Hsbc Holdings PLC Lowers Holdings in Sterling Infrastructure, Inc. $STRL

Key Points

• Hsbc Holdings PLC reduced its stake in Sterling Infrastructure, Inc. by 70.8%, selling 6,234 shares during the first quarter, and now holds 2,573 shares valued at approximately $291,000.
• Multiple hedge funds significantly increased their positions in Sterling Infrastructure, with Sunbelt Securities Inc. raising its stake by 689.7% during the same period.
• Analysts have a consensus "Buy" rating for Sterling Infrastructure, with DA Davidson raising the price target from $265 to $355.

Hsbc Holdings PLC cut its stake in Sterling Infrastructure, Inc. (NASDAQ:STRL - Free Report) by 70.8% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 2,573 shares of the construction company's stock after selling 6,234 shares during the period. Hsbc Holdings PLC's holdings in Sterling Infrastructure were worth $291,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of STRL. Pacer Advisors Inc. purchased a new position in Sterling Infrastructure in the first quarter valued at $28,689,000. Nuveen LLC purchased a new stake in Sterling Infrastructure during the 1st quarter worth about $19,741,000. Vanguard Group Inc. lifted its holdings in Sterling Infrastructure by 6.3% during the 1st quarter. Vanguard Group Inc. now owns 2,682,995 shares of the construction company's stock worth $303,742,000 after buying an additional 159,191 shares during the last quarter. GW&K Investment Management LLC lifted its holdings in Sterling Infrastructure by 37.7% during the 1st quarter. GW&K Investment Management LLC now owns 500,028 shares of the construction company's stock worth $56,608,000 after buying an additional 136,777 shares during the last quarter. Finally, Tidal Investments LLC purchased a new stake in Sterling Infrastructure during the 4th quarter worth about $18,996,000. 80.95% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other news, 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 value of $2,097,613.32. Following the completion of 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 position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, 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 value 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 disclosure for this sale can be found here. 3.70% of the stock is currently owned by insiders.

Sterling Infrastructure Stock Performance

Shares of Sterling Infrastructure stock traded down $2.70 on Friday, hitting $285.98. The stock had a trading volume of 498,723 shares, compared to its average volume of 421,708. Sterling Infrastructure, Inc. has a 52-week low of $96.34 and a 52-week high of $321.79. 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 stock has a market cap of $8.70 billion, a price-to-earnings ratio of 31.08, a P/E/G ratio of 2.12 and a beta of 1.35. The company's 50 day moving average price is $265.87 and its 200 day moving average price is $194.93.

Wall Street Analysts Forecast Growth

STRL has been the subject of a number of recent analyst reports. DA Davidson lifted their price target on Sterling Infrastructure from $265.00 to $355.00 and gave the stock a "buy" rating in a report on Wednesday, August 6th. Wall Street Zen downgraded Sterling Infrastructure from a "strong-buy" rating to a "buy" rating in a report on Saturday, August 30th. Two analysts have rated the stock with a Buy rating, Based on data from MarketBeat.com, the company has an average rating of "Buy" and a consensus target price of $355.00.

Sterling Infrastructure Company 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.