Jennison Associates LLC Has $642,000 Position in Sterling Infrastructure, Inc. (NASDAQ:STRL)

Jennison Associates LLC cut its stake in Sterling Infrastructure, Inc. (NASDAQ:STRL) by 35.0% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 4,430 shares of the construction company’s stock after selling 2,385 shares during the period. Jennison Associates LLC’s holdings in Sterling Infrastructure were worth $642,000 at the end of the most recent quarter.

A number of other institutional investors have also recently modified their holdings of the stock. Commerce Bank raised its stake in Sterling Infrastructure by 29.5% in the third quarter. Commerce Bank now owns 2,986 shares of the construction company’s stock valued at $433,000 after purchasing an additional 680 shares in the last quarter. Segall Bryant & Hamill LLC raised its position in shares of Sterling Infrastructure by 44.2% in the 3rd quarter. Segall Bryant & Hamill LLC now owns 99,262 shares of the construction company’s stock valued at $14,395,000 after buying an additional 30,437 shares in the last quarter. Meeder Asset Management Inc. lifted its holdings in shares of Sterling Infrastructure by 65.1% during the 3rd quarter. Meeder Asset Management Inc. now owns 3,417 shares of the construction company’s stock worth $496,000 after acquiring an additional 1,347 shares during the period. Pathstone Holdings LLC boosted its position in shares of Sterling Infrastructure by 157.1% during the 3rd quarter. Pathstone Holdings LLC now owns 9,900 shares of the construction company’s stock worth $1,436,000 after acquiring an additional 6,049 shares in the last quarter. Finally, Baron Wealth Management LLC bought a new position in Sterling Infrastructure in the third quarter valued at approximately $305,000. 80.95% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

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

Insider Transactions at Sterling Infrastructure

In related 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 value of $2,685,133.00. Following the completion of the transaction, the executive vice president now owns 248,471 shares in the company, valued at $35,677,950.89. This trade represents a 7.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Company insiders own 3.70% of the company’s stock.

Sterling Infrastructure Stock Performance

Sterling Infrastructure stock opened at $196.51 on Friday. The company has a quick ratio of 1.29, a current ratio of 1.29 and a debt-to-equity ratio of 0.41. The stock has a market cap of $6.03 billion, a PE ratio of 33.19, a P/E/G ratio of 2.21 and a beta of 1.15. Sterling Infrastructure, Inc. has a 12-month low of $62.13 and a 12-month high of $201.27. The business’s 50-day moving average price is $160.49 and its two-hundred day moving average price is $132.33.

Sterling Infrastructure (NASDAQ:STRL) last announced 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. The company had revenue of $593.74 million for the quarter, compared to analyst estimates of $599.90 million. Sterling Infrastructure had a net margin of 8.77% and a return on equity of 27.52%. During the same period in the previous year, the firm posted $1.26 EPS. As a group, analysts expect that Sterling Infrastructure, Inc. will post 5.96 earnings per share for the current fiscal year.

Sterling Infrastructure Company 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.