Townsquare Capital LLC Grows Stake in Sterling Infrastructure, Inc. (NASDAQ:STRL)

Key Points

• Townsquare Capital LLC increased its stake in Sterling Infrastructure by 7.6%, now owning approximately $5.51 million worth of shares.
• The stock has seen significant support from various institutional investors, with 80.95% of the company's shares owned by these entities.
• Recent analyst upgrades have resulted in a revised price target for Sterling Infrastructure, with DA Davidson raising it from $265 to $355 and changing the stock's rating to "buy."

Townsquare Capital LLC boosted its holdings in shares of Sterling Infrastructure, Inc. (NASDAQ:STRL - Free Report) by 7.6% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 48,642 shares of the construction company's stock after purchasing an additional 3,443 shares during the period. Townsquare Capital LLC owned about 0.16% of Sterling Infrastructure worth $5,507,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in STRL. Alliancebernstein L.P. lifted its position in Sterling Infrastructure by 38.3% during the fourth quarter. Alliancebernstein L.P. now owns 44,470 shares of the construction company's stock valued at $7,491,000 after purchasing an additional 12,320 shares during the period. National Bank of Canada FI acquired a new position in Sterling Infrastructure during the fourth quarter valued at $56,000. Wells Fargo & Company MN lifted its position in Sterling Infrastructure by 28.4% during the fourth 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 period. Bank of Montreal Can acquired a new position in Sterling Infrastructure during the fourth quarter valued at $221,000. Finally, Invesco Ltd. lifted its position in Sterling Infrastructure by 22.5% during the fourth quarter. Invesco Ltd. now owns 757,273 shares of the construction company's stock valued at $127,563,000 after purchasing an additional 139,081 shares during the period. 80.95% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of research firms recently issued reports 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 report 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.

Sterling Infrastructure Stock Performance

STRL traded up $18.54 on Tuesday, reaching $308.40. The stock had a trading volume of 701,958 shares, compared to its average volume of 544,262. Sterling Infrastructure, Inc. has a 12-month low of $96.34 and a 12-month high of $321.79. 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 business's 50-day moving average price is $241.02 and its two-hundred day moving average price is $177.12. The company has a market cap of $9.38 billion, a P/E ratio of 33.52, a price-to-earnings-growth ratio of 2.20 and a beta of 1.46.

Insiders Place Their Bets

In other news, General Counsel Mark D. Wolf sold 3,500 shares of the business's stock in a transaction dated Tuesday, June 24th. The shares were sold at an average price of $225.87, for a total transaction of $790,545.00. Following the completion of the sale, the general counsel owned 29,315 shares of the company's stock, valued at $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 available at this link. Also, Director Dana C. O'brien sold 10,154 shares of the business's stock in a transaction dated Monday, June 16th. The stock was sold at an average price of $206.58, for a total transaction of $2,097,613.32. Following 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 position. The disclosure for this sale can be found here. 2.70% of the stock is currently owned by insiders.

Sterling Infrastructure Company 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.