Sterling Infrastructure, Inc. $STRL is Essex Investment Management Co. LLC’s 2nd Largest Position

Essex Investment Management Co. LLC lowered its holdings in Sterling Infrastructure, Inc. (NASDAQ:STRL) by 14.1% in the 3rd quarter, according to the company in its most recent filing with the SEC. The firm owned 45,636 shares of the construction company’s stock after selling 7,485 shares during the quarter. Sterling Infrastructure makes up about 2.4% of Essex Investment Management Co. LLC’s investment portfolio, making the stock its 2nd largest holding. Essex Investment Management Co. LLC owned approximately 0.15% of Sterling Infrastructure worth $15,502,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the business. New York Life Investment Management LLC bought a new position in shares of Sterling Infrastructure in the 3rd quarter worth approximately $1,013,000. Smartleaf Asset Management LLC boosted its stake in shares of Sterling Infrastructure by 43.4% during the third quarter. Smartleaf Asset Management LLC now owns 410 shares of the construction company’s stock valued at $140,000 after purchasing an additional 124 shares in the last quarter. Prime Capital Investment Advisors LLC bought a new position in Sterling Infrastructure in the third quarter worth about $209,000. Homestead Advisers Corp purchased a new stake in shares of Sterling Infrastructure during the 3rd quarter valued at $1,257,000. Finally, Portside Wealth Group LLC boosted its stake in Sterling Infrastructure by 6.8% in the 3rd quarter. Portside Wealth Group LLC now owns 4,471 shares of the construction company’s stock worth $1,519,000 after purchasing an additional 283 shares in the last quarter. 80.95% of the stock is owned by institutional investors.

Insider Activity at Sterling Infrastructure

In other news, Director Dwayne Andree Wilson sold 2,860 shares of the 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 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 ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders own 2.70% of the company’s stock.

Analysts Set New Price Targets

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

Sterling Infrastructure Stock Up 4.3%

Shares of Sterling Infrastructure stock opened at $418.61 on Tuesday. The stock has a 50-day simple moving average of $334.43 and a 200-day simple moving average of $329.67. The firm has a market cap of $12.86 billion, a price-to-earnings ratio of 41.04, a P/E/G ratio of 2.35 and a beta of 1.51. The company has a debt-to-equity ratio of 0.26, a current ratio of 1.00 and a quick ratio of 1.00. Sterling Infrastructure, Inc. has a 52-week low of $96.34 and a 52-week high of $426.09.

Sterling Infrastructure declared that its Board of Directors has authorized a stock repurchase plan on Wednesday, November 12th that authorizes the company to buyback $400.00 million in outstanding shares. This buyback authorization authorizes the construction company to repurchase up to 3.4% of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s management believes its shares are undervalued.

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.