Insider Selling: Sterling Infrastructure (NASDAQ:STRL) Director Sells 2,000 Shares of Stock

Sterling Infrastructure, Inc. (NASDAQ:STRL) Director Dana O’brien sold 2,000 shares of the business’s stock in a transaction on Monday, February 9th. The stock was 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 in the company, valued at approximately $4,714,180. This trade represents a 14.82% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website.

Sterling Infrastructure Stock Down 0.7%

Sterling Infrastructure stock traded down $3.06 during midday trading on Tuesday, reaching $415.55. The company’s stock had a trading volume of 456,477 shares, compared to its average volume of 416,128. 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 stock has a market capitalization of $12.77 billion, a P/E ratio of 40.74, a PEG ratio of 2.45 and a beta of 1.51. The stock’s 50-day simple moving average is $336.19 and its 200-day simple moving average is $330.71. Sterling Infrastructure, Inc. has a 52-week low of $96.34 and a 52-week high of $426.09.

Sterling Infrastructure declared that its board has initiated a stock repurchase 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 purchase up to 3.4% of its shares through open market purchases. Shares repurchase plans are often an indication that the company’s board of directors believes its shares are undervalued.

Analysts Set New Price Targets

A number of research analysts have recently weighed in on the company. Weiss Ratings raised Sterling Infrastructure from a “hold (c+)” rating to a “buy (b-)” rating in a report on Monday, January 26th. DA Davidson upped their target price on Sterling Infrastructure from $355.00 to $460.00 and gave the company a “buy” rating in a research report on Wednesday, November 5th. Cantor Fitzgerald started coverage on shares of Sterling Infrastructure in a research report on Friday, January 23rd. They set an “overweight” rating and a $413.00 price target for the company. Finally, Zacks Research downgraded shares of Sterling Infrastructure from a “strong-buy” rating to a “hold” rating in a report on Monday, January 5th. Three investment analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $436.50.

Institutional Investors Weigh In On Sterling Infrastructure

Institutional investors have recently modified their holdings of the business. State Street Corp lifted its stake in Sterling Infrastructure by 62.0% in the 2nd quarter. State Street Corp now owns 1,131,751 shares of the construction company’s stock valued at $261,129,000 after buying an additional 433,311 shares in the last quarter. Invesco Ltd. increased its holdings in shares of 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 purchasing an additional 333,013 shares during the last quarter. American Century Companies Inc. increased its holdings in shares of Sterling Infrastructure by 84.6% in the third quarter. American Century Companies Inc. now owns 654,096 shares of the construction company’s stock valued at $222,184,000 after purchasing an additional 299,724 shares during the last quarter. First Trust Advisors LP lifted its position in Sterling Infrastructure by 83.5% during the third quarter. First Trust Advisors LP now owns 606,236 shares of the construction company’s stock worth $205,926,000 after buying an additional 275,830 shares in the last quarter. Finally, Capital Research Global Investors boosted its stake in Sterling Infrastructure by 104.1% during the third quarter. Capital Research Global Investors now owns 364,830 shares of the construction company’s stock worth $123,925,000 after buying an additional 186,122 shares during the last quarter. 80.95% of the stock is currently owned by institutional investors and hedge funds.

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.