Sterling Infrastructure (NASDAQ:STRL) Shares Down 5.2% - Here's What Happened

Sterling Infrastructure, Inc. (NASDAQ:STRL - Get Free Report) traded down 5.2% during trading on Friday . The stock traded as low as $191.56 and last traded at $186.40. 68,725 shares changed hands during mid-day trading, a decline of 78% from the average session volume of 309,623 shares. The stock had previously closed at $196.58.

Analysts Set New Price Targets

Separately, William Blair assumed coverage on Sterling Infrastructure in a report on Friday, January 17th. They issued an "outperform" rating for the company.

Sterling Infrastructure Stock Down 4.7 %

The firm has a fifty day simple moving average of $182.39 and a 200-day simple moving average of $151.46. The firm has a market cap of $5.75 billion, a price-to-earnings ratio of 31.64, a P/E/G ratio of 2.07 and a beta of 1.26. 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 (NASDAQ:STRL - Get Free Report) 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. Sterling Infrastructure had a return on equity of 27.52% and a net margin of 8.77%. 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, sell-side analysts expect that Sterling Infrastructure, Inc. will post 5.98 EPS for the current year.

Insider Buying and Selling at Sterling Infrastructure

In other news, Director Dana C. O'brien sold 2,000 shares of Sterling Infrastructure stock in a transaction on Wednesday, December 18th. The stock was sold at an average price of $175.89, for a total transaction of $351,780.00. Following the completion of the sale, the director now owns 25,901 shares of the company's stock, valued at approximately $4,555,726.89. This trade represents a 7.17 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 3.70% of the company's stock.

Institutional Investors Weigh In On Sterling Infrastructure

A number of hedge funds and other institutional investors have recently modified their holdings of the company. State Street Corp increased its position in shares of Sterling Infrastructure by 0.7% in the third quarter. State Street Corp now owns 713,234 shares of the construction company's stock worth $103,433,000 after purchasing an additional 5,106 shares during the period. Principal Financial Group Inc. increased its position in shares of Sterling Infrastructure by 1,088.1% in the third quarter. Principal Financial Group Inc. now owns 355,546 shares of the construction company's stock worth $51,561,000 after purchasing an additional 325,620 shares during the period. Algert Global LLC increased its position in shares of Sterling Infrastructure by 34.0% in the third quarter. Algert Global LLC now owns 26,141 shares of the construction company's stock worth $3,791,000 after purchasing an additional 6,630 shares during the period. Dynamic Technology Lab Private Ltd bought a new position in shares of Sterling Infrastructure in the third quarter worth $591,000. Finally, Stifel Financial Corp increased its position in shares of Sterling Infrastructure by 22.9% in the third quarter. Stifel Financial Corp now owns 23,418 shares of the construction company's stock worth $3,396,000 after purchasing an additional 4,359 shares during the period. Institutional investors and hedge funds own 80.95% of the company's stock.

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.