Sterling Infrastructure, Inc. $STRL Shares Sold by Summit Global Investments

Summit Global Investments lowered its stake in shares of Sterling Infrastructure, Inc. (NASDAQ:STRL) by 27.7% in the third quarter, HoldingsChannel.com reports. The institutional investor owned 3,807 shares of the construction company’s stock after selling 1,461 shares during the period. Summit Global Investments’ holdings in Sterling Infrastructure were worth $1,293,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. State Street Corp raised its position in shares of Sterling Infrastructure by 62.0% in the second quarter. State Street Corp now owns 1,131,751 shares of the construction company’s stock worth $261,129,000 after acquiring an additional 433,311 shares during the period. Invesco Ltd. lifted its position in shares of Sterling Infrastructure by 82.7% in the second quarter. Invesco Ltd. now owns 735,910 shares of the construction company’s stock valued at $169,797,000 after acquiring an additional 333,013 shares in the last quarter. Frontier Capital Management Co. LLC purchased a new position in Sterling Infrastructure in the 2nd quarter valued at $35,931,000. American Century Companies Inc. lifted its stake in shares of Sterling Infrastructure by 61.6% in the second quarter. American Century Companies Inc. now owns 354,372 shares of the construction company’s stock worth $81,764,000 after buying an additional 135,107 shares in the last quarter. Finally, Aperture Investors LLC purchased a new position in Sterling Infrastructure in the 2nd quarter worth approximately $23,945,000. 80.95% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Sterling Infrastructure

In related news, Director Dwayne Andree Wilson sold 2,860 shares of the firm’s stock in a transaction dated Friday, January 16th. The shares were sold at an average price of $350.00, for a total value of $1,001,000.00. Following the completion of the sale, the director owned 14,749 shares in the company, valued at $5,162,150. This trade represents a 16.24% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 3.70% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

Several research firms have recently commented on STRL. DA Davidson lifted their price target on Sterling Infrastructure from $355.00 to $460.00 and gave the stock a “buy” rating in a report on Wednesday, November 5th. Cantor Fitzgerald began coverage on Sterling Infrastructure in a research report on Friday, January 23rd. They issued an “overweight” rating and a $413.00 target price on the stock. Weiss Ratings upgraded shares of Sterling Infrastructure from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Monday. Finally, Zacks Research lowered Sterling Infrastructure from a “strong-buy” rating to a “hold” rating in a research report on Monday, January 5th. Three research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $436.50.

Sterling Infrastructure Trading Down 5.6%

Shares of Sterling Infrastructure stock opened at $357.91 on Friday. The company has a debt-to-equity ratio of 0.26, a quick ratio of 1.00 and a current ratio of 1.00. Sterling Infrastructure, Inc. has a 1 year low of $96.34 and a 1 year high of $419.14. The company’s fifty day moving average is $328.83 and its two-hundred day moving average is $322.86. The company has a market capitalization of $10.99 billion, a P/E ratio of 35.09, a PEG ratio of 2.22 and a beta of 1.50.

Sterling Infrastructure (NASDAQ:STRL) last issued its quarterly earnings results on Monday, November 3rd. The construction company reported $3.48 earnings per share for the quarter, topping the consensus estimate of $2.79 by $0.69. Sterling Infrastructure had a return on equity of 29.81% and a net margin of 14.14%.The firm had revenue of $689.02 million during the quarter, compared to the consensus estimate of $618.80 million. Analysts forecast that Sterling Infrastructure, Inc. will post 5.98 earnings per share for the current year.

Sterling Infrastructure declared that its board has authorized a share buyback program on Wednesday, November 12th that authorizes the company to repurchase $400.00 million in shares. This repurchase authorization authorizes the construction company to repurchase up to 3.4% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company’s leadership believes its stock is undervalued.

About Sterling Infrastructure

Sterling Infrastructure, Inc (NASDAQ: STRL) is a diversified manufacturer and distributor of essential infrastructure products serving municipal, utility and industrial customers across North America. Through its network of wholly owned subsidiaries, the company designs, engineers and produces a wide range of cast and fabricated solutions tailored to the needs of the waterworks, natural gas, telecommunications, electric, traffic safety and parks & recreation markets.

The company’s product portfolio encompasses ductile iron and composite fittings, valve boxes, manhole frames and covers, water and gas meter sets, street light poles and mounting accessories, traffic sign posts with breakaway systems, bollards and related system components.