Arrowpoint Investment Partners Singapore Pte. Ltd. Grows Position in Sterling Infrastructure, Inc. (NASDAQ:STRL)

Key Points

• Arrowpoint Investment Partners raised its stake in Sterling Infrastructure, Inc. by 300% during the first quarter, acquiring an additional 1,650 shares, bringing its total holdings to 2,200 shares valued at $249,000.
• Several analysts have upgraded their ratings for Sterling Infrastructure, with DA Davidson increasing its price objective from $265 to $355, classifying the stock as a "buy."
• The stock of Sterling Infrastructure, Inc. has shown notable performance, with a recent increase of 6.4%, currently trading around $308.40, and a significant market cap of $9.38 billion.

Arrowpoint Investment Partners Singapore Pte. Ltd. boosted its stake in shares of Sterling Infrastructure, Inc. (NASDAQ:STRL - Free Report) by 300.0% in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 2,200 shares of the construction company's stock after buying an additional 1,650 shares during the period. Arrowpoint Investment Partners Singapore Pte. Ltd.'s holdings in Sterling Infrastructure were worth $249,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Wells Fargo & Company MN boosted 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 valued at $7,072,000 after purchasing an additional 9,273 shares during the last quarter. Bank of Montreal Can purchased a new stake in Sterling Infrastructure during the 4th quarter valued at $221,000. Advisory Services Network LLC purchased a new stake in Sterling Infrastructure during the 4th quarter valued at $223,000. Raymond James Financial Inc. purchased a new stake in Sterling Infrastructure during the 4th quarter valued at $16,712,000. Finally, Barclays PLC boosted 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 valued at $10,465,000 after purchasing an additional 5,178 shares during the last quarter. Institutional investors own 80.95% of the company's stock.

Wall Street Analyst Weigh In

Several brokerages have commented on STRL. DA Davidson increased their target price on Sterling Infrastructure from $265.00 to $355.00 and gave the company a "buy" rating in a research note on Wednesday, August 6th. Wall Street Zen upgraded Sterling Infrastructure from a "hold" rating to a "buy" rating in a research note on Saturday, August 9th.

Sterling Infrastructure Stock Performance

Shares of STRL stock traded down $10.33 on Thursday, reaching $282.14. The stock had a trading volume of 458,020 shares, compared to its average volume of 564,324. The stock has a market cap of $8.58 billion, a P/E ratio of 30.67, a price-to-earnings-growth ratio of 2.22 and a beta of 1.46. Sterling Infrastructure, Inc. has a 1 year low of $96.34 and a 1 year high of $321.79. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.42 and a current ratio of 1.42. The company has a 50 day simple moving average of $244.73 and a 200 day simple moving average of $178.87.

Insiders Place Their Bets

In related news, General Counsel Mark D. Wolf sold 3,500 shares of Sterling Infrastructure 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 in the company, 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 document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Dana C. O'brien sold 10,154 shares of Sterling Infrastructure stock in a transaction on Monday, June 16th. The shares were sold at an average price of $206.58, for a total value of $2,097,613.32. Following the transaction, the director owned 16,498 shares in the company, valued at $3,408,156.84. This trade represents 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.