Sterling Infrastructure (NASDAQ:STRL) Stock Price Up 8.7% – Here’s Why

Sterling Infrastructure, Inc. (NASDAQ:STRL)’s stock price traded up 8.7% during trading on Thursday . The stock traded as high as $305.61 and last traded at $308.2650. 141,711 shares were traded during trading, a decline of 78% from the average session volume of 647,938 shares. The stock had previously closed at $283.57.

Wall Street Analyst Weigh In

Several analysts have issued reports on the stock. DA Davidson raised their price objective on shares of Sterling Infrastructure from $355.00 to $460.00 and gave the stock a “buy” rating in a research note on Wednesday, November 5th. Wall Street Zen lowered Sterling Infrastructure from a “strong-buy” rating to a “buy” rating in a research note on Friday, September 26th. Zacks Research upgraded Sterling Infrastructure from a “hold” rating to a “strong-buy” rating in a report on Tuesday, December 2nd. Finally, Weiss Ratings reiterated a “buy (b-)” rating on shares of Sterling Infrastructure in a research note on Tuesday. One equities research analyst has rated the stock with a Strong Buy rating and three have given a Buy rating to the stock. According to data from MarketBeat, Sterling Infrastructure currently has an average rating of “Buy” and an average target price of $460.00.

Sterling Infrastructure Price Performance

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 has a fifty day simple moving average of $349.76 and a 200 day simple moving average of $298.85. The company has a market capitalization of $9.31 billion, a PE ratio of 29.76, a P/E/G ratio of 2.16 and a beta of 1.49.

Sterling Infrastructure (NASDAQ:STRL) last posted its quarterly earnings results on Monday, June 3rd. The construction company reported $0.64 earnings per share (EPS) for the quarter. The business had revenue of $403.58 million for the quarter. Sterling Infrastructure had a return on equity of 29.81% and a net margin of 14.14%. Equities analysts anticipate that Sterling Infrastructure, Inc. will post 5.98 EPS for the current year.

Sterling Infrastructure announced that its Board of Directors has authorized a stock repurchase program on Wednesday, November 12th that allows the company to repurchase $400.00 million in shares. This repurchase authorization allows the construction company to buy up to 3.4% of its shares through open market purchases. Shares repurchase programs are often a sign that the company’s board believes its shares are undervalued.

Institutional Trading of Sterling Infrastructure

A number of hedge funds have recently bought and sold shares of the stock. Cookson Peirce & Co. Inc. acquired a new position in shares of Sterling Infrastructure during the 2nd quarter worth about $19,761,000. Ieq Capital LLC boosted its holdings in Sterling Infrastructure by 94.8% in the 1st quarter. Ieq Capital LLC now owns 8,144 shares of the construction company’s stock worth $922,000 after buying an additional 3,963 shares during the last quarter. Vontobel Holding Ltd. purchased a new stake in Sterling Infrastructure during the 2nd quarter worth approximately $305,000. New York State Teachers Retirement System raised its holdings in shares of Sterling Infrastructure by 549.9% during the second quarter. New York State Teachers Retirement System now owns 17,620 shares of the construction company’s stock valued at $4,065,000 after acquiring an additional 14,909 shares during the last quarter. Finally, JPMorgan Chase & Co. lifted its position in shares of Sterling Infrastructure by 8.3% in the second quarter. JPMorgan Chase & Co. now owns 122,623 shares of the construction company’s stock valued at $28,293,000 after acquiring an additional 9,374 shares in the last quarter. Hedge funds and other institutional investors own 80.95% of the company’s stock.

Sterling Infrastructure Company Profile

Sterling Infrastructure, Inc engages in the provision of e-infrastructure, transportation, and building solutions primarily in the United States. It operates through three segments: E-Infrastructure Solutions, Transportation Solutions, and Building Solutions. The E-Infrastructure Solutions segment provides site development services for the blue-chip end users in the e-commerce distribution center, data center, manufacturing, warehousing, and power generation sectors.