Lord Abbett & CO. LLC Has $6.93 Million Holdings in Sterling Infrastructure, Inc. $STRL

Key Points

• Lord Abbett & CO. LLC has reduced its stake in Sterling Infrastructure, Inc. by 79.9% in the first quarter, holding 61,176 shares valued at approximately $6.93 million after selling 243,424 shares.
• Multiple institutional investors, including Vanguard Group, have increased their positions in Sterling Infrastructure, resulting in 80.95% of the stock being owned by hedge funds and other institutional investors.
• Several analysts raised their price targets for Sterling Infrastructure, with DA Davidson increasing its price objective from $265.00 to $355.00, reflecting positive market sentiment about the company's growth prospects.

Lord Abbett & CO. LLC decreased its position in shares of Sterling Infrastructure, Inc. (NASDAQ:STRL - Free Report) by 79.9% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 61,176 shares of the construction company's stock after selling 243,424 shares during the period. Lord Abbett & CO. LLC owned about 0.20% of Sterling Infrastructure worth $6,926,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in STRL. Wells Fargo & Company MN increased its stake in Sterling Infrastructure by 28.4% during the 4th quarter. Wells Fargo & Company MN now owns 41,980 shares of the construction company's stock worth $7,072,000 after buying an additional 9,273 shares during the period. Bank of Montreal Can purchased a new stake in Sterling Infrastructure during the 4th quarter worth $221,000. Advisory Services Network LLC purchased a new stake in Sterling Infrastructure during the 4th quarter worth $223,000. Raymond James Financial Inc. purchased a new stake in Sterling Infrastructure during the 4th quarter worth $16,712,000. Finally, Barclays PLC increased its stake in Sterling Infrastructure by 9.1% during the 4th quarter. Barclays PLC now owns 62,123 shares of the construction company's stock worth $10,465,000 after buying an additional 5,178 shares during the period. Hedge funds and other institutional investors own 80.95% of the company's stock.

Insider Transactions at Sterling Infrastructure

In related news, Director Dana C. O'brien sold 10,154 shares of the stock in a transaction that occurred on 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 of the company's stock, valued at $3,408,156.84. This represents a 38.10% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, General Counsel Mark D. Wolf sold 3,500 shares of the 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 sale, the general counsel directly owned 29,315 shares of the company's stock, valued at approximately $6,621,379.05. This represents a 10.67% 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.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on the stock. DA Davidson lifted 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. Wall Street Zen raised shares of Sterling Infrastructure from a "hold" rating to a "buy" rating in a report on Saturday, August 9th. Two equities research analysts have rated the stock with a Buy rating, According to data from MarketBeat.com, Sterling Infrastructure currently has a consensus rating of "Buy" and a consensus target price of $355.00.

Sterling Infrastructure Stock Performance

Sterling Infrastructure stock traded down $1.13 during midday trading on Wednesday, reaching $274.89. 452,405 shares of the stock traded hands, compared to its average volume of 662,709. 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 firm has a fifty day moving average price of $249.28 and a two-hundred day moving average price of $181.95. The firm has a market cap of $8.36 billion, a price-to-earnings ratio of 29.88, a PEG ratio of 2.15 and a beta of 1.46. Sterling Infrastructure, Inc. has a fifty-two week low of $96.34 and a fifty-two week 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.