Sterling Infrastructure (NASDAQ:STRL) Trading Up 6.2% – Here’s What Happened

Sterling Infrastructure, Inc. (NASDAQ:STRL) shares shot up 6.2% during trading on Friday . The stock traded as high as $430.63 and last traded at $441.0170. 59,291 shares changed hands during mid-day trading, a decline of 87% from the average session volume of 466,451 shares. The stock had previously closed at $415.13.

Wall Street Analysts Forecast Growth

Several research firms have recently issued reports on STRL. 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 for the company. Weiss Ratings upgraded Sterling Infrastructure from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Monday, January 26th. Zacks Research cut shares of Sterling Infrastructure from a “strong-buy” rating to a “hold” rating in a research report on Monday, January 5th. DA Davidson raised their target price 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, Stifel Nicolaus set a $486.00 price target on shares of Sterling Infrastructure and gave the stock a “buy” rating in a research note on Wednesday, February 11th. Four analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $453.00.

Sterling Infrastructure Price Performance

The stock’s 50 day moving average price is $352.32 and its 200-day moving average price is $339.12. 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 stock has a market capitalization of $13.38 billion, a PE ratio of 42.70, a price-to-earnings-growth ratio of 2.50 and a beta of 1.51.

Sterling Infrastructure declared that its Board of Directors has approved a share buyback program on Wednesday, November 12th that authorizes the company to repurchase $400.00 million in outstanding shares. This repurchase authorization authorizes the construction company to repurchase up to 3.4% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s board of directors believes its shares are undervalued.

Insider Activity at Sterling Infrastructure

In other Sterling Infrastructure news, Director Dana C. O’brien sold 2,000 shares of Sterling Infrastructure stock in a transaction on Monday, February 9th. The stock was sold at an average price of $410.00, for a total transaction of $820,000.00. Following the completion of the sale, the director directly owned 11,498 shares of the company’s stock, valued at $4,714,180. The trade was a 14.82% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Dwayne Andree Wilson sold 2,860 shares of the stock in a transaction on Friday, January 16th. The stock was sold at an average price of $350.00, for a total value of $1,001,000.00. Following the transaction, the director directly owned 14,749 shares in the company, valued at $5,162,150. The trade was a 16.24% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 6,860 shares of company stock valued at $2,611,000 in the last ninety days. Insiders own 3.70% of the company’s stock.

Institutional Trading of Sterling Infrastructure

A number of hedge funds have recently added to or reduced their stakes in the business. EverSource Wealth Advisors LLC increased its position in Sterling Infrastructure by 33.8% during the 4th quarter. EverSource Wealth Advisors LLC now owns 107 shares of the construction company’s stock valued at $33,000 after purchasing an additional 27 shares during the period. UMB Bank n.a. increased its holdings in Sterling Infrastructure by 27.5% during the third quarter. UMB Bank n.a. now owns 130 shares of the construction company’s stock valued at $44,000 after buying an additional 28 shares during the period. CENTRAL TRUST Co increased its holdings in Sterling Infrastructure by 7.9% during the fourth quarter. CENTRAL TRUST Co now owns 397 shares of the construction company’s stock valued at $122,000 after buying an additional 29 shares during the period. Lido Advisors LLC raised its stake in Sterling Infrastructure by 1.8% in the fourth quarter. Lido Advisors LLC now owns 1,725 shares of the construction company’s stock worth $578,000 after buying an additional 31 shares in the last quarter. Finally, Fifth Third Bancorp lifted its holdings in Sterling Infrastructure by 76.1% during the third quarter. Fifth Third Bancorp now owns 81 shares of the construction company’s stock worth $28,000 after buying an additional 35 shares during the period. 80.95% of the stock is owned by hedge funds and other institutional investors.

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.