Invesco Ltd. Lowers Holdings in Sterling Infrastructure, Inc. $STRL

Key Points

• Invesco Ltd. significantly reduced its stake in Sterling Infrastructure, decreasing its holdings by 46.8%, which now totals 402,897 shares valued at approximately $45.6 million.
• Several other large investors, including Bank of Montreal Can and Raymond James Financial Inc., have initiated new positions or increased their stakes in Sterling Infrastructure during the previous quarter.
• Sterling Infrastructure's stock opened at $275.35, and the company has received positive ratings from analysts, with price targets raised significantly, reflecting a bullish sentiment in the market.

Invesco Ltd. reduced its position in Sterling Infrastructure, Inc. (NASDAQ:STRL - Free Report) by 46.8% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 402,897 shares of the construction company's stock after selling 354,376 shares during the quarter. Invesco Ltd. owned about 1.32% of Sterling Infrastructure worth $45,612,000 at the end of the most recent reporting period.

A number of other institutional investors have also modified their holdings of STRL. Pacer Advisors Inc. purchased a new position in Sterling Infrastructure during the 1st quarter worth $28,689,000. Capital Research Global Investors increased its stake in shares of Sterling Infrastructure by 78.5% during the fourth quarter. Capital Research Global Investors now owns 574,976 shares of the construction company's stock worth $96,855,000 after acquiring an additional 252,934 shares during the period. Vanguard Group Inc. increased its stake 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 worth $303,742,000 after acquiring an additional 159,191 shares during the period. First Trust Advisors LP lifted its position in Sterling Infrastructure by 74.1% in the fourth quarter. First Trust Advisors LP now owns 356,339 shares of the construction company's stock valued at $60,025,000 after purchasing an additional 151,642 shares during the period. Finally, GW&K Investment Management LLC boosted its holdings in Sterling Infrastructure by 37.7% in the 1st quarter. GW&K Investment Management LLC now owns 500,028 shares of the construction company's stock valued at $56,608,000 after purchasing an additional 136,777 shares in the last quarter. 80.95% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on STRL. Wall Street Zen raised Sterling Infrastructure from a "hold" rating to a "buy" rating in a research note on Saturday, August 9th. DA Davidson upped their price target on shares of Sterling Infrastructure from $265.00 to $355.00 and gave the stock a "buy" rating in a research note on Wednesday, August 6th. Two analysts have rated the stock with a Buy rating, According to MarketBeat, Sterling Infrastructure has an average rating of "Buy" and a consensus target price of $355.00.

Sterling Infrastructure Price Performance

Shares of Sterling Infrastructure stock traded down $1.13 during trading on Wednesday, hitting $274.89. 452,352 shares of the company were exchanged, compared to its average volume of 662,707. Sterling Infrastructure, Inc. has a fifty-two week low of $96.34 and a fifty-two week high of $321.79. The company has a quick ratio of 1.42, a current ratio of 1.42 and a debt-to-equity ratio of 0.31. The firm has a 50 day moving average price of $249.28 and a 200 day moving average price of $181.95. The stock has a market capitalization of $8.36 billion, a price-to-earnings ratio of 29.88, a P/E/G ratio of 2.15 and a beta of 1.46.

Insiders Place Their Bets

In other news, Director Dana C. O'brien sold 10,154 shares of Sterling Infrastructure stock in a transaction dated Monday, June 16th. The shares were sold at an average price of $206.58, for a total transaction of $2,097,613.32. Following the completion of the sale, the director directly owned 16,498 shares in the company, valued at $3,408,156.84. The trade was a 38.10% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, General Counsel Mark D. Wolf sold 3,500 shares of the company's stock in a transaction that occurred on Tuesday, June 24th. The shares were sold at an average price of $225.87, for a total transaction of $790,545.00. Following the transaction, the general counsel directly owned 29,315 shares in the company, valued at $6,621,379.05. The trade was a 10.67% decrease in their position. The disclosure for this sale can be found here. 3.70% of the stock is owned by company insiders.

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.