EFG Asset Management North America Corp. Sells 5,888 Shares of Sterling Infrastructure, Inc. $STRL

EFG Asset Management North America Corp. cut its stake in shares of Sterling Infrastructure, Inc. (NASDAQ:STRL) by 22.9% in the third quarter, according to the company in its most recent disclosure with the SEC. The firm owned 19,852 shares of the construction company’s stock after selling 5,888 shares during the quarter. Sterling Infrastructure makes up 0.9% of EFG Asset Management North America Corp.’s portfolio, making the stock its 23rd largest holding. EFG Asset Management North America Corp. owned about 0.07% of Sterling Infrastructure worth $6,741,000 as of its most recent filing with the SEC.

Several other large investors have also made changes to their positions in the company. Root Financial Partners LLC bought a new position in Sterling Infrastructure during the 3rd quarter valued at about $26,000. Wilmington Savings Fund Society FSB bought a new position in shares of Sterling Infrastructure in the third quarter valued at approximately $28,000. Bogart Wealth LLC boosted its holdings in shares of 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 acquiring an additional 75 shares in the last quarter. Twin Peaks Wealth Advisors LLC bought a new stake in Sterling Infrastructure during the 2nd quarter worth approximately $26,000. Finally, Ameritas Advisory Services LLC acquired a new stake in Sterling Infrastructure during the 2nd quarter valued at $29,000. Institutional investors own 80.95% of the company’s stock.

Wall Street Analyst Weigh In

STRL has been the topic of a number of recent analyst reports. Weiss Ratings lowered Sterling Infrastructure from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Monday, January 12th. Cantor Fitzgerald assumed coverage on Sterling Infrastructure in a research note on Friday. They issued an “overweight” rating and a $413.00 target price for the company. DA Davidson upped their price target on shares of Sterling Infrastructure from $355.00 to $460.00 and gave the stock a “buy” rating in a research report on Wednesday, November 5th. Finally, Zacks Research lowered shares of Sterling Infrastructure from a “strong-buy” rating to a “hold” rating in a report on Monday, January 5th. Two research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $436.50.

Insider Activity at Sterling Infrastructure

In related news, Director Dwayne Andree Wilson sold 2,860 shares of the business’s stock in a transaction that occurred 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 sale, the director directly owned 14,749 shares of the company’s stock, valued at $5,162,150. The trade was a 16.24% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. 2.70% of the stock is currently owned by corporate insiders.

Sterling Infrastructure Stock Up 2.8%

NASDAQ STRL opened at $361.21 on Tuesday. The stock has a market capitalization of $11.10 billion, a P/E ratio of 35.41, a price-to-earnings-growth ratio of 2.06 and a beta of 1.50. Sterling Infrastructure, Inc. has a 52 week low of $96.34 and a 52 week high of $419.14. The company has a debt-to-equity ratio of 0.26, a quick ratio of 1.00 and a current ratio of 1.00. The stock has a fifty day moving average of $325.13 and a 200-day moving average of $320.37.

Sterling Infrastructure (NASDAQ:STRL) last posted its quarterly earnings results on Monday, November 3rd. The construction company reported $3.48 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.79 by $0.69. The business had revenue of $689.02 million for 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 research analysts forecast that Sterling Infrastructure, Inc. will post 5.98 EPS for the current year.

Sterling Infrastructure announced that its Board of Directors has approved a stock repurchase plan on Wednesday, November 12th that allows the company to buyback $400.00 million in shares. This buyback authorization allows the construction company to reacquire up to 3.4% of its stock through open market purchases. Stock buyback plans are generally a sign that the company’s board believes its stock is undervalued.

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.