Mirae Asset Global Investments Co. Ltd. Acquires New Shares in Sterling Infrastructure, Inc. $STRL

Mirae Asset Global Investments Co. Ltd. bought a new position in Sterling Infrastructure, Inc. (NASDAQ:STRL) in the third quarter, HoldingsChannel reports. The fund bought 38,278 shares of the construction company’s stock, valued at approximately $18,824,000.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. State Street Corp boosted its stake in shares of Sterling Infrastructure by 290.7% during the 2nd quarter. State Street Corp now owns 4,253,073 shares of the construction company’s stock valued at $3,569,859,000 after buying an additional 3,164,551 shares during the period. BlackRock Inc. purchased a new position in shares of Sterling Infrastructure during the 2nd quarter valued at $2,713,946,000. First Trust Advisors LP increased its stake in shares of Sterling Infrastructure by 27.3% in the first quarter. First Trust Advisors LP now owns 877,990 shares of the construction company’s stock worth $357,579,000 after acquiring an additional 188,048 shares during the last quarter. Janus Henderson Group PLC increased its stake in shares of Sterling Infrastructure by 7.5% in the first quarter. Janus Henderson Group PLC now owns 619,145 shares of the construction company’s stock worth $252,207,000 after acquiring an additional 43,259 shares during the last quarter. Finally, Jupiter Topco LLC acquired a new position in shares of Sterling Infrastructure in the second quarter worth $395,056,000. Hedge funds and other institutional investors own 80.95% of the company’s stock.

Sterling Infrastructure Trading Up 7.7%

Sterling Infrastructure stock opened at $361.14 on Wednesday. Sterling Infrastructure, Inc. has a one year low of $281.58 and a one year high of $1,005.68. The company’s fifty day moving average price is $466.20 and its two-hundred day moving average price is $550.10. The company has a debt-to-equity ratio of 0.06, a current ratio of 1.04 and a quick ratio of 1.04. The company has a market capitalization of $11.01 billion, a price-to-earnings ratio of 20.27, a PEG ratio of 0.63 and a beta of 1.97.

Sterling Infrastructure (NASDAQ:STRL) last announced its quarterly earnings results on Wednesday, October 28th. The construction company reported $7.58 earnings per share for the quarter, topping analysts’ consensus estimates of $6.20 by $1.38. Sterling Infrastructure had a return on equity of 45.97% and a net margin of 12.85%. The company had revenue of $1.56 billion during the quarter, compared to analysts’ expectations of $1.19 billion. The company’s quarterly revenue was up 127.0% compared to the same quarter last year. On average, analysts forecast that Sterling Infrastructure, Inc. will post 20.91 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

STRL has been the subject of a number of research reports. Weiss Ratings cut Sterling Infrastructure from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Wednesday, September 9th. Zacks Research downgraded Sterling Infrastructure from a “strong-buy” rating to a “hold” rating in a research note on Friday, August 7th. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $742.00 target price on shares of Sterling Infrastructure in a research report on Thursday, October 29th. KeyCorp raised their price target on Sterling Infrastructure from $754.00 to $755.00 and gave the stock an “overweight” rating in a research note on Thursday, October 15th. Finally, Wall Street Zen lowered Sterling Infrastructure from a “strong-buy” rating to a “buy” rating in a report on Saturday, September 5th. Six investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $729.83.

Sterling Infrastructure Company Profile

Sterling Infrastructure, Inc is a U.S.-based infrastructure services company that provides construction and specialty contracting solutions through three principal business segments: E-Infrastructure Solutions, Transportation Solutions and Building Solutions.

Its E-Infrastructure Solutions segment supports the development of data centers, advanced manufacturing facilities, energy and power infrastructure, and other large-scale industrial projects. Transportation Solutions provides construction and rehabilitation services for highways, roads, bridges, airports, rail and transit systems, and related public infrastructure.