New York State Teachers Retirement System Boosts Position in Sterling Infrastructure, Inc. $STRL

New York State Teachers Retirement System lifted its position in Sterling Infrastructure, Inc. (NASDAQ:STRL) by 19.9% during the 3rd quarter, HoldingsChannel reports. The firm owned 21,118 shares of the construction company’s stock after buying an additional 3,498 shares during the period. New York State Teachers Retirement System’s holdings in Sterling Infrastructure were worth $7,173,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in the stock. Cookson Peirce & Co. Inc. purchased a new position in Sterling Infrastructure in the 2nd quarter worth approximately $19,761,000. Vontobel Holding Ltd. bought a new position in Sterling Infrastructure in the second quarter worth about $305,000. JPMorgan Chase & Co. grew its stake in Sterling Infrastructure by 8.3% in the second quarter. JPMorgan Chase & Co. now owns 122,623 shares of the construction company’s stock worth $28,293,000 after purchasing an additional 9,374 shares during the period. Frontier Capital Management Co. LLC bought a new stake in shares of Sterling Infrastructure in the 2nd quarter worth approximately $35,931,000. Finally, VIRGINIA RETIREMENT SYSTEMS ET Al grew its stake in shares of Sterling Infrastructure by 76.4% in the third quarter. VIRGINIA RETIREMENT SYSTEMS ET Al now owns 10,393 shares of the construction company’s stock worth $3,530,000 after acquiring an additional 4,500 shares during the last quarter. Institutional investors own 80.95% of the company’s stock.

Analyst Ratings Changes

A number of research analysts have recently issued reports on STRL shares. DA Davidson upped their price target on Sterling Infrastructure from $355.00 to $460.00 and gave the company a “buy” rating in a report on Wednesday, November 5th. Zacks Research downgraded Sterling Infrastructure from a “strong-buy” rating to a “hold” rating in a research report on Monday, January 5th. Weiss Ratings lowered shares of Sterling Infrastructure from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Monday. Finally, Wall Street Zen downgraded Sterling Infrastructure from a “strong-buy” rating to a “buy” rating in a research note on Friday, September 26th. Two analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $460.00.

Sterling Infrastructure Trading Up 5.3%

Shares of STRL opened at $336.31 on Friday. The firm has a market capitalization of $10.33 billion, a price-to-earnings ratio of 32.97, a PEG ratio of 1.87 and a beta of 1.50. The company has a debt-to-equity ratio of 0.26, a current ratio of 1.00 and a quick ratio of 1.00. Sterling Infrastructure, Inc. has a 1-year low of $96.34 and a 1-year high of $419.14. The company has a 50-day moving average of $325.75 and a 200 day moving average of $313.13.

Sterling Infrastructure (NASDAQ:STRL) last announced its quarterly earnings results 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. Sterling Infrastructure had a net margin of 14.14% and a return on equity of 29.81%. The firm had revenue of $689.02 million during the quarter, compared to analysts’ expectations of $618.80 million. On average, research analysts expect that Sterling Infrastructure, Inc. will post 5.98 EPS for the current year.

Sterling Infrastructure announced that its board has initiated a stock buyback program on Wednesday, November 12th that permits the company to buyback $400.00 million in shares. This buyback authorization permits the construction company to purchase up to 3.4% of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s management believes its shares are 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.