2,983 Shares in Sterling Infrastructure, Inc. $STRL Bought by New York Life Investment Management LLC

New York Life Investment Management LLC acquired a new position in shares of Sterling Infrastructure, Inc. (NASDAQ:STRL) during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund acquired 2,983 shares of the construction company’s stock, valued at approximately $1,013,000.

Several other institutional investors and hedge funds also recently made changes to their positions in STRL. Cookson Peirce & Co. Inc. bought a new position in shares of Sterling Infrastructure in the second quarter valued at approximately $19,761,000. New York State Teachers Retirement System boosted its position in Sterling Infrastructure by 549.9% in the second quarter. New York State Teachers Retirement System now owns 17,620 shares of the construction company’s stock worth $4,065,000 after purchasing an additional 14,909 shares during the last quarter. JPMorgan Chase & Co. grew its stake in Sterling Infrastructure by 8.3% in the 2nd quarter. JPMorgan Chase & Co. now owns 122,623 shares of the construction company’s stock valued at $28,293,000 after purchasing an additional 9,374 shares during the period. Frontier Capital Management Co. LLC bought a new position in Sterling Infrastructure in the 2nd quarter valued at $35,931,000. Finally, VIRGINIA RETIREMENT SYSTEMS ET Al increased its position in shares of Sterling Infrastructure by 76.4% during the 3rd quarter. VIRGINIA RETIREMENT SYSTEMS ET Al now owns 10,393 shares of the construction company’s stock valued at $3,530,000 after purchasing an additional 4,500 shares during the last quarter. Hedge funds and other institutional investors own 80.95% of the company’s stock.

Wall Street Analysts Forecast Growth

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

Insider Activity

In other news, Director Dana C. O’brien sold 2,000 shares of the firm’s stock in a transaction that occurred on Monday, February 9th. The shares were sold at an average price of $410.00, for a total value of $820,000.00. Following the completion of the transaction, the director directly owned 11,498 shares in the company, valued at approximately $4,714,180. This trade represents a 14.82% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Dwayne Andree Wilson sold 2,860 shares of the company’s stock in a transaction that occurred on Friday, January 16th. The stock was sold at an average price of $350.00, for a total transaction of $1,001,000.00. Following the sale, the director directly owned 14,749 shares in the company, valued at $5,162,150. This trade represents a 16.24% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders sold 6,860 shares of company stock valued at $2,611,000. 3.70% of the stock is owned by corporate insiders.

Sterling Infrastructure Price Performance

Sterling Infrastructure stock opened at $437.77 on Friday. Sterling Infrastructure, Inc. has a one year low of $96.34 and a one year high of $470.00. The business has a fifty day moving average price of $342.63 and a 200-day moving average price of $333.34. The company has a debt-to-equity ratio of 0.26, a current ratio of 1.00 and a quick ratio of 1.00. The firm has a market capitalization of $13.45 billion, a P/E ratio of 42.92, a PEG ratio of 2.53 and a beta of 1.51.

Sterling Infrastructure declared that its board has authorized a stock repurchase program on Wednesday, November 12th that permits the company to repurchase $400.00 million in outstanding shares. This repurchase authorization permits the construction company to buy up to 3.4% of its shares through open market purchases. Shares repurchase programs are usually an indication that the company’s board 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.