LPL Financial LLC Has $6.78 Million Position in Sterling Infrastructure, Inc. (NASDAQ:STRL)

Key Points

• LPL Financial LLC reduced its stake in Sterling Infrastructure by 7.7% during the 1st quarter, selling 4,987 shares, and now holds approximately 0.20% of the company's stock valued at about $6,777,000.
• Several institutional investors have recently increased their holdings in Sterling Infrastructure, with Pacer Advisors Inc. investing $28.7 million and Capital Research Global Investors boosting its stake by 78.5%.
• Sterling Infrastructure's stock opened at $289.86, with a market capitalization of $8.82 billion and recently received upgrades from analysts, increasing its price target from $265 to $355 per share.

LPL Financial LLC lowered its position in shares of Sterling Infrastructure, Inc. (NASDAQ:STRL - Free Report) by 7.7% in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 59,863 shares of the construction company's stock after selling 4,987 shares during the quarter. LPL Financial LLC owned 0.20% of Sterling Infrastructure worth $6,777,000 at the end of the most recent quarter.

A number of other hedge funds have also recently bought and sold shares of STRL. Sunbelt Securities Inc. boosted its position in shares of Sterling Infrastructure by 689.7% during the 1st quarter. Sunbelt Securities Inc. now owns 229 shares of the construction company's stock valued at $26,000 after purchasing an additional 200 shares in the last quarter. Versant Capital Management Inc raised its holdings in shares of Sterling Infrastructure by 355.8% in the 1st quarter. Versant Capital Management Inc now owns 237 shares of the construction company's stock worth $27,000 after purchasing an additional 185 shares in the last quarter. Opal Wealth Advisors LLC acquired a new stake in Sterling Infrastructure during the first quarter valued at approximately $28,000. SBI Securities Co. Ltd. boosted its holdings in Sterling Infrastructure by 111.3% during the first quarter. SBI Securities Co. Ltd. now owns 488 shares of the construction company's stock worth $55,000 after buying an additional 257 shares in the last quarter. Finally, Ensign Peak Advisors Inc acquired a new position in Sterling Infrastructure in the fourth quarter worth approximately $107,000. 80.95% of the stock is owned by institutional investors and hedge funds.

Sterling Infrastructure Trading Down 5.2%

Shares of Sterling Infrastructure stock traded down $15.93 during trading on Wednesday, hitting $292.47. The stock had a trading volume of 624,265 shares, compared to its average volume of 556,978. Sterling Infrastructure, Inc. has a 1 year low of $96.34 and a 1 year high of $321.79. The stock has a 50 day simple moving average of $243.00 and a 200 day simple moving average of $177.91. 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 company has a market capitalization of $8.90 billion, a PE ratio of 31.79, a P/E/G ratio of 2.34 and a beta of 1.46.

Wall Street Analyst Weigh In

STRL has been the subject of several research reports. Wall Street Zen raised Sterling Infrastructure from a "hold" rating to a "buy" rating in a research note on Saturday. DA Davidson upped their target price on Sterling Infrastructure from $265.00 to $355.00 and gave the company a "buy" rating in a report on Wednesday, August 6th.

Insider Buying and Selling

In related news, General Counsel Mark D. Wolf sold 3,500 shares of the company's stock in a transaction 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 transaction, the general counsel directly owned 29,315 shares of the company's stock, valued at approximately $6,621,379.05. The trade was a 10.67% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Dana C. O'brien sold 10,154 shares of the firm'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 sale, the director owned 16,498 shares of the company's stock, valued at $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. Company insiders own 3.70% of the company's stock.

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.