New York State Common Retirement Fund Sells 5,511 Shares of Sterling Infrastructure, Inc. $STRL

New York State Common Retirement Fund decreased its position in Sterling Infrastructure, Inc. (NASDAQ:STRL) by 8.0% in the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 63,531 shares of the construction company’s stock after selling 5,511 shares during the period. New York State Common Retirement Fund’s holdings in Sterling Infrastructure were worth $21,580,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. State Street Corp increased 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 valued at $261,129,000 after acquiring an additional 433,311 shares during the last quarter. Invesco Ltd. increased its position in shares of Sterling Infrastructure by 82.7% during the 2nd quarter. Invesco Ltd. now owns 735,910 shares of the construction company’s stock valued at $169,797,000 after purchasing an additional 333,013 shares during the last quarter. Frontier Capital Management Co. LLC bought a new stake in shares of Sterling Infrastructure during the 2nd quarter worth $35,931,000. American Century Companies Inc. raised its stake in shares of Sterling Infrastructure by 61.6% during the 2nd quarter. American Century Companies Inc. now owns 354,372 shares of the construction company’s stock worth $81,764,000 after purchasing an additional 135,107 shares during the period. Finally, Aperture Investors LLC purchased a new position in shares of Sterling Infrastructure in the 2nd quarter worth about $23,945,000. Hedge funds and other institutional investors own 80.95% of the company’s stock.

Analysts Set New Price Targets

STRL has been the subject of a number of research analyst reports. Zacks Research downgraded shares of Sterling Infrastructure from a “strong-buy” rating to a “hold” rating in a report on Monday, January 5th. 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 lifted their price target on shares of Sterling Infrastructure from $355.00 to $460.00 and gave the stock a “buy” rating in a report on Wednesday, November 5th. Finally, Cantor Fitzgerald began coverage on Sterling Infrastructure in a research note on Friday, January 23rd. They issued an “overweight” rating and a $413.00 price objective on the stock. Three research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. According to MarketBeat.com, Sterling Infrastructure presently has an average rating of “Moderate Buy” and a consensus target price of $436.50.

Sterling Infrastructure Stock Down 5.6%

STRL stock opened at $357.91 on Friday. The company’s 50 day moving average is $328.83 and its 200 day moving average is $323.45. The stock has a market cap of $10.99 billion, a price-to-earnings ratio of 35.09, a price-to-earnings-growth ratio of 2.22 and a beta of 1.50. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 0.26. Sterling Infrastructure, Inc. has a 1-year low of $96.34 and a 1-year high of $419.14.

Sterling Infrastructure (NASDAQ:STRL) last released its quarterly earnings results on Monday, November 3rd. The construction company reported $3.48 EPS for the quarter, topping analysts’ consensus estimates of $2.79 by $0.69. The business had revenue of $689.02 million during the quarter, compared to analysts’ expectations of $618.80 million. Sterling Infrastructure had a net margin of 14.14% and a return on equity of 29.81%. Sell-side analysts predict that Sterling Infrastructure, Inc. will post 5.98 EPS for the current fiscal year.

Sterling Infrastructure declared that its Board of Directors has approved a stock repurchase 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 repurchase up to 3.4% of its stock through open market purchases. Stock buyback plans are generally a sign that the company’s management believes its shares are undervalued.

Insider Buying and Selling

In other Sterling Infrastructure news, Director Dwayne Andree Wilson sold 2,860 shares of the firm’s stock in a transaction dated 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 owned 14,749 shares in the company, valued at $5,162,150. This trade represents a 16.24% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 3.70% of the stock is currently owned by corporate insiders.

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.