Sterling Infrastructure, Inc. $STRL Stake Increased by Millennium Management LLC

Key Points

• Millennium Management LLC significantly increased its stake in Sterling Infrastructure by 743.9%, owning 493,393 shares worth approximately $55.9 million at the end of the last reporting period.
• Director Dana C. O'brien sold 10,154 shares for over $2 million, marking a 38.10% decrease in ownership, while General Counsel Mark D. Wolf also reduced his position by 10.67%.
• Analysts have a positive outlook on Sterling Infrastructure, with a new target price raised to $355.00, and an average rating of "Buy" from several research firms.

Millennium Management LLC increased its stake in Sterling Infrastructure, Inc. (NASDAQ:STRL - Free Report) by 743.9% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 493,393 shares of the construction company's stock after buying an additional 434,925 shares during the period. Millennium Management LLC owned about 1.62% of Sterling Infrastructure worth $55,857,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also made changes to their positions in the stock. Jacobs Levy Equity Management Inc. increased its stake in Sterling Infrastructure by 4.9% during the first quarter. Jacobs Levy Equity Management Inc. now owns 15,540 shares of the construction company's stock valued at $1,759,000 after purchasing an additional 721 shares during the last quarter. Hancock Whitney Corp increased its stake in Sterling Infrastructure by 6.3% during the first quarter. Hancock Whitney Corp now owns 3,761 shares of the construction company's stock valued at $426,000 after purchasing an additional 224 shares during the last quarter. Clark Capital Management Group Inc. increased its stake in Sterling Infrastructure by 86.2% during the first quarter. Clark Capital Management Group Inc. now owns 128,116 shares of the construction company's stock valued at $14,504,000 after purchasing an additional 59,323 shares during the last quarter. AQR Capital Management LLC increased its stake in Sterling Infrastructure by 1.5% during the first quarter. AQR Capital Management LLC now owns 107,092 shares of the construction company's stock valued at $12,124,000 after purchasing an additional 1,566 shares during the last quarter. Finally, Advisors Asset Management Inc. increased its stake in Sterling Infrastructure by 2.4% during the first quarter. Advisors Asset Management Inc. now owns 41,727 shares of the construction company's stock valued at $4,724,000 after purchasing an additional 997 shares during the last quarter. Institutional investors own 80.95% of the company's stock.

Insider Buying and Selling at Sterling Infrastructure

In other news, Director Dana C. O'brien sold 10,154 shares of the business's stock in a transaction 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 transaction, the director owned 16,498 shares of the company's stock, valued at approximately $3,408,156.84. The trade was a 38.10% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, General Counsel Mark D. Wolf sold 3,500 shares of the business's stock in a transaction 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 of the company's stock, valued at approximately $6,621,379.05. This trade represents a 10.67% decrease in their position. The disclosure for this sale can be found here. Insiders own 2.70% of the company's stock.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on STRL. DA Davidson boosted their target price on shares of 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 lowered shares of Sterling Infrastructure from a "strong-buy" rating to a "buy" rating in a research note on Saturday, August 30th. Two research analysts have rated the stock with a Buy rating, According to MarketBeat, the company presently has an average rating of "Buy" and an average target price of $355.00.

Sterling Infrastructure Stock Performance

Shares of STRL opened at $285.98 on Monday. Sterling Infrastructure, Inc. has a 1 year low of $96.34 and a 1 year high of $321.79. The company has a market cap of $8.70 billion, a price-to-earnings ratio of 31.08, a price-to-earnings-growth ratio of 2.12 and a beta of 1.35. 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 firm has a fifty day moving average of $265.87 and a 200-day moving average of $195.43.

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.

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