Castleark Management LLC Invests $6.63 Million in Sterling Infrastructure, Inc. $STRL

Castleark Management LLC acquired a new stake in Sterling Infrastructure, Inc. (NASDAQ:STRL) during the second quarter, HoldingsChannel reports. The fund acquired 28,740 shares of the construction company’s stock, valued at approximately $6,631,000.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Twin Peaks Wealth Advisors LLC bought a new position in Sterling Infrastructure in the second quarter valued at approximately $26,000. Ameritas Advisory Services LLC acquired a new position in shares of Sterling Infrastructure during the second quarter worth $29,000. Bessemer Group Inc. grew its position in Sterling Infrastructure by 119.3% during the 2nd quarter. Bessemer Group Inc. now owns 125 shares of the construction company’s stock worth $29,000 after acquiring an additional 68 shares during the last quarter. Rakuten Securities Inc. boosted its position in Sterling Infrastructure by 6,950.0% during the 2nd quarter. Rakuten Securities Inc. now owns 141 shares of the construction company’s stock worth $33,000 after buying an additional 139 shares during the period. Finally, Golden State Wealth Management LLC raised its stake in shares of Sterling Infrastructure by 54.8% during the second quarter. Golden State Wealth Management LLC now owns 144 shares of the construction company’s stock valued at $33,000 after acquiring an additional 51 shares during the last quarter. 80.95% of the stock is owned by institutional investors and hedge funds.

Sterling Infrastructure Trading Down 7.4%

STRL opened at $315.15 on Friday. The firm has a market capitalization of $9.68 billion, a PE ratio of 30.90, a P/E/G ratio of 2.14 and a beta of 1.49. 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 fifty-two week low of $96.34 and a fifty-two week high of $419.14. The company’s 50-day moving average is $352.69 and its 200 day moving average is $296.33.

Sterling Infrastructure (NASDAQ:STRL) last issued its quarterly earnings data on Monday, June 3rd. The construction company reported $0.64 EPS for the quarter. The firm had revenue of $403.58 million during the quarter. Sterling Infrastructure had a return on equity of 29.81% and a net margin of 14.14%. As a group, research analysts predict that Sterling Infrastructure, Inc. will post 5.98 earnings per share for the current fiscal year.

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

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on STRL shares. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Sterling Infrastructure in a research note on Wednesday, October 8th. DA Davidson raised their target price on Sterling Infrastructure from $355.00 to $460.00 and gave the stock a “buy” rating in a research note on Wednesday, November 5th. Wall Street Zen lowered Sterling Infrastructure from a “strong-buy” rating to a “buy” rating in a research note on Friday, September 26th. Finally, Zacks Research upgraded shares of Sterling Infrastructure from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, December 2nd. One analyst has rated the stock with a Strong Buy rating and three have given a Buy rating to the stock. According to data from MarketBeat, Sterling Infrastructure has a consensus rating of “Buy” and an average price target of $460.00.

About Sterling Infrastructure

Sterling Infrastructure, Inc engages in the provision of e-infrastructure, transportation, and building solutions primarily in the United States. It operates through three segments: E-Infrastructure Solutions, Transportation Solutions, and Building Solutions. The E-Infrastructure Solutions segment provides site development services for the blue-chip end users in the e-commerce distribution center, data center, manufacturing, warehousing, and power generation sectors.