Lord Abbett & CO. LLC Sells 121,150 Shares of Sterling Infrastructure, Inc. (NASDAQ:STRL)

Lord Abbett & CO. LLC decreased its holdings in Sterling Infrastructure, Inc. (NASDAQ:STRL) by 25.0% in the third quarter, HoldingsChannel.com reports. The fund owned 362,622 shares of the construction company’s stock after selling 121,150 shares during the quarter. Lord Abbett & CO. LLC’s holdings in Sterling Infrastructure were worth $52,587,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in the business. Quarry LP grew its holdings in Sterling Infrastructure by 510.7% during the 3rd quarter. Quarry LP now owns 171 shares of the construction company’s stock valued at $25,000 after buying an additional 143 shares in the last quarter. Capital Performance Advisors LLP bought a new position in shares of Sterling Infrastructure during the 3rd quarter valued at about $26,000. Hantz Financial Services Inc. purchased a new position in shares of Sterling Infrastructure during the second quarter valued at about $30,000. Huntington National Bank lifted its position in shares of Sterling Infrastructure by 21,300.0% in the third quarter. Huntington National Bank now owns 214 shares of the construction company’s stock worth $31,000 after buying an additional 213 shares in the last quarter. Finally, Nisa Investment Advisors LLC increased its stake in Sterling Infrastructure by 391.1% in the 2nd quarter. Nisa Investment Advisors LLC now owns 275 shares of the construction company’s stock worth $33,000 after acquiring an additional 219 shares during the last quarter. Hedge funds and other institutional investors own 80.95% of the company’s stock.

Insider Buying and Selling

In other news, EVP Ronald A. Ballschmiede sold 18,700 shares of the stock in a transaction 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 sale, the executive vice president now 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 3.70% of the stock is currently owned by insiders.

Sterling Infrastructure Stock Performance

Sterling Infrastructure stock opened at $180.29 on Friday. Sterling Infrastructure, Inc. has a 1-year low of $69.61 and a 1-year high of $203.49. The company’s 50-day moving average is $175.13 and its 200 day moving average is $139.11. The firm has a market capitalization of $5.54 billion, a P/E ratio of 30.45, a price-to-earnings-growth ratio of 2.11 and a beta of 1.22. The company has a debt-to-equity ratio of 0.41, a current ratio of 1.29 and a quick ratio of 1.29.

Sterling Infrastructure (NASDAQ:STRL) last posted its quarterly earnings data on Wednesday, November 6th. The construction company reported $1.97 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.68 by $0.29. Sterling Infrastructure had a return on equity of 27.52% and a net margin of 8.77%. The company had revenue of $593.74 million during the quarter, compared to analysts’ expectations of $599.90 million. During the same quarter in the previous year, the business earned $1.26 EPS. Research analysts forecast that Sterling Infrastructure, Inc. will post 5.96 EPS for the current year.

Wall Street Analysts Forecast Growth

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

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.