from a "buy" rating to a "hold" rating in a report on Saturday, July 5th.

Insider Activity

In other news, General Counsel Mark D. Wolf sold 3,500 shares of the business's stock in a transaction dated Tuesday, June 24th. The shares were sold at an average price of $225.87, for a total transaction of $790,545.00. Following the completion of the sale, the general counsel directly owned 29,315 shares of the company's stock, valued at $6,621,379.05. The trade was a 10.67% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Dana C. O'brien sold 10,154 shares of the business's stock in a transaction dated 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 sale, the director directly 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 3.70% 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.