State of Alaska Department of Revenue Decreases Position in Sterling Infrastructure, Inc. $STRL

State of Alaska Department of Revenue reduced its stake in Sterling Infrastructure, Inc. (NASDAQ:STRL) by 15.4% during the 3rd quarter, HoldingsChannel.com reports. The firm owned 15,307 shares of the construction company’s stock after selling 2,776 shares during the period. State of Alaska Department of Revenue’s holdings in Sterling Infrastructure were worth $5,199,000 as of its most recent SEC filing.

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

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on the company. Zacks Research downgraded Sterling Infrastructure from a “strong-buy” rating to a “hold” rating in a research note on Monday, January 5th. Wall Street Zen downgraded Sterling Infrastructure from a “strong-buy” rating to a “buy” rating in a report on Friday, September 26th. DA Davidson lifted their target price on shares of Sterling Infrastructure from $355.00 to $460.00 and gave the company a “buy” rating in a report on Wednesday, November 5th. Finally, Weiss Ratings reiterated a “buy (b-)” rating on shares of Sterling Infrastructure in a research report on Monday, December 29th. Three equities research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company. Based on data from MarketBeat.com, Sterling Infrastructure has an average rating of “Moderate Buy” and an average price target of $460.00.

Sterling Infrastructure Stock Up 3.5%

Sterling Infrastructure stock opened at $308.13 on Friday. The stock has a 50 day moving average of $331.56 and a two-hundred day moving average of $311.13. Sterling Infrastructure, Inc. has a twelve month low of $96.34 and a twelve month high of $419.14. The stock has a market capitalization of $9.47 billion, a price-to-earnings ratio of 30.21, a PEG ratio of 1.80 and a beta of 1.50. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 0.26.

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

Sterling Infrastructure announced that its Board of Directors has authorized a stock buyback plan on Wednesday, November 12th that permits the company to repurchase $400.00 million in outstanding shares. This repurchase authorization permits the construction company to buy up to 3.4% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company’s leadership believes its shares are undervalued.

Sterling Infrastructure Company 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.