EFG Asset Management North America Corp. Sells 5,888 Shares of Sterling Infrastructure, Inc. $STRL

EFG Asset Management North America Corp. lessened its stake in Sterling Infrastructure, Inc. (NASDAQ:STRL) by 22.9% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 19,852 shares of the construction company’s stock after selling 5,888 shares during the quarter. Sterling Infrastructure comprises about 0.9% of EFG Asset Management North America Corp.’s investment portfolio, making the stock its 23rd largest holding. EFG Asset Management North America Corp.’s holdings in Sterling Infrastructure were worth $6,741,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also recently added to or reduced their stakes in the company. State Street Corp boosted its holdings in Sterling Infrastructure by 62.0% during the second quarter. State Street Corp now owns 1,131,751 shares of the construction company’s stock worth $261,129,000 after buying an additional 433,311 shares during the last quarter. Geode Capital Management LLC boosted its stake in Sterling Infrastructure by 0.5% during the 2nd quarter. Geode Capital Management LLC now owns 739,302 shares of the construction company’s stock worth $170,600,000 after acquiring an additional 3,469 shares during the last quarter. Invesco Ltd. grew its holdings in Sterling Infrastructure by 82.7% during 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 period. American Century Companies Inc. increased its stake in Sterling Infrastructure by 61.6% in the second quarter. American Century Companies Inc. now owns 354,372 shares of the construction company’s stock valued at $81,764,000 after purchasing an additional 135,107 shares in the last quarter. Finally, Ameriprise Financial Inc. raised its holdings in Sterling Infrastructure by 29.4% in the second quarter. Ameriprise Financial Inc. now owns 353,958 shares of the construction company’s stock worth $81,669,000 after purchasing an additional 80,481 shares during the period. Institutional investors and hedge funds own 80.95% of the company’s stock.

Insiders Place Their Bets

In other Sterling Infrastructure 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 transaction of $1,001,000.00. Following the completion of the transaction, the director owned 14,749 shares of the company’s stock, valued at $5,162,150. This represents a 16.24% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. 2.70% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on STRL shares. Weiss Ratings lowered shares of Sterling Infrastructure from a “buy (b-)” rating to a “hold (c+)” rating in a report on Monday, January 12th. Cantor Fitzgerald initiated coverage on Sterling Infrastructure in a research note on Friday. They issued an “overweight” rating and a $413.00 target price for the company. 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 report on Wednesday, November 5th. Finally, Zacks Research cut Sterling Infrastructure from a “strong-buy” rating to a “hold” rating in a report on Monday, January 5th. Two equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $436.50.

Sterling Infrastructure Price Performance

STRL stock opened at $361.21 on Tuesday. The stock has a 50-day moving average price of $325.13 and a two-hundred day moving average price of $320.37. Sterling Infrastructure, Inc. has a 1 year low of $96.34 and a 1 year high of $419.14. The stock has a market cap of $11.10 billion, a PE ratio of 35.41, a price-to-earnings-growth ratio of 2.06 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 posted its quarterly earnings data on Monday, November 3rd. The construction company reported $3.48 earnings per share for the quarter, topping the consensus estimate of $2.79 by $0.69. The company had revenue of $689.02 million during the quarter, compared to analysts’ expectations of $618.80 million. Sterling Infrastructure had a return on equity of 29.81% and a net margin of 14.14%. Equities analysts forecast that Sterling Infrastructure, Inc. will post 5.98 EPS for the current fiscal year.

Sterling Infrastructure declared that its Board of Directors has approved a stock buyback program on Wednesday, November 12th that allows the company to buyback $400.00 million in shares. This buyback authorization allows the construction company to reacquire up to 3.4% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s management believes its stock is 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.