Renaissance Group LLC Decreases Stake in Sterling Infrastructure, Inc. $STRL

Renaissance Group LLC trimmed its position in shares of Sterling Infrastructure, Inc. (NASDAQ:STRL) by 27.0% during the third quarter, according to its most recent Form 13F filing with the SEC. The firm owned 30,830 shares of the construction company’s stock after selling 11,382 shares during the period. Renaissance Group LLC owned about 0.10% of Sterling Infrastructure worth $10,472,000 at the end of the most recent reporting period.

A number of other institutional investors also recently added to or reduced their stakes in the company. Empowered Funds LLC acquired a new stake in shares of Sterling Infrastructure in the 1st quarter valued at $378,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its stake in Sterling Infrastructure by 12.9% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 83,983 shares of the construction company’s stock valued at $9,508,000 after buying an additional 9,625 shares in the last quarter. Focus Partners Wealth lifted its holdings in Sterling Infrastructure by 13.7% during the 1st quarter. Focus Partners Wealth now owns 2,313 shares of the construction company’s stock worth $262,000 after buying an additional 279 shares during the last quarter. Janney Montgomery Scott LLC boosted its position in shares of Sterling Infrastructure by 3.8% during the 2nd quarter. Janney Montgomery Scott LLC now owns 3,593 shares of the construction company’s stock worth $829,000 after acquiring an additional 133 shares in the last quarter. Finally, Ameritas Advisory Services LLC purchased a new position in shares of Sterling Infrastructure in the 2nd quarter valued at about $29,000. Hedge funds and other institutional investors own 80.95% of the company’s stock.

Sterling Infrastructure Stock Performance

NASDAQ STRL opened at $401.29 on Friday. The firm has a market cap of $12.33 billion, a P/E ratio of 39.34, a P/E/G ratio of 2.14 and a beta of 1.51. Sterling Infrastructure, Inc. has a 52-week low of $96.34 and a 52-week high of $419.14. The business’s 50-day moving average price is $332.47 and its 200 day moving average price is $327.38. The company has a quick ratio of 1.00, a current ratio of 1.00 and a debt-to-equity ratio of 0.26.

Sterling Infrastructure declared that its Board of Directors has initiated a share repurchase program on Wednesday, November 12th that permits the company to buyback $400.00 million in outstanding shares. This buyback authorization permits the construction company to purchase up to 3.4% of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s leadership believes its stock is undervalued.

Analyst Ratings Changes

Several equities research analysts recently weighed in on the company. Zacks Research cut Sterling Infrastructure from a “strong-buy” rating to a “hold” rating in a research note on Monday, January 5th. Weiss Ratings upgraded shares of Sterling Infrastructure from a “hold (c+)” rating to a “buy (b-)” rating in a report on Monday, January 26th. Cantor Fitzgerald began coverage on shares of Sterling Infrastructure in a research note on Friday, January 23rd. They set an “overweight” rating and a $413.00 price target on the stock. Finally, DA Davidson upped their price objective on shares of Sterling Infrastructure from $355.00 to $460.00 and gave the company a “buy” rating in a research note on Wednesday, November 5th. Three research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. Based on data from MarketBeat, Sterling Infrastructure presently has an average rating of “Moderate Buy” and an average price target of $436.50.

Insider Activity

In other news, 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 completion of the sale, the director owned 14,749 shares in the company, valued at $5,162,150. This represents a 16.24% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Insiders own 3.70% of the company’s stock.

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.