Sterling Infrastructure (NASDAQ:STRL) Stock Price Up 6.2% – Here’s What Happened

Sterling Infrastructure, Inc. (NASDAQ:STRL) shares traded up 6.2% on Friday . The company traded as high as $430.63 and last traded at $441.0170. 59,291 shares traded hands during trading, a decline of 87% from the average session volume of 466,451 shares. The stock had previously closed at $415.13.

Analysts Set New Price Targets

A number of brokerages have recently commented on STRL. Stifel Nicolaus set a $486.00 price target on shares of Sterling Infrastructure and gave the stock a “buy” rating in a report on Wednesday, February 11th. Zacks Research downgraded shares of Sterling Infrastructure from a “strong-buy” rating to a “hold” rating in a research note on Monday, January 5th. DA Davidson upped 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 upgraded Sterling Infrastructure from a “hold (c+)” rating to a “buy (b-)” rating in a report on Monday, January 26th. Finally, Cantor Fitzgerald assumed coverage on shares of Sterling Infrastructure in a research note on Friday, January 23rd. They issued an “overweight” rating and a $413.00 target price for the company. Four investment analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $453.00.

Sterling Infrastructure Price Performance

The business has a fifty day moving average of $349.91 and a 200-day moving average of $337.69. The company has a debt-to-equity ratio of 0.26, a quick ratio of 1.00 and a current ratio of 1.00. The firm has a market capitalization of $13.42 billion, a P/E ratio of 42.83, a price-to-earnings-growth ratio of 2.35 and a beta of 1.51.

Sterling Infrastructure announced that its board has approved a share buyback 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 reacquire up to 3.4% of its shares through open market purchases. Shares repurchase programs are generally a sign that the company’s board believes its shares are undervalued.

Insider Activity

In other 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 transaction of $1,001,000.00. Following the completion of the transaction, the director owned 14,749 shares in the company, valued at approximately $5,162,150. This trade represents a 16.24% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Dana C. O’brien sold 2,000 shares of the firm’s stock in a transaction on Monday, February 9th. The stock was sold at an average price of $410.00, for a total value of $820,000.00. Following the sale, the director directly owned 11,498 shares of the company’s stock, valued at approximately $4,714,180. This represents a 14.82% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 6,860 shares of company stock valued at $2,611,000 in the last ninety days. Company insiders own 3.70% of the company’s stock.

Hedge Funds Weigh In On Sterling Infrastructure

Several institutional investors and hedge funds have recently modified their holdings of the stock. Twin Peaks Wealth Advisors LLC bought a new stake in Sterling Infrastructure in the second quarter valued at $26,000. Root Financial Partners LLC acquired a new stake in shares of Sterling Infrastructure during the third quarter worth approximately $26,000. Wilmington Savings Fund Society FSB bought a new position in shares of Sterling Infrastructure in the third quarter valued at approximately $28,000. Fifth Third Bancorp boosted its holdings in shares of Sterling Infrastructure by 76.1% in the 3rd quarter. Fifth Third Bancorp now owns 81 shares of the construction company’s stock worth $28,000 after acquiring an additional 35 shares in the last quarter. Finally, Bessemer Group Inc. raised its position in Sterling Infrastructure by 119.3% in the 2nd quarter. Bessemer Group Inc. now owns 125 shares of the construction company’s stock valued at $29,000 after purchasing an additional 68 shares during the last quarter. 80.95% of the stock is currently owned by hedge funds and other institutional investors.

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.