Allspring Global Investments Holdings LLC Cuts Stock Holdings in Sterling Infrastructure, Inc. (NASDAQ:STRL)

Allspring Global Investments Holdings LLC cut its stake in shares of Sterling Infrastructure, Inc. (NASDAQ:STRL - Free Report) by 19.1% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 77,995 shares of the construction company's stock after selling 18,376 shares during the period. Allspring Global Investments Holdings LLC owned 0.25% of Sterling Infrastructure worth $6,858,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in STRL. FMR LLC raised its position in Sterling Infrastructure by 53.5% during the first quarter. FMR LLC now owns 674 shares of the construction company's stock valued at $26,000 after purchasing an additional 235 shares during the period. Public Employees Retirement System of Ohio raised its position in Sterling Infrastructure by 50.4% during the third quarter. Public Employees Retirement System of Ohio now owns 1,274 shares of the construction company's stock valued at $27,000 after purchasing an additional 427 shares during the period. Acadian Asset Management LLC purchased a new stake in Sterling Infrastructure during the first quarter valued at approximately $38,000. McGlone Suttner Wealth Management Inc. purchased a new stake in Sterling Infrastructure during the fourth quarter valued at approximately $60,000. Finally, International Assets Investment Management LLC purchased a new stake in Sterling Infrastructure during the third quarter valued at approximately $73,000. 80.95% of the stock is currently owned by hedge funds and other institutional investors.

Sterling Infrastructure Trading Down 1.8 %

Shares of NASDAQ STRL traded down $1.79 during midday trading on Thursday, hitting $98.32. The company's stock had a trading volume of 335,790 shares, compared to its average volume of 367,981. The company has a current ratio of 1.25, a quick ratio of 1.25 and a debt-to-equity ratio of 0.50. The business's 50 day moving average is $101.71 and its two-hundred day moving average is $83.68. Sterling Infrastructure, Inc. has a 12-month low of $35.56 and a 12-month high of $116.36. The firm has a market cap of $3.04 billion, a P/E ratio of 22.09, a price-to-earnings-growth ratio of 1.00 and a beta of 1.19.

Sterling Infrastructure (NASDAQ:STRL - Get Free Report) last issued its quarterly earnings results on Monday, February 26th. The construction company reported $1.30 earnings per share for the quarter, topping the consensus estimate of $1.00 by $0.30. Sterling Infrastructure had a return on equity of 24.75% and a net margin of 7.03%. The firm had revenue of $485.98 million for the quarter, compared to the consensus estimate of $526.90 million. As a group, equities research analysts expect that Sterling Infrastructure, Inc. will post 4.98 EPS for the current year.

Analysts Set New Price Targets

Separately, DA Davidson reiterated a "neutral" rating and issued a $115.00 price target (up from $86.00) on shares of Sterling Infrastructure in a report on Wednesday, February 28th.

Insider Transactions at Sterling Infrastructure

In related news, CEO Joseph A. Cutillo sold 33,214 shares of the stock in a transaction that occurred on Wednesday, March 20th. The stock was sold at an average price of $108.71, for a total value of $3,610,693.94. Following the transaction, the chief executive officer now owns 695,245 shares of the company's stock, valued at $75,580,083.95. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In related news, CEO Joseph A. Cutillo sold 33,214 shares of the stock in a transaction that occurred on Wednesday, March 20th. The stock was sold at an average price of $108.71, for a total value of $3,610,693.94. Following the transaction, the chief executive officer now owns 695,245 shares of the company's stock, valued at $75,580,083.95. 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 1,500 shares of the stock in a transaction that occurred on Thursday, March 21st. The stock was sold at an average price of $110.90, for a total value of $166,350.00. Following the completion of the transaction, the general counsel now directly owns 29,548 shares in the company, valued at approximately $3,276,873.20. The disclosure for this sale can be found here. Over the last three months, insiders have sold 198,172 shares of company stock worth $22,019,320. 3.70% of the stock is currently owned by company 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.