Great Lakes Advisors LLC Sells 55,139 Shares of Sterling Infrastructure, Inc. $STRL

Great Lakes Advisors LLC lessened its stake in shares of Sterling Infrastructure, Inc. (NASDAQ:STRL) by 46.9% in the third quarter, HoldingsChannel.com reports. The firm owned 62,510 shares of the construction company’s stock after selling 55,139 shares during the quarter. Great Lakes Advisors LLC’s holdings in Sterling Infrastructure were worth $21,233,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Twin Peaks Wealth Advisors LLC purchased a new position in shares of Sterling Infrastructure in the second quarter valued at about $26,000. Root Financial Partners LLC purchased a new position in Sterling Infrastructure during the 3rd quarter valued at about $26,000. Wilmington Savings Fund Society FSB bought a new position in Sterling Infrastructure during the 3rd quarter valued at approximately $28,000. Ameritas Advisory Services LLC purchased a new stake in Sterling Infrastructure in the 2nd quarter worth approximately $29,000. Finally, Bessemer Group Inc. grew its position in shares of Sterling Infrastructure by 119.3% in the 2nd quarter. Bessemer Group Inc. now owns 125 shares of the construction company’s stock worth $29,000 after buying an additional 68 shares during the last quarter. 80.95% of the stock is currently owned by institutional investors.

Sterling Infrastructure Stock Performance

STRL stock opened at $373.52 on Thursday. The stock’s 50 day simple moving average is $326.68 and its 200 day simple moving average is $321.65. 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, Inc. has a 12-month low of $96.34 and a 12-month high of $419.14. The stock has a market capitalization of $11.47 billion, a PE ratio of 36.62, a price-to-earnings-growth ratio of 2.18 and a beta of 1.50.

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

Sterling Infrastructure declared that its Board of Directors has authorized a stock repurchase plan on Wednesday, November 12th that permits the company to buyback $400.00 million in outstanding shares. This buyback authorization permits the construction company to reacquire up to 3.4% of its shares through open market purchases. Shares buyback plans are typically a sign that the company’s board of directors believes its shares are undervalued.

Insider Activity at Sterling Infrastructure

In related news, Director Dwayne Andree Wilson sold 2,860 shares of the business’s stock in a transaction that occurred on Friday, January 16th. The shares were sold at an average price of $350.00, for a total transaction of $1,001,000.00. Following the completion of the sale, the director directly owned 14,749 shares in the company, valued at approximately $5,162,150. The trade was a 16.24% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. 2.70% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

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

Sterling Infrastructure Company 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.