The Manufacturers Life Insurance Company Sells 123 Shares of Sterling Infrastructure, Inc. (NASDAQ:STRL)

The Manufacturers Life Insurance Company reduced its holdings in shares of Sterling Infrastructure, Inc. (NASDAQ:STRL) by 0.2% in the third quarter, HoldingsChannel.com reports. The fund owned 58,545 shares of the construction company’s stock after selling 123 shares during the quarter. The Manufacturers Life Insurance Company’s holdings in Sterling Infrastructure were worth $8,490,000 at the end of the most recent quarter.

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

Sterling Infrastructure Stock Up 0.6 %

Shares of NASDAQ:STRL opened at $195.54 on Wednesday. The company has a debt-to-equity ratio of 0.41, a quick ratio of 1.29 and a current ratio of 1.29. Sterling Infrastructure, Inc. has a 52-week low of $62.66 and a 52-week high of $203.49. The business’s 50 day simple moving average is $168.21 and its two-hundred day simple moving average is $135.73. The firm has a market cap of $6.01 billion, a P/E ratio of 33.03, a PEG ratio of 2.17 and a beta of 1.22.

Sterling Infrastructure (NASDAQ:STRL) last posted its quarterly earnings results on Wednesday, November 6th. The construction company reported $1.97 earnings per share (EPS) for the quarter, beating the consensus estimate 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 the consensus estimate of $599.90 million. During the same quarter last year, the firm posted $1.26 EPS. As a group, research analysts forecast that Sterling Infrastructure, Inc. will post 5.96 EPS for the current fiscal year.

Analyst Ratings Changes

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

Insider Activity

In related news, EVP Ronald A. Ballschmiede sold 18,700 shares of Sterling Infrastructure stock in a transaction that occurred on Thursday, September 19th. The stock was 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 owns 248,471 shares of the company’s stock, valued at $35,677,950.89. The trade was a 7.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 3.80% of the company’s stock.

Sterling Infrastructure Profile

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.