Sterling Infrastructure (NASDAQ:STRL) Stock Price Up 8.7% – Here’s Why

Sterling Infrastructure, Inc. (NASDAQ:STRL) shares traded up 8.7% during mid-day trading on Thursday . The stock traded as high as $305.61 and last traded at $308.2650. 141,711 shares traded hands during trading, a decline of 78% from the average session volume of 647,938 shares. The stock had previously closed at $283.57.

Wall Street Analysts Forecast Growth

STRL has been the subject of a number of research reports. Wall Street Zen lowered shares of Sterling Infrastructure from a “strong-buy” rating to a “buy” rating in a report on Friday, September 26th. DA Davidson increased their price objective on shares of Sterling Infrastructure from $355.00 to $460.00 and gave the company a “buy” rating in a report on Wednesday, November 5th. Zacks Research upgraded Sterling Infrastructure from a “hold” rating to a “strong-buy” rating in a report on Tuesday, December 2nd. Finally, Weiss Ratings restated a “buy (b-)” rating on shares of Sterling Infrastructure in a research report on Tuesday. One equities research analyst has rated the stock with a Strong Buy rating and three have given a Buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Buy” and an average target price of $460.00.

Sterling Infrastructure Stock Up 6.9%

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 company has a market capitalization of $9.31 billion, a price-to-earnings ratio of 29.76, a price-to-earnings-growth ratio of 2.16 and a beta of 1.49. The firm’s fifty day simple moving average is $349.76 and its two-hundred day simple moving average is $298.85.

Sterling Infrastructure (NASDAQ:STRL) last announced its quarterly earnings results on Monday, June 3rd. The construction company reported $0.64 earnings per share (EPS) for the quarter. Sterling Infrastructure had a net margin of 14.14% and a return on equity of 29.81%. The business had revenue of $403.58 million during the quarter. Sell-side analysts anticipate that Sterling Infrastructure, Inc. will post 5.98 EPS for the current year.

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

Institutional Trading of Sterling Infrastructure

Hedge funds and other institutional investors have recently modified their holdings of the business. Root Financial Partners LLC acquired a new position in shares of Sterling Infrastructure in the 3rd quarter worth approximately $26,000. Wilmington Savings Fund Society FSB purchased a new stake in Sterling Infrastructure in the third quarter valued at approximately $28,000. Fifth Third Bancorp raised its position in Sterling Infrastructure by 76.1% in the third quarter. Fifth Third Bancorp now owns 81 shares of the construction company’s stock valued at $28,000 after purchasing an additional 35 shares during the period. Bogart Wealth LLC lifted its stake in Sterling Infrastructure by 535.7% during the third quarter. Bogart Wealth LLC now owns 89 shares of the construction company’s stock worth $30,000 after purchasing an additional 75 shares in the last quarter. Finally, Optiver Holding B.V. boosted its position in shares of Sterling Infrastructure by 108.2% during the third quarter. Optiver Holding B.V. now owns 102 shares of the construction company’s stock worth $35,000 after buying an additional 53 shares during the period. 80.95% of the stock is owned by institutional investors and hedge funds.

About Sterling Infrastructure

Sterling Infrastructure, Inc engages in the provision of e-infrastructure, transportation, and building solutions primarily in the United States. It operates through three segments: E-Infrastructure Solutions, Transportation Solutions, and Building Solutions. The E-Infrastructure Solutions segment provides site development services for the blue-chip end users in the e-commerce distribution center, data center, manufacturing, warehousing, and power generation sectors.