Summit Global Investments Sells 1,461 Shares of Sterling Infrastructure, Inc. $STRL

Summit Global Investments decreased its position in shares of Sterling Infrastructure, Inc. (NASDAQ:STRL) by 27.7% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 3,807 shares of the construction company’s stock after selling 1,461 shares during the period. Summit Global Investments’ holdings in Sterling Infrastructure were worth $1,293,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in STRL. TD Waterhouse Canada Inc. purchased a new stake in shares of Sterling Infrastructure in the third quarter worth about $542,000. Ballentine Partners LLC bought a new stake in Sterling Infrastructure in the 3rd quarter worth approximately $218,000. Federated Hermes Inc. raised its holdings in shares of Sterling Infrastructure by 1.3% during the 3rd quarter. Federated Hermes Inc. now owns 32,890 shares of the construction company’s stock worth $11,172,000 after acquiring an additional 429 shares in the last quarter. Truist Financial Corp boosted its position in shares of Sterling Infrastructure by 37.6% during the 3rd quarter. Truist Financial Corp now owns 3,826 shares of the construction company’s stock valued at $1,300,000 after acquiring an additional 1,046 shares during the last quarter. Finally, Hutchens & Kramer Investment Management Group LLC bought a new position in shares of Sterling Infrastructure during the 3rd quarter valued at approximately $230,000. Hedge funds and other institutional investors own 80.95% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts have commented on STRL shares. Zacks Research lowered shares of Sterling Infrastructure from a “strong-buy” rating to a “hold” rating in a research report on Monday, January 5th. DA Davidson raised their price target on Sterling Infrastructure from $355.00 to $460.00 and gave the stock a “buy” rating in a research note on Wednesday, November 5th. Weiss Ratings upgraded shares of Sterling Infrastructure from a “hold (c+)” rating to a “buy (b-)” rating in a report on Monday. Finally, Cantor Fitzgerald assumed coverage on Sterling Infrastructure in a research report on Friday, January 23rd. They set an “overweight” rating and a $413.00 target price for the company. Three investment analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $436.50.

Insider Activity at Sterling Infrastructure

In related news, Director Dwayne Andree Wilson sold 2,860 shares of the company’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 value of $1,001,000.00. Following the sale, the director owned 14,749 shares in the company, valued at $5,162,150. This represents a 16.24% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 3.70% of the stock is owned by company insiders.

Sterling Infrastructure Trading Down 5.6%

Sterling Infrastructure stock opened at $357.91 on Friday. The stock has a 50-day moving average of $328.83 and a two-hundred day moving average of $322.86. The stock has a market cap of $10.99 billion, a PE ratio of 35.09, a price-to-earnings-growth ratio of 2.22 and a beta of 1.50. The company has a debt-to-equity ratio of 0.26, a quick ratio of 1.00 and a current ratio of 1.00. Sterling Infrastructure, Inc. has a one year low of $96.34 and a one year high of $419.14.

Sterling Infrastructure (NASDAQ:STRL) last issued its quarterly earnings results on Monday, November 3rd. The construction company reported $3.48 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.79 by $0.69. Sterling Infrastructure had a net margin of 14.14% and a return on equity of 29.81%. The business had revenue of $689.02 million for the quarter, compared to analyst estimates of $618.80 million. On average, research analysts anticipate that Sterling Infrastructure, Inc. will post 5.98 EPS for the current fiscal year.

Sterling Infrastructure announced that its board has approved a stock repurchase plan on Wednesday, November 12th that allows the company to repurchase $400.00 million in outstanding shares. This repurchase authorization allows the construction company to purchase up to 3.4% of its shares through open market purchases. Shares repurchase plans are often a sign that the company’s board of directors believes its shares are 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.