Assetmark Inc. Boosts Stock Holdings in Sterling Infrastructure, Inc. $STRL

Assetmark Inc. lifted its position in shares of Sterling Infrastructure, Inc. (NASDAQ:STRL) by 129.9% in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 3,037 shares of the construction company’s stock after acquiring an additional 1,716 shares during the period. Assetmark Inc.’s holdings in Sterling Infrastructure were worth $1,032,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in STRL. Twin Peaks Wealth Advisors LLC purchased a new stake in Sterling Infrastructure during the 2nd quarter valued at $26,000. Root Financial Partners LLC bought a new position in shares of Sterling Infrastructure during the third quarter valued at $26,000. Wilmington Savings Fund Society FSB bought a new position in shares of Sterling Infrastructure during the third quarter valued at $28,000. Bessemer Group Inc. boosted its position in shares of Sterling Infrastructure by 119.3% during the second quarter. Bessemer Group Inc. now owns 125 shares of the construction company’s stock valued at $29,000 after buying an additional 68 shares during the last quarter. Finally, Bogart Wealth LLC increased its holdings in Sterling Infrastructure by 535.7% in the 3rd quarter. Bogart Wealth LLC now owns 89 shares of the construction company’s stock worth $30,000 after buying an additional 75 shares in the last quarter. 80.95% of the stock is owned by institutional investors.

Sterling Infrastructure Price Performance

Shares of NASDAQ:STRL opened at $435.50 on Friday. The company has a market capitalization of $13.38 billion, a P/E ratio of 42.70, a P/E/G ratio of 2.38 and a beta of 1.51. Sterling Infrastructure, Inc. has a 1-year low of $96.34 and a 1-year high of $470.00. The firm’s 50 day simple moving average is $352.32 and its two-hundred day simple moving average is $338.82. 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 declared that its board has authorized a stock buyback program on Wednesday, November 12th that allows the company to repurchase $400.00 million in shares. This repurchase authorization allows the construction company to repurchase up to 3.4% of its stock through open market purchases. Stock repurchase programs are often a sign that the company’s board of directors believes its stock is undervalued.

Insider Buying and Selling at Sterling Infrastructure

In other news, Director Dwayne Andree Wilson sold 2,860 shares of the company’s stock in a transaction dated 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 completion of the transaction, the director owned 14,749 shares of the company’s stock, valued at $5,162,150. This represents a 16.24% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Dana C. O’brien sold 2,000 shares of the stock in a transaction dated Monday, February 9th. The stock was sold at an average price of $410.00, for a total value of $820,000.00. Following the sale, the director owned 11,498 shares of the company’s stock, valued at $4,714,180. This represents a 14.82% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 6,860 shares of company stock valued at $2,611,000 in the last ninety days. 3.70% of the stock is currently owned by insiders.

Analysts Set New Price Targets

Several research firms have issued reports on STRL. Cantor Fitzgerald initiated coverage on shares of Sterling Infrastructure in a research note on Friday, January 23rd. They set an “overweight” rating and a $413.00 target price on the stock. Stifel Nicolaus set a $486.00 price objective on shares of Sterling Infrastructure and gave the company a “buy” rating in a research report on Wednesday, February 11th. 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. 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. Finally, Zacks Research downgraded Sterling Infrastructure from a “strong-buy” rating to a “hold” rating in a research note on Monday, January 5th. Four equities research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $453.00.

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.