Sterling Infrastructure (NASDAQ:STRL) Stock Price Down 5.9% - Here's What Happened

Sterling Infrastructure, Inc. (NASDAQ:STRL - Get Free Report) was down 5.9% during mid-day trading on Tuesday . The stock traded as low as $161.75 and last traded at $167.66. Approximately 141,221 shares changed hands during trading, a decline of 35% from the average daily volume of 217,911 shares. The stock had previously closed at $178.15.

Analyst Upgrades and Downgrades

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

Sterling Infrastructure Trading Down 5.9 %

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 firm has a fifty day simple moving average of $180.71 and a 200-day simple moving average of $145.88. The firm has a market cap of $5.15 billion, a P/E ratio of 28.31, a price-to-earnings-growth ratio of 2.02 and a beta of 1.26.

Sterling Infrastructure (NASDAQ:STRL - Get Free Report) last posted its earnings results on Wednesday, November 6th. The construction company reported $1.97 earnings per share for the quarter, topping analysts' consensus estimates 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 quarter in the prior year, the business posted $1.26 EPS. On average, equities research analysts expect that Sterling Infrastructure, Inc. will post 5.96 earnings per share for the current year.

Insider Activity

In other news, Director Dana C. O'brien sold 2,000 shares of Sterling Infrastructure stock in a transaction dated Wednesday, December 18th. The shares were sold at an average price of $175.89, for a total value of $351,780.00. Following the completion of the transaction, the director now owns 25,901 shares in the company, valued at $4,555,726.89. This trade represents a 7.17 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 3.70% of the company's stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of STRL. Geode Capital Management LLC boosted its holdings in shares of Sterling Infrastructure by 0.5% in the third quarter. Geode Capital Management LLC now owns 719,980 shares of the construction company's stock worth $104,431,000 after acquiring an additional 3,918 shares during the period. State Street Corp increased its position in shares of Sterling Infrastructure by 0.7% during the third quarter. State Street Corp now owns 713,234 shares of the construction company's stock valued at $103,433,000 after buying an additional 5,106 shares during the period. Congress Asset Management Co. lifted its holdings in shares of Sterling Infrastructure by 19.1% in the third quarter. Congress Asset Management Co. now owns 647,924 shares of the construction company's stock worth $93,962,000 after buying an additional 104,096 shares in the last quarter. Allspring Global Investments Holdings LLC lifted its holdings in shares of Sterling Infrastructure by 19.8% in the third quarter. Allspring Global Investments Holdings LLC now owns 617,901 shares of the construction company's stock worth $89,608,000 after buying an additional 102,101 shares in the last quarter. Finally, Driehaus Capital Management LLC boosted its position in shares of Sterling Infrastructure by 11.4% in the second quarter. Driehaus Capital Management LLC now owns 533,606 shares of the construction company's stock valued at $63,147,000 after acquiring an additional 54,727 shares during the period. 80.95% of the stock is owned by institutional investors.

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.