New York Life Investment Management LLC Acquires New Stake in Sterling Infrastructure, Inc. $STRL

New York Life Investment Management LLC bought a new position in shares of Sterling Infrastructure, Inc. (NASDAQ:STRL) in the 3rd quarter, HoldingsChannel.com reports. The firm bought 2,983 shares of the construction company’s stock, valued at approximately $1,013,000.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Twin Peaks Wealth Advisors LLC bought a new stake in shares of Sterling Infrastructure during the 2nd quarter valued at about $26,000. Root Financial Partners LLC bought a new position in shares of Sterling Infrastructure in the third quarter worth approximately $26,000. Wilmington Savings Fund Society FSB purchased a new stake in Sterling Infrastructure in the third quarter valued at approximately $28,000. Bessemer Group Inc. lifted its position in Sterling Infrastructure by 119.3% during the second quarter. Bessemer Group Inc. now owns 125 shares of the construction company’s stock valued at $29,000 after purchasing an additional 68 shares during the last quarter. Finally, Bogart Wealth LLC grew its stake in 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 buying an additional 75 shares in the last quarter. Hedge funds and other institutional investors own 80.95% of the company’s stock.

Analyst Upgrades and Downgrades

STRL has been the topic of several research reports. Weiss Ratings upgraded shares of Sterling Infrastructure from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Monday, January 26th. Stifel Nicolaus set a $486.00 price target on Sterling Infrastructure and gave the company a “buy” rating in a research report on Wednesday. Zacks Research lowered Sterling Infrastructure from a “strong-buy” rating to a “hold” rating in a research note on Monday, January 5th. Cantor Fitzgerald began coverage on Sterling Infrastructure in a research report on Friday, January 23rd. They set an “overweight” rating and a $413.00 price objective on the stock. Finally, DA Davidson raised their price objective on Sterling Infrastructure from $355.00 to $460.00 and gave the company a “buy” rating in a report on Wednesday, November 5th. Four research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $453.00.

Sterling Infrastructure Stock Performance

Sterling Infrastructure stock opened at $437.77 on Friday. The firm has a fifty day simple moving average of $342.63 and a two-hundred day simple moving average of $333.34. The company has a quick ratio of 1.00, a current ratio of 1.00 and a debt-to-equity ratio of 0.26. Sterling Infrastructure, Inc. has a twelve month low of $96.34 and a twelve month high of $470.00. The company has a market capitalization of $13.45 billion, a PE ratio of 42.92, a P/E/G ratio of 2.53 and a beta of 1.51.

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

Insider Transactions at Sterling Infrastructure

In related news, Director Dana C. O’brien sold 2,000 shares of the stock in a transaction dated Monday, February 9th. The stock was sold at an average price of $410.00, for a total transaction of $820,000.00. Following the completion of the sale, the director directly owned 11,498 shares in the company, valued at $4,714,180. This represents a 14.82% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Dwayne Andree Wilson sold 2,860 shares of Sterling Infrastructure stock in a transaction that occurred on Friday, January 16th. The stock was sold at an average price of $350.00, for a total value of $1,001,000.00. Following the completion of the transaction, the director directly owned 14,749 shares in the company, valued at $5,162,150. This trade represents a 16.24% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last three months, insiders sold 6,860 shares of company stock valued at $2,611,000. 3.70% of the stock is currently owned by corporate 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.