Sterling Infrastructure, Inc. (NASDAQ:STRL) Sees Large Decrease in Short Interest

Sterling Infrastructure, Inc. (NASDAQ:STRL) saw a significant decrease in short interest during the month of October. As of October 31st, there was short interest totalling 1,040,000 shares, a decrease of 23.0% from the October 15th total of 1,350,000 shares. Based on an average trading volume of 304,000 shares, the days-to-cover ratio is presently 3.4 days.

Insider Activity at Sterling Infrastructure

In other news, EVP Ronald A. Ballschmiede sold 18,700 shares of the company’s stock in a transaction dated 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 completion of the sale, the executive vice president now owns 248,471 shares of the company’s stock, valued at $35,677,950.89. This represents a 7.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 3.70% of the stock is owned by company insiders.

Institutional Investors Weigh In On Sterling Infrastructure

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

Sterling Infrastructure Stock Performance

STRL traded down $2.36 during midday trading on Friday, reaching $180.03. The company had a trading volume of 375,533 shares, compared to its average volume of 401,923. The business has a 50-day moving average of $153.02 and a two-hundred day moving average of $129.37. The company has a quick ratio of 1.24, a current ratio of 1.29 and a debt-to-equity ratio of 0.41. Sterling Infrastructure has a 1 year low of $62.13 and a 1 year high of $201.27. The company has a market cap of $5.53 billion, a P/E ratio of 30.41, a P/E/G ratio of 2.01 and a beta of 1.15.

Sterling Infrastructure (NASDAQ:STRL) last posted its quarterly earnings results on Wednesday, November 6th. The construction company reported $1.97 earnings per share for the quarter, topping analysts’ consensus estimates of $1.68 by $0.29. Sterling Infrastructure had a net margin of 8.77% and a return on equity of 27.52%. The business had revenue of $593.74 million during the quarter, compared to analyst estimates of $599.90 million. During the same period in the prior year, the business posted $1.26 earnings per share. As a group, equities research analysts predict that Sterling Infrastructure will post 5.96 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

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

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.