Cibc World Market Inc. Boosts Stake in Sterling Infrastructure, Inc. $STRL

Cibc World Market Inc. boosted its position in Sterling Infrastructure, Inc. (NASDAQ:STRL) by 9.0% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 45,261 shares of the construction company’s stock after purchasing an additional 3,740 shares during the period. Cibc World Market Inc. owned approximately 0.15% of Sterling Infrastructure worth $15,374,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

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

Insider Transactions at Sterling Infrastructure

In other news, Director Dana C. O’brien sold 2,000 shares of Sterling Infrastructure stock in a transaction that occurred on Monday, February 9th. The shares were sold at an average price of $410.00, for a total value of $820,000.00. Following the transaction, the director 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 filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Dwayne Andree Wilson sold 2,860 shares of the business’s stock in a transaction that occurred on Friday, January 16th. The stock was sold at an average price of $350.00, for a total transaction of $1,001,000.00. Following the transaction, the director owned 14,749 shares of the company’s stock, valued at approximately $5,162,150. This trade represents a 16.24% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 6,860 shares of company stock worth $2,611,000 over the last 90 days. Company insiders own 3.70% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on STRL. 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. Cantor Fitzgerald began coverage on shares of Sterling Infrastructure in a research note on Friday, January 23rd. They set an “overweight” rating and a $413.00 price target for the company. DA Davidson boosted their price target on Sterling Infrastructure from $355.00 to $460.00 and gave the company a “buy” rating in a report on Wednesday, November 5th. Stifel Nicolaus set a $486.00 price objective on Sterling Infrastructure and gave the stock a “buy” rating in a report on Wednesday. Finally, Zacks Research cut Sterling Infrastructure from a “strong-buy” rating to a “hold” rating in a report on Monday, January 5th. Four analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company’s stock. According to MarketBeat, Sterling Infrastructure currently has a consensus rating of “Moderate Buy” and an average price target of $453.00.

Sterling Infrastructure Price Performance

Shares of STRL stock opened at $431.43 on Friday. The stock’s 50-day moving average is $340.38 and its 200 day moving average is $332.13. Sterling Infrastructure, Inc. has a 1-year low of $96.34 and a 1-year high of $470.00. The company has a debt-to-equity ratio of 0.26, a current ratio of 1.00 and a quick ratio of 1.00. The company has a market cap of $13.25 billion, a P/E ratio of 42.30, a PEG ratio of 2.54 and a beta of 1.51.

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

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.