Highbridge Capital Management LLC purchased a new position in shares of Sterling Construction Company Inc (NASDAQ:STRL) during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 16,254 shares of the construction company’s stock, valued at approximately $150,000. Highbridge Capital Management LLC owned 0.06% of Sterling Construction as of its most recent SEC filing.
Several other hedge funds and other institutional investors have also recently made changes to their positions in the company. Hennessy Advisors Inc. purchased a new position in shares of Sterling Construction during the first quarter valued at about $4,051,000. Renaissance Technologies LLC raised its position in Sterling Construction by 52.1% in the fourth quarter. Renaissance Technologies LLC now owns 993,000 shares of the construction company’s stock worth $8,401,000 after buying an additional 340,200 shares during the period. Dimensional Fund Advisors LP raised its position in Sterling Construction by 23.8% in the fourth quarter. Dimensional Fund Advisors LP now owns 1,208,659 shares of the construction company’s stock worth $10,225,000 after buying an additional 232,453 shares during the period. Russell Investments Group Ltd. bought a new position in Sterling Construction during the fourth quarter worth $1,809,000. Finally, Dalton Greiner Hartman Maher & Co. raised its position in Sterling Construction by 99.8% in the first quarter. Dalton Greiner Hartman Maher & Co. now owns 399,677 shares of the construction company’s stock worth $3,697,000 after buying an additional 199,597 shares during the period. 74.58% of the stock is owned by hedge funds and other institutional investors.
Sterling Construction Company Inc (NASDAQ STRL) traded up 2.97% on Tuesday, reaching $11.11. The company had a trading volume of 456,676 shares. The firm’s market capitalization is $300.27 million. Sterling Construction Company Inc has a 1-year low of $6.01 and a 1-year high of $14.93. The company’s 50-day moving average price is $12.41 and its 200 day moving average price is $10.29.
Sterling Construction (NASDAQ:STRL) last announced its quarterly earnings results on Wednesday, August 2nd. The construction company reported $0.23 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.06 by $0.17. Sterling Construction had a negative net margin of 0.33% and a positive return on equity of 0.06%. The company had revenue of $264.40 million for the quarter, compared to the consensus estimate of $231.42 million. During the same quarter in the prior year, the firm earned $0.09 earnings per share. The company’s revenue for the quarter was up 39.5% compared to the same quarter last year. On average, equities analysts forecast that Sterling Construction Company Inc will post $0.39 EPS for the current year.
A number of equities analysts have recently issued reports on the company. Zacks Investment Research upgraded Sterling Construction from a “hold” rating to a “buy” rating and set a $12.00 price target on the stock in a research note on Thursday, May 11th. Canaccord Genuity reaffirmed a “buy” rating and issued a $12.00 target price on shares of Sterling Construction in a report on Friday, April 28th. DA Davidson raised Sterling Construction from a “neutral” rating to a “buy” rating and set a $15.00 target price on the stock in a report on Thursday, June 29th. BidaskClub cut Sterling Construction from a “strong-buy” rating to a “buy” rating in a report on Monday, July 24th. Finally, TheStreet raised Sterling Construction from a “c” rating to a “b-” rating in a report on Wednesday, August 2nd. One investment analyst has rated the stock with a hold rating, two have issued a buy rating and one has issued a strong buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and an average target price of $14.00.
In other Sterling Construction news, Director Milton L. Scott sold 15,000 shares of the company’s stock in a transaction dated Tuesday, June 20th. The shares were sold at an average price of $10.63, for a total value of $159,450.00. Following the sale, the director now owns 45,307 shares of the company’s stock, valued at $481,613.41. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 5.20% of the stock is owned by corporate insiders.
About Sterling Construction
Sterling Construction Company, Inc is a heavy civil construction company engaged in the building and reconstruction of transportation and water infrastructure projects in Texas, Utah, Nevada, Arizona, California, Hawaii and other states. The Company’s transportation infrastructure projects include highways, roads, bridges, airfields, ports and light rail.
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