Putnam Investments LLC Reduces Position in Sterling Infrastructure, Inc. (NASDAQ:STRL)

Posted by Defense World Staff on Mar 13th, 2023

Putnam Investments LLC cut its position in Sterling Infrastructure, Inc. (NASDAQ:STRL – Get Rating) by 62.1% during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 81,162 shares of the construction company’s stock after selling 132,901 shares during the period. Putnam Investments LLC owned 0.27% of Sterling Infrastructure worth $1,742,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors also recently modified their holdings of STRL. Raymond James & Associates increased its position in shares of Sterling Infrastructure by 54.0% in the 1st quarter. Raymond James & Associates now owns 38,728 shares of the construction company’s stock valued at $1,038,000 after purchasing an additional 13,578 shares during the last quarter. Bank of New York Mellon Corp increased its position in shares of Sterling Infrastructure by 1.3% in the 1st quarter. Bank of New York Mellon Corp now owns 171,699 shares of the construction company’s stock valued at $4,602,000 after purchasing an additional 2,229 shares during the last quarter. US Bancorp DE increased its position in shares of Sterling Infrastructure by 288.9% in the 1st quarter. US Bancorp DE now owns 3,527 shares of the construction company’s stock valued at $94,000 after purchasing an additional 2,620 shares during the last quarter. Cambridge Investment Research Advisors Inc. increased its position in shares of Sterling Infrastructure by 11.8% in the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 19,700 shares of the construction company’s stock valued at $528,000 after purchasing an additional 2,075 shares during the last quarter. Finally, Bank of Montreal Can increased its position in shares of Sterling Infrastructure by 18.6% in the 1st quarter. Bank of Montreal Can now owns 10,555 shares of the construction company’s stock valued at $295,000 after purchasing an additional 1,659 shares during the last quarter. 77.74% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Sterling Infrastructure

In other Sterling Infrastructure news, General Counsel Mark D. Wolf sold 4,000 shares of the firm’s stock in a transaction on Wednesday, March 8th. The shares were sold at an average price of $41.24, for a total transaction of $164,960.00. Following the transaction, the general counsel now directly owns 38,939 shares of the company’s stock, valued at approximately $1,605,844.36. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other Sterling Infrastructure news, General Counsel Mark D. Wolf sold 4,000 shares of the firm’s stock in a transaction on Wednesday, March 8th. The shares were sold at an average price of $41.24, for a total transaction of $164,960.00. Following the transaction, the general counsel now directly owns 38,939 shares of the company’s stock, valued at approximately $1,605,844.36. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Joseph A. Cutillo sold 50,280 shares of the firm’s stock in a transaction on Thursday, March 2nd. The stock was sold at an average price of $40.85, for a total transaction of $2,053,938.00. Following the transaction, the chief executive officer now directly owns 702,591 shares in the company, valued at $28,700,842.35. The disclosure for this sale can be found here. Insiders have sold 71,482 shares of company stock valued at $2,821,554 in the last ninety days. Insiders own 3.30% of the company’s stock.

Analyst Upgrades and Downgrades

STRL has been the topic of a number of recent analyst reports. StockNews.com downgraded shares of Sterling Infrastructure from a “strong-buy” rating to a “buy” rating in a research report on Monday, February 20th. DA Davidson increased their target price on shares of Sterling Infrastructure from $35.00 to $48.00 in a research report on Thursday, March 2nd.

Sterling Infrastructure Trading Down 4.9 %

NASDAQ STRL opened at $38.87 on Monday. The company has a debt-to-equity ratio of 0.83, a current ratio of 1.34 and a quick ratio of 1.34. The firm’s fifty day moving average price is $35.95 and its 200 day moving average price is $30.71. The company has a market capitalization of $1.19 billion, a price-to-earnings ratio of 11.11, a price-to-earnings-growth ratio of 0.63 and a beta of 1.37. Sterling Infrastructure, Inc. has a 12 month low of $20.46 and a 12 month high of $42.00.

Sterling Infrastructure Company Profile

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Sterling Infrastructure, Inc engages in the provision of construction solutions. It operates through the following segments: Transportation Solutions, E-Infrastructure Solutions, and Building Solutions. The Transportation Solutions segment includes infrastructure and rehabilitation projects for highways, roads, bridges, airports, ports, light rail, water, wastewater, and storm drainage systems.