Sterling Infrastructure (NASDAQ:STRL) Stock Price Up 9.3% - Here's Why

Key Points

• Sterling Infrastructure's stock increased by 9.3% during trading, reaching a high of $349.81 before closing at $350.77.
• Analysts have upgraded the company's rating, with Zacks Research and Wall Street Zen both giving Sterling Infrastructure a strong-buy rating, and DA Davidson raising its price target to $355.00.
• Insider activity showed General Counsel Mark D. Wolf sold 3,500 shares, reducing his holdings by 10.67%, while institutional investors hold approximately 80.95% of the stock.

Sterling Infrastructure, Inc. (NASDAQ:STRL - Get Free Report)'s share price traded up 9.3% during trading on Thursday . The stock traded as high as $349.81 and last traded at $350.77. 272,937 shares traded hands during trading, a decline of 57% from the average session volume of 632,487 shares. The stock had previously closed at $320.94.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on the company. Wall Street Zen upgraded Sterling Infrastructure from a "buy" rating to a "strong-buy" rating in a research note on Saturday, September 13th. Zacks Research upgraded Sterling Infrastructure from a "hold" rating to a "strong-buy" rating in a research note on Friday, September 5th. Finally, DA Davidson increased their target price on Sterling Infrastructure from $265.00 to $355.00 and gave the company a "buy" rating in a research note on Wednesday, August 6th. One analyst has rated the stock with a Strong Buy rating and two have issued a Buy rating to the company's stock. According to MarketBeat.com, the stock currently has an average rating of "Buy" and an average target price of $355.00.

Sterling Infrastructure Price Performance

The company has a 50 day moving average of $285.29 and a 200-day moving average of $210.94. The stock has a market capitalization of $11.18 billion, a P/E ratio of 39.93, a PEG ratio of 2.67 and a beta of 1.35. The company has a quick ratio of 1.42, a current ratio of 1.42 and a debt-to-equity ratio of 0.31.

Insider Transactions at Sterling Infrastructure

In other Sterling Infrastructure news, General Counsel Mark D. Wolf sold 3,500 shares of the firm's stock in a transaction on Tuesday, June 24th. The stock was sold at an average price of $225.87, for a total value of $790,545.00. Following the sale, the general counsel directly owned 29,315 shares in the company, valued at approximately $6,621,379.05. This trade represents a 10.67% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Insiders own 2.70% of the company's stock.

Institutional Investors Weigh In On Sterling Infrastructure

Hedge funds have recently added to or reduced their stakes in the stock. Twin Peaks Wealth Advisors LLC bought a new stake in Sterling Infrastructure in the second quarter valued at $26,000. Ameritas Advisory Services LLC acquired a new position in Sterling Infrastructure during the second quarter worth about $29,000. Bessemer Group Inc. grew its holdings in Sterling Infrastructure by 119.3% during the second quarter. Bessemer Group Inc. now owns 125 shares of the construction company's stock worth $29,000 after acquiring an additional 68 shares during the period. Rakuten Securities Inc. grew its holdings in Sterling Infrastructure by 6,950.0% during the second quarter. Rakuten Securities Inc. now owns 141 shares of the construction company's stock worth $33,000 after acquiring an additional 139 shares during the period. Finally, Golden State Wealth Management LLC grew its holdings in Sterling Infrastructure by 54.8% during the second quarter. Golden State Wealth Management LLC now owns 144 shares of the construction company's stock worth $33,000 after acquiring an additional 51 shares during the period. 80.95% of the stock is currently owned by institutional investors.

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.