Sterling Infrastructure (NASDAQ:STRL) Shares Up 6.3% - Here's What Happened

Key Points

• Sterling Infrastructure's stock price rose by 6.3%, reaching a high of $269.17 before trading last at $268.52.
• DA Davidson increased its price target for the stock from $205.00 to $265.00 and maintained a "buy" rating, while Wall Street Zen downgraded it to a "hold" rating.
• Approximately 80.95% of the company's stock is owned by hedge funds and institutional investors, indicating strong institutional support.
• Recent insider selling includes General Counsel Mark D. Wolf, who sold 3,500 shares for about $790,545, reflecting a significant decrease in his holdings.

Sterling Infrastructure, Inc. (NASDAQ:STRL - Get Free Report) was up 6.3% during mid-day trading on Friday . The company traded as high as $269.17 and last traded at $268.52. Approximately 254,924 shares were traded during trading, a decline of 62% from the average daily volume of 669,749 shares. The stock had previously closed at $252.68.

Analysts Set New Price Targets

Several brokerages have recently issued reports on STRL. Wall Street Zen downgraded shares of Sterling Infrastructure from a "buy" rating to a "hold" rating in a research report on Saturday, July 5th. DA Davidson increased their target price on Sterling Infrastructure from $205.00 to $265.00 and gave the stock a "buy" rating in a report on Wednesday, June 18th.

Sterling Infrastructure Stock Down 1.7%

The company has a current ratio of 1.32, a quick ratio of 1.32 and a debt-to-equity ratio of 0.34. The company has a market capitalization of $8.02 billion, a P/E ratio of 30.79, a PEG ratio of 2.22 and a beta of 1.40. The firm's 50 day moving average price is $219.65 and its two-hundred day moving average price is $169.32.

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 transaction, the general counsel directly owned 29,315 shares in the company, valued at $6,621,379.05. The trade was a 10.67% decrease in their position. 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 company's stock in a transaction dated 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 sale, the director directly owned 16,498 shares in the company, valued at approximately $3,408,156.84. The trade was a 38.10% decrease in their ownership of the stock. The disclosure for this sale can be found here. 2.70% of the stock is currently owned by company insiders.

Institutional Trading of Sterling Infrastructure

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Vanguard Group Inc. increased its holdings in shares of Sterling Infrastructure by 6.3% during the first quarter. Vanguard Group Inc. now owns 2,682,995 shares of the construction company's stock worth $303,742,000 after purchasing an additional 159,191 shares during the period. Fuller & Thaler Asset Management Inc. boosted its position in shares of Sterling Infrastructure by 7.5% during the 1st quarter. Fuller & Thaler Asset Management Inc. now owns 1,498,999 shares of the construction company's stock worth $169,702,000 after acquiring an additional 105,222 shares in the last quarter. Invesco Ltd. increased its stake in shares of Sterling Infrastructure by 22.5% in the 4th 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 last quarter. Capital Research Global Investors raised its stake in Sterling Infrastructure by 78.5% during the fourth quarter. Capital Research Global Investors now owns 574,976 shares of the construction company's stock worth $96,855,000 after acquiring an additional 252,934 shares in the last quarter. Finally, Congress Asset Management Co. lifted its stake in Sterling Infrastructure by 2.9% in the 2nd quarter. Congress Asset Management Co. now owns 547,688 shares of the construction company's stock valued at $126,368,000 after purchasing an additional 15,490 shares during the last quarter. Institutional investors own 80.95% of the company's stock.

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.