Palisades Investment Partners LLC Trims Holdings in Sterling Infrastructure, Inc. $STRL

Palisades Investment Partners LLC lowered its position in Sterling Infrastructure, Inc. (NASDAQ:STRL) by 3.0% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 95,800 shares of the construction company’s stock after selling 2,928 shares during the quarter. Sterling Infrastructure accounts for approximately 12.8% of Palisades Investment Partners LLC’s investment portfolio, making the stock its largest position. Palisades Investment Partners LLC owned approximately 0.31% of Sterling Infrastructure worth $32,541,000 at the end of the most recent quarter.

Several other hedge funds have also added to or reduced their stakes in STRL. Emerald Mutual Fund Advisers Trust raised its stake in shares of Sterling Infrastructure by 42.9% during the third quarter. Emerald Mutual Fund Advisers Trust now owns 48,875 shares of the construction company’s stock valued at $16,602,000 after acquiring an additional 14,678 shares during the last quarter. Covestor Ltd raised its position in Sterling Infrastructure by 52.8% during the 3rd quarter. Covestor Ltd now owns 683 shares of the construction company’s stock worth $232,000 after purchasing an additional 236 shares during the last quarter. BIP Wealth LLC raised its position in Sterling Infrastructure by 8.7% during the 3rd quarter. BIP Wealth LLC now owns 49,301 shares of the construction company’s stock worth $16,747,000 after purchasing an additional 3,934 shares during the last quarter. Emerald Advisers LLC lifted its holdings in Sterling Infrastructure by 50.3% during the 3rd quarter. Emerald Advisers LLC now owns 82,582 shares of the construction company’s stock worth $28,051,000 after buying an additional 27,627 shares during the period. Finally, Root Financial Partners LLC bought a new stake in shares of Sterling Infrastructure in the 3rd quarter valued at about $26,000. 80.95% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, Director Dwayne Andree Wilson sold 2,860 shares of the business’s stock in a transaction dated 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 of the company’s stock, valued at $5,162,150. The trade was a 16.24% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Insiders own 3.70% of the company’s stock.

Sterling Infrastructure Trading Down 3.5%

STRL opened at $351.39 on Friday. The company has a fifty day moving average price of $324.56 and a two-hundred day moving average price of $318.25. Sterling Infrastructure, Inc. has a 1-year low of $96.34 and a 1-year high of $419.14. The company has a market cap of $10.79 billion, a P/E ratio of 34.45, a price-to-earnings-growth ratio of 2.13 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 issued its earnings results on Monday, November 3rd. The construction company reported $3.48 EPS for the quarter, beating the consensus estimate of $2.79 by $0.69. Sterling Infrastructure had a return on equity of 29.81% and a net margin of 14.14%.The company had revenue of $689.02 million during the quarter, compared to the consensus estimate of $618.80 million. Analysts predict that Sterling Infrastructure, Inc. will post 5.98 EPS for the current fiscal year.

Sterling Infrastructure declared that its board has authorized a stock repurchase program on Wednesday, November 12th that permits the company to buyback $400.00 million in outstanding 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 usually an indication that the company’s board believes its shares are undervalued.

Wall Street Analyst Weigh In

A number of equities analysts have recently issued reports on STRL shares. Wall Street Zen downgraded Sterling Infrastructure from a “strong-buy” rating to a “buy” rating in a research report on Friday, September 26th. Weiss Ratings downgraded shares of Sterling Infrastructure from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Monday, January 12th. DA Davidson upped their price objective on shares of Sterling Infrastructure from $355.00 to $460.00 and gave the company a “buy” rating in a research note on Wednesday, November 5th. Cantor Fitzgerald assumed coverage on shares of Sterling Infrastructure in a research note on Friday. They set an “overweight” rating and a $413.00 target price for the company. Finally, Zacks Research lowered shares of Sterling Infrastructure from a “strong-buy” rating to a “hold” rating in a report on Monday, January 5th. Two investment analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. Based on data from MarketBeat.com, Sterling Infrastructure has an average rating of “Moderate Buy” and an average price target of $436.50.

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.