Jennison Associates LLC Acquires New Holdings in Sterling Infrastructure, Inc. (NASDAQ:STRL)

Jennison Associates LLC acquired a new stake in Sterling Infrastructure, Inc. (NASDAQ:STRL) during the 4th quarter, HoldingsChannel.com reports. The fund acquired 6,906 shares of the construction company’s stock, valued at approximately $607,000.

Several other institutional investors and hedge funds have also recently bought and sold shares of STRL. Lord Abbett & CO. LLC raised its holdings in Sterling Infrastructure by 347.4% in the 3rd quarter. Lord Abbett & CO. LLC now owns 616,017 shares of the construction company’s stock valued at $45,265,000 after buying an additional 478,331 shares during the period. FMR LLC raised its holdings in Sterling Infrastructure by 45.0% in the 3rd quarter. FMR LLC now owns 847,335 shares of the construction company’s stock valued at $62,262,000 after buying an additional 263,046 shares during the period. Lisanti Capital Growth LLC acquired a new position in Sterling Infrastructure in the 3rd quarter valued at about $10,167,000. Charles Schwab Investment Management Inc. grew its position in Sterling Infrastructure by 43.2% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 365,027 shares of the construction company’s stock valued at $26,822,000 after acquiring an additional 110,146 shares in the last quarter. Finally, Qube Research & Technologies Ltd grew its position in Sterling Infrastructure by 310.8% in the 3rd quarter. Qube Research & Technologies Ltd now owns 143,520 shares of the construction company’s stock valued at $10,546,000 after acquiring an additional 108,582 shares in the last quarter. 80.95% of the stock is currently owned by hedge funds and other institutional investors.

Sterling Infrastructure Stock Performance

Shares of Sterling Infrastructure stock opened at $105.89 on Monday. Sterling Infrastructure, Inc. has a one year low of $35.68 and a one year high of $116.36. The company has a market cap of $3.28 billion, a PE ratio of 23.80, a P/E/G ratio of 1.06 and a beta of 1.19. The company has a debt-to-equity ratio of 0.50, a quick ratio of 1.25 and a current ratio of 1.25. The business has a 50-day simple moving average of $104.17 and a 200-day simple moving average of $85.02.

Sterling Infrastructure (NASDAQ:STRL) last announced its quarterly earnings data on Monday, February 26th. The construction company reported $1.30 EPS for the quarter, topping analysts’ consensus estimates of $1.00 by $0.30. Sterling Infrastructure had a return on equity of 24.75% and a net margin of 7.03%. The business had revenue of $485.98 million during the quarter, compared to the consensus estimate of $526.90 million. On average, equities research analysts forecast that Sterling Infrastructure, Inc. will post 4.98 EPS for the current fiscal year.

Insider Activity at Sterling Infrastructure

In related news, General Counsel Mark D. Wolf sold 4,134 shares of the company’s stock in a transaction that occurred on Tuesday, February 27th. The stock was sold at an average price of $106.22, for a total value of $439,113.48. Following the completion of the transaction, the general counsel now directly owns 35,048 shares of the company’s stock, valued at $3,722,798.56. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, CEO Joseph A. Cutillo sold 20,000 shares of the company’s stock in a transaction that occurred on Monday, April 1st. The stock was sold at an average price of $109.78, for a total value of $2,195,600.00. Following the completion of the transaction, the chief executive officer now directly owns 448,133 shares of the company’s stock, valued at $49,196,040.74. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, General Counsel Mark D. Wolf sold 4,134 shares of the company’s stock in a transaction that occurred on Tuesday, February 27th. The shares were sold at an average price of $106.22, for a total value of $439,113.48. Following the completion of the transaction, the general counsel now directly owns 35,048 shares of the company’s stock, valued at $3,722,798.56. The disclosure for this sale can be found here. Insiders sold 198,172 shares of company stock valued at $22,019,320 over the last three months. 3.70% of the stock is owned by corporate insiders.

Analyst Ratings Changes

Separately, DA Davidson reissued a “neutral” rating and set a $115.00 price objective (up from $86.00) on shares of Sterling Infrastructure in a research report on Wednesday, February 28th.

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.