Sterling Infrastructure, Inc. $STRL Shares Acquired by Cibc World Market Inc.

Cibc World Market Inc. grew its stake in shares of Sterling Infrastructure, Inc. (NASDAQ:STRL) by 9.0% during the 3rd quarter, HoldingsChannel.com reports. The fund owned 45,261 shares of the construction company’s stock after purchasing an additional 3,740 shares during the quarter. Cibc World Market Inc.’s holdings in Sterling Infrastructure were worth $15,374,000 as of its most recent SEC filing.

A number of other institutional investors also recently bought and sold shares of the stock. Root Financial Partners LLC purchased a new stake in Sterling Infrastructure during the 3rd quarter worth approximately $26,000. Wilmington Savings Fund Society FSB purchased a new position in shares of Sterling Infrastructure in the third quarter worth $28,000. Bogart Wealth LLC lifted its stake in shares of Sterling Infrastructure by 535.7% during the third quarter. Bogart Wealth LLC now owns 89 shares of the construction company’s stock worth $30,000 after buying an additional 75 shares during the period. Twin Peaks Wealth Advisors LLC purchased a new stake in shares of Sterling Infrastructure during the second quarter valued at $26,000. Finally, Ameritas Advisory Services LLC acquired a new position in shares of Sterling Infrastructure in the 2nd quarter valued at $29,000. 80.95% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Sterling Infrastructure

In other Sterling Infrastructure news, Director Dwayne Andree Wilson sold 2,860 shares of the firm’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 directly owned 14,749 shares of the company’s stock, valued at approximately $5,162,150. This trade represents a 16.24% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Dana C. O’brien sold 2,000 shares of the company’s stock in a transaction that occurred 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 directly owned 11,498 shares of the company’s stock, valued at approximately $4,714,180. The trade was a 14.82% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 6,860 shares of company stock worth $2,611,000 over the last 90 days. Insiders own 3.70% of the company’s stock.

Sterling Infrastructure Stock Down 0.6%

STRL stock opened at $431.43 on Friday. Sterling Infrastructure, Inc. has a one year low of $96.34 and a one year high of $470.00. 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 firm’s fifty day moving average is $340.38 and its 200 day moving average is $332.13. The firm has a market cap of $13.25 billion, a PE ratio of 42.30, a P/E/G ratio of 2.54 and a beta of 1.51.

Sterling Infrastructure announced that its board has approved a share repurchase program on Wednesday, November 12th that authorizes the company to buyback $400.00 million in shares. This buyback authorization authorizes the construction company to reacquire up to 3.4% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s leadership believes its shares are undervalued.

Analysts Set New Price Targets

A number of analysts have commented on STRL shares. Stifel Nicolaus set a $486.00 price target on Sterling Infrastructure and gave the stock a “buy” rating in a research report on Wednesday. Weiss Ratings upgraded Sterling Infrastructure from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Monday, January 26th. Zacks Research downgraded Sterling Infrastructure from a “strong-buy” rating to a “hold” rating in a report on Monday, January 5th. DA Davidson increased their price target on shares of Sterling Infrastructure from $355.00 to $460.00 and gave the stock a “buy” rating in a report on Wednesday, November 5th. Finally, Cantor Fitzgerald initiated coverage on shares of Sterling Infrastructure in a research note on Friday, January 23rd. They set an “overweight” rating and a $413.00 price objective for the company. Four research analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. According to data from MarketBeat, Sterling Infrastructure presently has an average rating of “Moderate Buy” and an average target price of $453.00.

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.