Lord Abbett & CO. LLC Trims Holdings in Sterling Infrastructure, Inc. (NASDAQ:STRL)

Lord Abbett & CO. LLC reduced its position in Sterling Infrastructure, Inc. (NASDAQ:STRL - Free Report) by 25.0% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 362,622 shares of the construction company's stock after selling 121,150 shares during the quarter. Lord Abbett & CO. LLC owned approximately 1.18% of Sterling Infrastructure worth $52,587,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also recently modified their holdings of STRL. World Investment Advisors LLC bought a new position in Sterling Infrastructure in the 3rd quarter worth $4,395,000. Sanctuary Advisors LLC bought a new position in shares of Sterling Infrastructure in the third quarter worth about $488,000. Virtu Financial LLC purchased a new stake in shares of Sterling Infrastructure during the third quarter worth about $732,000. Invst LLC raised its stake in Sterling Infrastructure by 17.6% during the 3rd quarter. Invst LLC now owns 6,876 shares of the construction company's stock valued at $997,000 after purchasing an additional 1,027 shares during the period. Finally, TD Private Client Wealth LLC lifted its holdings in Sterling Infrastructure by 44.8% in the 3rd quarter. TD Private Client Wealth LLC now owns 1,975 shares of the construction company's stock worth $286,000 after purchasing an additional 611 shares in the last quarter. 80.95% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other Sterling Infrastructure news, EVP Ronald A. Ballschmiede sold 18,700 shares of the company's 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 sale, the executive vice president now directly owns 248,471 shares in the company, valued at $35,677,950.89. This represents a 7.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this link. 3.70% of the stock is currently owned by company insiders.

Analyst Ratings Changes

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

Sterling Infrastructure Price Performance

Shares of Sterling Infrastructure stock traded down $3.32 during trading on Friday, reaching $180.29. 273,840 shares of the stock traded hands, compared to its average volume of 352,465. The company has a debt-to-equity ratio of 0.41, a current ratio of 1.29 and a quick ratio of 1.29. The company has a market capitalization of $5.54 billion, a price-to-earnings ratio of 30.45, a P/E/G ratio of 2.11 and a beta of 1.22. Sterling Infrastructure, Inc. has a 52-week low of $69.61 and a 52-week high of $203.49. The business has a fifty day simple moving average of $175.13 and a two-hundred day simple moving average of $139.24.

Sterling Infrastructure (NASDAQ:STRL - Get Free Report) last released its quarterly earnings data on Wednesday, November 6th. The construction company reported $1.97 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.68 by $0.29. The business had revenue of $593.74 million for the quarter, compared to the consensus estimate of $599.90 million. Sterling Infrastructure had a return on equity of 27.52% and a net margin of 8.77%. During the same quarter in the previous year, the company posted $1.26 EPS. Sell-side analysts expect that Sterling Infrastructure, Inc. will post 5.96 EPS for the current 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.