Millennium Management LLC Cuts Stake in Sterling Infrastructure, Inc. (NASDAQ:STRL)

Millennium Management LLC cut its holdings in shares of Sterling Infrastructure, Inc. (NASDAQ:STRL) by 24.7% during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 136,889 shares of the construction company’s stock after selling 44,998 shares during the quarter. Millennium Management LLC owned 0.44% of Sterling Infrastructure worth $16,199,000 as of its most recent SEC filing.

Several other institutional investors have also modified their holdings of the business. Vanguard Group Inc. boosted its holdings in Sterling Infrastructure by 0.5% in the first quarter. Vanguard Group Inc. now owns 1,887,792 shares of the construction company’s stock valued at $208,242,000 after purchasing an additional 8,851 shares during the period. Congress Asset Management Co. MA grew its position in shares of Sterling Infrastructure by 2.0% during the first quarter. Congress Asset Management Co. MA now owns 557,659 shares of the construction company’s stock worth $61,515,000 after buying an additional 10,935 shares in the last quarter. Allspring Global Investments Holdings LLC grew its position in shares of 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 buying an additional 450,620 shares in the last quarter. Hennessy Advisors Inc. increased its stake in shares of Sterling Infrastructure by 20.4% during the first quarter. Hennessy Advisors Inc. now owns 440,200 shares of the construction company’s stock worth $48,558,000 after buying an additional 74,500 shares during the period. Finally, First Trust Advisors LP raised its holdings in Sterling Infrastructure by 17.6% in the fourth quarter. First Trust Advisors LP now owns 337,296 shares of the construction company’s stock valued at $29,658,000 after acquiring an additional 50,573 shares in the last quarter. Institutional investors and hedge funds own 80.95% of the company’s stock.

Analysts Set New Price Targets

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

Insider Activity

In related news, EVP Ronald A. Ballschmiede sold 18,700 shares of Sterling Infrastructure stock in a transaction 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 sale, the executive vice president now directly owns 248,471 shares in the company, valued at $35,677,950.89. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 3.70% of the company’s stock.

Sterling Infrastructure Stock Up 2.2 %

Sterling Infrastructure stock opened at $148.05 on Friday. The stock has a market cap of $4.57 billion, a PE ratio of 30.78, a P/E/G ratio of 1.76 and a beta of 1.17. The company has a debt-to-equity ratio of 0.44, a current ratio of 1.24 and a quick ratio of 1.24. The stock’s fifty day moving average is $121.67 and its two-hundred day moving average is $117.11. Sterling Infrastructure, Inc. has a 1-year low of $55.45 and a 1-year high of $152.00.

Sterling Infrastructure (NASDAQ:STRL) last posted its earnings results on Monday, August 5th. The construction company reported $1.67 earnings per share for the quarter, topping the consensus estimate of $1.43 by $0.24. The firm had revenue of $582.82 million during the quarter, compared to analysts’ expectations of $553.70 million. Sterling Infrastructure had a return on equity of 25.64% and a net margin of 7.85%. During the same quarter in the previous year, the business earned $1.27 earnings per share. On average, sell-side analysts expect that Sterling Infrastructure, Inc. will post 5.66 EPS for the current fiscal 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.