TD Waterhouse Canada Inc. Makes New Investment in Sterling Infrastructure, Inc. $STRL

TD Waterhouse Canada Inc. purchased a new position in shares of Sterling Infrastructure, Inc. (NASDAQ:STRL) during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm purchased 1,603 shares of the construction company’s stock, valued at approximately $542,000.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. State Street Corp raised its stake in Sterling Infrastructure by 62.0% in the second quarter. State Street Corp now owns 1,131,751 shares of the construction company’s stock valued at $261,129,000 after purchasing an additional 433,311 shares in 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 buying an additional 333,013 shares during the period. Frontier Capital Management Co. LLC acquired a new position in shares of Sterling Infrastructure in the 2nd quarter valued at approximately $35,931,000. American Century Companies Inc. lifted its holdings in shares of Sterling Infrastructure by 61.6% during the 2nd quarter. American Century Companies Inc. now owns 354,372 shares of the construction company’s stock worth $81,764,000 after acquiring an additional 135,107 shares during the period. Finally, Aperture Investors LLC bought a new stake in shares of Sterling Infrastructure during the 2nd quarter worth approximately $23,945,000. 80.95% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

STRL has been the topic of a number of recent analyst reports. Weiss Ratings raised shares of Sterling Infrastructure from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Monday, January 26th. DA Davidson raised their target price on Sterling Infrastructure from $355.00 to $460.00 and gave the company a “buy” rating in a report on Wednesday, November 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 target for the company. Finally, Zacks Research downgraded Sterling Infrastructure from a “strong-buy” rating to a “hold” rating in a research report on Monday, January 5th. Three 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 has a consensus rating of “Moderate Buy” and a consensus target price of $436.50.

Sterling Infrastructure Stock Performance

NASDAQ STRL opened at $367.95 on Tuesday. The firm’s fifty day moving average price is $329.34 and its two-hundred day moving average price is $324.84. The stock has a market cap of $11.30 billion, a PE ratio of 36.07, a PEG ratio of 2.10 and a beta of 1.51. The company has a debt-to-equity ratio of 0.26, a quick ratio of 1.00 and a current 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.

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

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

Insider Buying and Selling at Sterling Infrastructure

In related news, Director Dwayne Andree Wilson sold 2,860 shares of Sterling Infrastructure stock in a transaction on Friday, January 16th. The shares were sold at an average price of $350.00, for a total transaction 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 trade represents a 16.24% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 2.70% of the stock is currently owned by company insiders.

About Sterling Infrastructure

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.