Panagora Asset Management Inc. Acquires 8,037 Shares of Sterling Infrastructure, Inc. $STRL

Key Points

• Panagora Asset Management Inc. increased its stake in Sterling Infrastructure, Grow by 6.7%, acquiring an additional 8,037 shares, bringing their total holdings to 128,603 shares valued at approximately $14.6 million.
• Numerous investors, including Vanguard Group Inc. and GW&K Investment Management LLC, also made significant changes to their positions in Sterling Infrastructure, leading institutional investors to hold about 80.95% of the stock.
• Stock analysts have recently upgraded Sterling Infrastructure, with a new target price increase from $265 to $355 by DA Davidson, reflecting a positive outlook on the company's financial performance.

Panagora Asset Management Inc. increased its stake in Sterling Infrastructure, Inc. (NASDAQ:STRL - Free Report) by 6.7% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 128,603 shares of the construction company's stock after buying an additional 8,037 shares during the period. Panagora Asset Management Inc. owned 0.42% of Sterling Infrastructure worth $14,559,000 at the end of the most recent reporting period.

A number of other institutional investors also recently bought and sold shares of the stock. Vident Advisory LLC bought a new position in Sterling Infrastructure in the first quarter worth about $898,000. Trexquant Investment LP purchased a new stake in Sterling Infrastructure in the first quarter worth about $646,000. OMERS ADMINISTRATION Corp grew its holdings in Sterling Infrastructure by 72.2% in the first quarter. OMERS ADMINISTRATION Corp now owns 14,122 shares of the construction company's stock worth $1,599,000 after purchasing an additional 5,922 shares during the period. Truvestments Capital LLC grew its holdings in Sterling Infrastructure by 11.4% in the first quarter. Truvestments Capital LLC now owns 7,878 shares of the construction company's stock worth $892,000 after purchasing an additional 809 shares during the period. Finally, Delta Investment Management LLC grew its holdings in Sterling Infrastructure by 29.9% in the first quarter. Delta Investment Management LLC now owns 4,499 shares of the construction company's stock worth $509,000 after purchasing an additional 1,036 shares during the period. 80.95% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

STRL has been the topic of a number of recent research reports. DA Davidson upped their price objective on shares of 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 cut shares of Sterling Infrastructure from a "strong-buy" rating to a "buy" rating in a report on Saturday. Two analysts have rated the stock with a Buy rating, According to data from MarketBeat.com, Sterling Infrastructure presently has a consensus rating of "Buy" and a consensus target price of $355.00.

Insider Buying and Selling

In related news, 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 transaction, the general counsel owned 29,315 shares in the company, valued at $6,621,379.05. This represents a 10.67% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, 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 transaction, the director owned 16,498 shares in the company, valued at approximately $3,408,156.84. This trade represents a 38.10% decrease in their position. The disclosure for this sale can be found here. 2.70% of the stock is owned by corporate insiders.

Sterling Infrastructure Stock Performance

Sterling Infrastructure stock traded down $3.09 during midday trading on Wednesday, reaching $273.82. 429,250 shares of the company traded hands, compared to its average volume of 475,537. The firm has a market capitalization of $8.33 billion, a price-to-earnings ratio of 29.76, a price-to-earnings-growth ratio of 2.12 and a beta of 1.35. The business has a 50 day moving average of $263.58 and a two-hundred day moving average of $192.31. Sterling Infrastructure, Inc. has a 12 month low of $96.34 and a 12 month high of $321.79. The company has a debt-to-equity ratio of 0.31, a current ratio of 1.42 and a quick ratio of 1.42.

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.