Riggs Asset Managment Co. Inc. Reduces Stake in Sterling Infrastructure, Inc. (NASDAQ:STRL)

Riggs Asset Managment Co. Inc. decreased its holdings in shares of Sterling Infrastructure, Inc. (NASDAQ:STRL - Free Report) by 15.4% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 67,661 shares of the construction company's stock after selling 12,310 shares during the quarter. Sterling Infrastructure makes up 1.9% of Riggs Asset Managment Co. Inc.'s holdings, making the stock its 18th biggest position. Riggs Asset Managment Co. Inc. owned about 0.22% of Sterling Infrastructure worth $5,949,000 as of its most recent SEC filing.

Other hedge funds have also added to or reduced their stakes in the company. FMR LLC lifted its holdings in Sterling Infrastructure by 53.5% during the 1st 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 last quarter. Public Employees Retirement System of Ohio increased its position in Sterling Infrastructure by 50.4% during the 3rd quarter. Public Employees Retirement System of Ohio now owns 1,274 shares of the construction company's stock worth $27,000 after buying an additional 427 shares during the period. Acadian Asset Management LLC bought a new position in Sterling Infrastructure during the 1st quarter worth $38,000. McGlone Suttner Wealth Management Inc. bought a new position in Sterling Infrastructure during the 4th quarter worth $60,000. Finally, Comerica Bank bought a new position in shares of Sterling Infrastructure in the third quarter worth $79,000. Institutional investors and hedge funds own 80.95% of the company's stock.

Wall Street Analysts Forecast Growth

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

Sterling Infrastructure Price Performance

NASDAQ:STRL traded down $1.76 during trading hours on Friday, hitting $96.56. The company's stock had a trading volume of 320,363 shares, compared to its average volume of 270,676. The stock has a fifty day simple moving average of $102.29 and a 200-day simple moving average of $83.95. Sterling Infrastructure, Inc. has a twelve month low of $35.56 and a twelve month high of $116.36. The company has a market capitalization of $2.99 billion, a P/E ratio of 21.70, a PEG ratio of 0.99 and a beta of 1.19. The company has a debt-to-equity ratio of 0.50, a current ratio of 1.25 and a quick ratio of 1.25.

Sterling Infrastructure (NASDAQ:STRL - Get Free Report) last announced its quarterly earnings results on Monday, February 26th. The construction company reported $1.30 EPS for the quarter, beating analysts' consensus estimates 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 analyst estimates of $526.90 million. On average, analysts anticipate that Sterling Infrastructure, Inc. will post 4.98 EPS for the current fiscal year.

Insider Activity

In other news, CEO Joseph A. Cutillo sold 33,214 shares of Sterling Infrastructure stock in a transaction dated Wednesday, March 20th. The stock was sold at an average price of $108.71, for a total transaction of $3,610,693.94. Following the sale, the chief executive officer now directly 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 Securities & Exchange Commission, which is accessible through the SEC website. In related news, CEO Joseph A. Cutillo sold 20,000 shares of Sterling Infrastructure stock in a transaction that occurred on Monday, April 1st. The stock was sold at an average price of $109.78, for a total value of $2,195,600.00. Following the transaction, the chief executive officer now directly owns 448,133 shares of the company's stock, valued at $49,196,040.74. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CEO Joseph A. Cutillo sold 33,214 shares of Sterling Infrastructure 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 completion of the transaction, the chief executive officer now directly owns 695,245 shares in the company, valued at $75,580,083.95. The disclosure for this sale can be found here. Over the last three months, insiders have sold 198,172 shares of company stock valued at $22,019,320. 3.70% of the stock is currently owned by corporate 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.