New York State Common Retirement Fund Has $21.58 Million Position in Sterling Infrastructure, Inc. $STRL

New York State Common Retirement Fund reduced its stake in Sterling Infrastructure, Inc. (NASDAQ:STRL) by 8.0% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 63,531 shares of the construction company’s stock after selling 5,511 shares during the quarter. New York State Common Retirement Fund owned about 0.21% of Sterling Infrastructure worth $21,580,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in the company. State Street Corp lifted its position in shares of Sterling Infrastructure by 62.0% in the 2nd quarter. State Street Corp now owns 1,131,751 shares of the construction company’s stock worth $261,129,000 after purchasing an additional 433,311 shares during the period. Geode Capital Management LLC raised its stake in Sterling Infrastructure by 0.5% during the second quarter. Geode Capital Management LLC now owns 739,302 shares of the construction company’s stock worth $170,600,000 after buying an additional 3,469 shares during the last quarter. Invesco Ltd. lifted its holdings in Sterling Infrastructure by 82.7% in the second quarter. Invesco Ltd. now owns 735,910 shares of the construction company’s stock valued at $169,797,000 after buying an additional 333,013 shares during the period. American Century Companies Inc. lifted its holdings in Sterling Infrastructure by 61.6% in the second quarter. American Century Companies Inc. now owns 354,372 shares of the construction company’s stock valued at $81,764,000 after buying an additional 135,107 shares during the period. Finally, Ameriprise Financial Inc. boosted its position in Sterling Infrastructure by 29.4% during the second quarter. Ameriprise Financial Inc. now owns 353,958 shares of the construction company’s stock valued at $81,669,000 after acquiring an additional 80,481 shares during the last quarter. Institutional investors and hedge funds own 80.95% of the company’s stock.

Sterling Infrastructure Trading Down 5.6%

NASDAQ:STRL opened at $357.91 on Friday. 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 one year low of $96.34 and a one year high of $419.14. The company has a market cap of $10.99 billion, a PE ratio of 35.09, a PEG ratio of 2.22 and a beta of 1.50. The firm has a 50-day moving average of $328.83 and a 200-day moving average of $323.45.

Sterling Infrastructure (NASDAQ:STRL) last released its quarterly earnings results on Monday, November 3rd. The construction company reported $3.48 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.79 by $0.69. The business had revenue of $689.02 million during the quarter, compared to the consensus estimate of $618.80 million. Sterling Infrastructure had a return on equity of 29.81% and a net margin of 14.14%. As a group, equities research analysts expect that Sterling Infrastructure, Inc. will post 5.98 EPS for the current fiscal year.

Sterling Infrastructure declared that its board has authorized a share repurchase plan on Wednesday, November 12th that permits the company to buyback $400.00 million in outstanding shares. This buyback authorization permits the construction company to purchase up to 3.4% of its shares through open market purchases. Shares buyback plans are typically a sign that the company’s board of directors believes its shares are undervalued.

Insider Transactions at Sterling Infrastructure

In related news, 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 completion of the sale, the director directly owned 14,749 shares of the company’s stock, valued at approximately $5,162,150. This represents a 16.24% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Company insiders own 3.70% of the company’s stock.

Wall Street Analyst Weigh In

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

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.