Fmr LLC Sells 1,715,566 Shares of Sterling Infrastructure, Inc. (NASDAQ:STRL)

Fmr LLC cut its holdings in Sterling Infrastructure, Inc. (NASDAQ:STRL) by 49.4% during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 1,756,087 shares of the construction company’s stock after selling 1,715,566 shares during the period. Fmr LLC owned about 0.06% of Sterling Infrastructure worth $254,668,000 at the end of the most recent reporting period.

Several other hedge funds have also recently made changes to their positions in the business. Allspring Global Investments Holdings LLC increased its stake in Sterling Infrastructure by 691.3% during the second quarter. Allspring Global Investments Holdings LLC now owns 515,800 shares of the construction company’s stock worth $61,040,000 after acquiring an additional 450,620 shares during the last quarter. Principal Financial Group Inc. boosted its holdings in shares of Sterling Infrastructure by 1,088.1% in the 3rd quarter. Principal Financial Group Inc. now owns 355,546 shares of the construction company’s stock worth $51,561,000 after purchasing an additional 325,620 shares during the period. F M Investments LLC bought a new position in shares of Sterling Infrastructure during the 2nd quarter valued at approximately $18,379,000. International Assets Investment Management LLC raised its holdings in Sterling Infrastructure by 14,112.0% during the 3rd quarter. International Assets Investment Management LLC now owns 142,120 shares of the construction company’s stock valued at $20,610,000 after buying an additional 141,120 shares during the period. Finally, Congress Asset Management Co. lifted its position in Sterling Infrastructure by 19.1% in the third quarter. Congress Asset Management Co. now owns 647,924 shares of the construction company’s stock worth $93,962,000 after buying an additional 104,096 shares during the last quarter. 80.95% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Sterling Infrastructure

In other news, EVP Ronald A. Ballschmiede sold 18,700 shares of the firm’s stock in a transaction that occurred on Thursday, September 19th. The shares were sold at an average price of $143.59, for a total transaction of $2,685,133.00. Following the transaction, the executive vice president now directly owns 248,471 shares of the company’s stock, valued at approximately $35,677,950.89. This trade represents a 7.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Corporate insiders own 3.70% of the company’s stock.

Analyst Ratings Changes

Separately, StockNews.com cut shares of Sterling Infrastructure from a “buy” rating to a “hold” rating in a research report on Sunday, September 15th.

Sterling Infrastructure Stock Down 0.5 %

Shares of NASDAQ STRL opened at $194.45 on Monday. Sterling Infrastructure, Inc. has a 1 year low of $62.13 and a 1 year high of $203.49. The firm has a 50-day simple moving average of $166.30 and a two-hundred day simple moving average of $134.81. The company has a market cap of $5.97 billion, a P/E ratio of 32.85, a PEG ratio of 2.18 and a beta of 1.15. The company has a debt-to-equity ratio of 0.41, a current ratio of 1.29 and a quick ratio of 1.29.

Sterling Infrastructure (NASDAQ:STRL) last issued its quarterly earnings results on Wednesday, November 6th. The construction company reported $1.97 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.68 by $0.29. The firm had revenue of $593.74 million during the quarter, compared to analyst estimates of $599.90 million. Sterling Infrastructure had a return on equity of 27.52% and a net margin of 8.77%. During the same period last year, the company earned $1.26 EPS. Research analysts anticipate that Sterling Infrastructure, Inc. will post 5.96 earnings per share for the current year.

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.