Envestnet Asset Management Inc. Cuts Stake in Sterling Infrastructure, Inc. $STRL

Envestnet Asset Management Inc. lessened its holdings in shares of Sterling Infrastructure, Inc. (NASDAQ:STRL) by 12.1% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 98,340 shares of the construction company’s stock after selling 13,544 shares during the quarter. Envestnet Asset Management Inc. owned about 0.32% of Sterling Infrastructure worth $33,404,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. State Street Corp raised 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 buying an additional 433,311 shares during the last quarter. Invesco Ltd. increased its holdings in Sterling Infrastructure by 82.7% in the 2nd quarter. Invesco Ltd. now owns 735,910 shares of the construction company’s stock valued at $169,797,000 after acquiring an additional 333,013 shares during the last quarter. Frontier Capital Management Co. LLC purchased a new stake in Sterling Infrastructure in the 2nd quarter worth $35,931,000. American Century Companies Inc. lifted its stake in Sterling Infrastructure by 61.6% in 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 in the last quarter. Finally, Aperture Investors LLC bought a new position in shares of Sterling Infrastructure during the 2nd quarter valued at about $23,945,000. 80.95% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several equities research analysts have recently issued reports on STRL shares. Weiss Ratings raised Sterling Infrastructure from a “hold (c+)” rating to a “buy (b-)” rating in a report on Monday, January 26th. Zacks Research downgraded Sterling Infrastructure from a “strong-buy” rating to a “hold” rating in a research note on Monday, January 5th. Cantor Fitzgerald began coverage on Sterling Infrastructure in a report on Friday, January 23rd. They set an “overweight” rating and a $413.00 price objective on the stock. DA Davidson raised their target price 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. Finally, Stifel Nicolaus set a $486.00 price target on shares of Sterling Infrastructure in a research report on Wednesday. Three analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $453.00.

Insider Activity

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 shares were sold at an average price of $350.00, for a total value of $1,001,000.00. Following the completion of the sale, the director owned 14,749 shares of the company’s stock, valued at $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 available at this hyperlink. Also, Director Dana C. O’brien sold 2,000 shares of the stock in a transaction that occurred 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 completion of the sale, the director owned 11,498 shares in the company, valued at approximately $4,714,180. The trade was a 14.82% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders sold 6,860 shares of company stock valued at $2,611,000. 3.70% of the stock is owned by insiders.

Sterling Infrastructure Stock Up 4.5%

Shares of STRL opened at $433.91 on Thursday. The company has a quick ratio of 1.00, a current ratio of 1.00 and a debt-to-equity ratio of 0.26. The business has a fifty day moving average of $338.40 and a 200 day moving average of $331.43. The company has a market cap of $13.33 billion, a PE ratio of 42.54, a P/E/G ratio of 2.43 and a beta of 1.51. Sterling Infrastructure, Inc. has a 52-week low of $96.34 and a 52-week high of $441.28.

Sterling Infrastructure announced that its board has authorized a stock repurchase program on Wednesday, November 12th that allows the company to buyback $400.00 million in shares. This buyback authorization allows 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 management believes its shares are undervalued.

Sterling Infrastructure 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.