The Manufacturers Life Insurance Company Cuts Stake in Sterling Infrastructure, Inc. $STRL

The Manufacturers Life Insurance Company decreased its stake in Sterling Infrastructure, Inc. (NASDAQ:STRL) by 4.1% in the 1st quarter, Holdings Channel.com reports. The institutional investor owned 33,454 shares of the construction company’s stock after selling 1,413 shares during the quarter. The Manufacturers Life Insurance Company’s holdings in Sterling Infrastructure were worth $13,625,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently modified their holdings of the company. Cedar Mountain Advisors LLC raised its holdings in shares of Sterling Infrastructure by 8,000.0% during the 1st quarter. Cedar Mountain Advisors LLC now owns 81 shares of the construction company’s stock valued at $33,000 after buying an additional 80 shares during the period. NFSG Corp grew its position in Sterling Infrastructure by 578.6% in the first quarter. NFSG Corp now owns 95 shares of the construction company’s stock valued at $39,000 after acquiring an additional 81 shares in the last quarter. Kemnay Advisory Services Inc. acquired a new stake in Sterling Infrastructure in the fourth quarter valued at approximately $31,000. Signature Equity Partners LLC raised its stake in shares of Sterling Infrastructure by 19.5% during the first quarter. Signature Equity Partners LLC now owns 104 shares of the construction company’s stock valued at $42,000 after purchasing an additional 17 shares during the period. Finally, Caitong International Asset Management Co. Ltd raised its stake in shares of Sterling Infrastructure by 316.0% during the third quarter. Caitong International Asset Management Co. Ltd now owns 104 shares of the construction company’s stock valued at $35,000 after purchasing an additional 79 shares during the period. Hedge funds and other institutional investors own 80.95% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on the stock. Weiss Ratings lowered shares of Sterling Infrastructure from a “buy (b)” rating to a “buy (b-)” rating in a report on Tuesday, July 28th. Oppenheimer assumed coverage on shares of Sterling Infrastructure in a report on Thursday, May 28th. They issued an “outperform” rating and a $950.00 price objective on the stock. Wall Street Zen cut shares of Sterling Infrastructure from a “strong-buy” rating to a “buy” rating in a research report on Saturday, July 4th. Cantor Fitzgerald restated an “overweight” rating on shares of Sterling Infrastructure in a research note on Thursday, June 18th. Finally, Zacks Research raised Sterling Infrastructure from a “hold” rating to a “strong-buy” rating in a research report on Monday, June 1st. One investment analyst has rated the stock with a Strong Buy rating and seven have assigned a Buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Buy” and a consensus price target of $720.67.

Insider Activity

In related news, General Counsel Mark D. Wolf sold 2,500 shares of the company’s stock in a transaction that occurred on Thursday, June 25th. The stock was sold at an average price of $888.00, for a total transaction of $2,220,000.00. Following the sale, the general counsel directly owned 28,137 shares of the company’s stock, valued at approximately $24,985,656. This represents a 8.16% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Corporate insiders own 1.60% of the company’s stock.

Sterling Infrastructure Stock Performance

Shares of NASDAQ STRL opened at $596.77 on Monday. The stock’s 50 day moving average price is $765.43 and its two-hundred day moving average price is $578.26. Sterling Infrastructure, Inc. has a 52-week low of $244.02 and a 52-week high of $1,005.68. The stock has a market capitalization of $18.31 billion, a P/E ratio of 53.38, a PEG ratio of 2.18 and a beta of 1.88. The company has a quick ratio of 1.10, a current ratio of 1.10 and a debt-to-equity ratio of 0.23.

Sterling Infrastructure (NASDAQ:STRL) last released its earnings results on Monday, May 4th. The construction company reported $3.59 EPS for the quarter, topping analysts’ consensus estimates of $2.29 by $1.30. The company had revenue of $825.67 million for the quarter, compared to the consensus estimate of $603.58 million. Sterling Infrastructure had a return on equity of 35.64% and a net margin of 12.02%.During the same quarter last year, the business posted $1.63 EPS. On average, analysts anticipate that Sterling Infrastructure, Inc. will post 18.24 earnings per share for the current fiscal year.

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.