IndexIQ Advisors LLC Acquires New Stake in Sterling Construction Company, Inc. (STRL)

IndexIQ Advisors LLC acquired a new position in Sterling Construction Company, Inc. (NASDAQ:STRL) during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm acquired 66,181 shares of the construction company’s stock, valued at approximately $829,000.

Several other hedge funds have also modified their holdings of STRL. New York State Teachers Retirement System purchased a new stake in shares of Sterling Construction in the fourth quarter worth $26,000. Macquarie Group Ltd. raised its position in shares of Sterling Construction by 111.1% in the fourth quarter. Macquarie Group Ltd. now owns 3,800 shares of the construction company’s stock worth $41,000 after buying an additional 2,000 shares in the last quarter. Meeder Asset Management Inc. purchased a new stake in shares of Sterling Construction in the first quarter worth $58,000. BNP Paribas Arbitrage SA raised its position in shares of Sterling Construction by 728.5% in the first quarter. BNP Paribas Arbitrage SA now owns 5,559 shares of the construction company’s stock worth $70,000 after buying an additional 4,888 shares in the last quarter. Finally, Citigroup Inc. raised its position in shares of Sterling Construction by 17.6% in the fourth quarter. Citigroup Inc. now owns 8,617 shares of the construction company’s stock worth $94,000 after buying an additional 1,292 shares in the last quarter. Institutional investors own 81.72% of the company’s stock.

In other news, Director Roger A. Cregg bought 10,000 shares of Sterling Construction stock in a transaction that occurred on Thursday, May 9th. The shares were acquired at an average price of $11.94 per share, with a total value of $119,400.00. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 2.00% of the stock is owned by corporate insiders.

A number of research analysts recently commented on STRL shares. BidaskClub raised Sterling Construction from a “buy” rating to a “strong-buy” rating in a research note on Wednesday, January 30th. ValuEngine cut Sterling Construction from a “buy” rating to a “hold” rating in a research note on Thursday, March 14th. Finally, Zacks Investment Research cut Sterling Construction from a “hold” rating to a “sell” rating in a research note on Friday, March 8th. One analyst has rated the stock with a sell rating, two have given a hold rating and one has issued a buy rating to the stock. The stock currently has a consensus rating of “Hold” and an average target price of $17.50.

STRL opened at $12.08 on Tuesday. The firm has a market capitalization of $317.26 million, a P/E ratio of 12.99, a PEG ratio of 0.97 and a beta of 1.05. The company has a current ratio of 1.66, a quick ratio of 1.64 and a debt-to-equity ratio of 0.51. Sterling Construction Company, Inc. has a 52 week low of $9.71 and a 52 week high of $16.07.

Sterling Construction (NASDAQ:STRL) last released its earnings results on Monday, May 6th. The construction company reported $0.07 EPS for the quarter, missing the Zacks’ consensus estimate of $0.13 by ($0.06). The firm had revenue of $223.90 million during the quarter, compared to the consensus estimate of $225.85 million. Sterling Construction had a net margin of 2.36% and a return on equity of 14.67%. The firm’s revenue was up .6% compared to the same quarter last year. During the same period in the prior year, the company earned $0.09 EPS. As a group, sell-side analysts anticipate that Sterling Construction Company, Inc. will post 1.13 earnings per share for the current fiscal year.

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Sterling Construction Profile

Sterling Construction Company, Inc, together with its subsidiaries, operates as a heavy civil and residential construction company in Arizona, California, Colorado, Hawaii, Nevada, Texas, Utah, and other states in the United States. The company's Heavy Civil Construction segment undertakes heavy civil construction projects, including highways, roads, bridges, airfields, ports, light rail, water, wastewater and storm drainage systems, foundations for multi-family homes, commercial concrete projects, and parking structures.

Further Reading: What is the Bid-Ask Spread?

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Institutional Ownership by Quarter for Sterling Construction (NASDAQ:STRL)

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