Sterling Infrastructure (NASDAQ:STRL) Shares Up 7.6% – Time to Buy?

Sterling Infrastructure, Inc. (NASDAQ:STRL) shot up 7.6% during mid-day trading on Thursday . The company traded as high as $468.22 and last traded at $466.9030. 122,521 shares traded hands during mid-day trading, a decline of 73% from the average session volume of 447,474 shares. The stock had previously closed at $433.91.

Analysts Set New Price Targets

Several research analysts recently weighed in on the stock. Cantor Fitzgerald initiated coverage on shares of Sterling Infrastructure in a report on Friday, January 23rd. They issued an “overweight” rating and a $413.00 target price for the company. DA Davidson increased their target price on Sterling Infrastructure from $355.00 to $460.00 and gave the stock a “buy” rating in a research report on Wednesday, November 5th. Weiss Ratings raised Sterling Infrastructure from a “hold (c+)” rating to a “buy (b-)” rating in a report on Monday, January 26th. Zacks Research lowered shares of Sterling Infrastructure from a “strong-buy” rating to a “hold” rating in a report on Monday, January 5th. Finally, Stifel Nicolaus set a $486.00 target price on shares of Sterling Infrastructure and gave the stock a “buy” rating in a report on Wednesday. Four investment analysts have rated the stock with a Buy rating and one has given a Hold rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $453.00.

Sterling Infrastructure Price Performance

The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 0.26. The firm’s 50-day moving average price is $338.40 and its 200-day moving average price is $331.43. The stock has a market capitalization of $13.25 billion, a PE ratio of 42.30, a PEG ratio of 2.43 and a beta of 1.51.

Sterling Infrastructure declared that its board has authorized a share buyback plan on Wednesday, November 12th that permits the company to buyback $400.00 million in outstanding shares. This buyback authorization permits the construction company to buy up to 3.4% of its stock through open market purchases. Stock buyback plans are usually a sign that the company’s leadership believes its stock is undervalued.

Insider Transactions at Sterling Infrastructure

In related news, Director Dwayne Andree Wilson sold 2,860 shares of the company’s stock in a transaction dated Friday, January 16th. The shares were sold at an average price of $350.00, for a total transaction of $1,001,000.00. Following the transaction, the director directly owned 14,749 shares in the company, valued at approximately $5,162,150. This represents a 16.24% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Dana C. O’brien sold 2,000 shares of the stock in a transaction dated Monday, February 9th. The stock was sold at an average price of $410.00, for a total transaction of $820,000.00. Following the completion of the sale, the director directly owned 11,498 shares in the company, valued at $4,714,180. This trade represents a 14.82% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last ninety days, insiders have sold 6,860 shares of company stock valued at $2,611,000. 3.70% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Sterling Infrastructure

A number of large investors have recently bought and sold shares of the business. State Street Corp lifted its position in shares of Sterling Infrastructure by 62.0% during the second quarter. State Street Corp now owns 1,131,751 shares of the construction company’s stock worth $261,129,000 after purchasing an additional 433,311 shares during the last quarter. Invesco Ltd. grew its holdings 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 worth $169,797,000 after purchasing an additional 333,013 shares during the last quarter. American Century Companies Inc. lifted its holdings in Sterling Infrastructure by 84.6% during the 3rd quarter. American Century Companies Inc. now owns 654,096 shares of the construction company’s stock valued at $222,184,000 after buying an additional 299,724 shares in the last quarter. First Trust Advisors LP lifted its holdings in Sterling Infrastructure by 83.5% during the 3rd quarter. First Trust Advisors LP now owns 606,236 shares of the construction company’s stock valued at $205,926,000 after buying an additional 275,830 shares in the last quarter. Finally, Capital Research Global Investors boosted its position in Sterling Infrastructure by 104.1% in the 3rd quarter. Capital Research Global Investors now owns 364,830 shares of the construction company’s stock valued at $123,925,000 after buying an additional 186,122 shares during the period. Hedge funds and other institutional investors own 80.95% of the company’s stock.

Sterling Infrastructure Company Profile

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.