Sterling Infrastructure, Inc. $STRL Shares Sold by Kornitzer Capital Management Inc. KS

Kornitzer Capital Management Inc. KS reduced its stake in Sterling Infrastructure, Inc. (NASDAQ:STRL) by 51.9% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 27,530 shares of the construction company’s stock after selling 29,685 shares during the period. Kornitzer Capital Management Inc. KS owned approximately 0.09% of Sterling Infrastructure worth $9,351,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently bought and sold shares of STRL. State Street Corp boosted its stake in shares of Sterling Infrastructure by 62.0% in the 2nd quarter. State Street Corp now owns 1,131,751 shares of the construction company’s stock valued at $261,129,000 after buying an additional 433,311 shares during the period. Geode Capital Management LLC increased its stake in shares of Sterling Infrastructure by 0.5% during the second quarter. Geode Capital Management LLC now owns 739,302 shares of the construction company’s stock worth $170,600,000 after buying an additional 3,469 shares during the period. Invesco Ltd. raised its holdings in Sterling Infrastructure by 82.7% in the second quarter. Invesco Ltd. now owns 735,910 shares of the construction company’s stock valued at $169,797,000 after acquiring an additional 333,013 shares in the last quarter. American Century Companies Inc. lifted its stake in Sterling Infrastructure by 61.6% in the second quarter. American Century Companies Inc. now owns 354,372 shares of the construction company’s stock worth $81,764,000 after acquiring an additional 135,107 shares during the last quarter. Finally, Ameriprise Financial Inc. grew its holdings in Sterling Infrastructure by 29.4% during the 2nd quarter. Ameriprise Financial Inc. now owns 353,958 shares of the construction company’s stock worth $81,669,000 after acquiring an additional 80,481 shares in the last quarter. 80.95% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on STRL shares. Cantor Fitzgerald started coverage on shares of Sterling Infrastructure in a report on Friday. They issued an “overweight” rating and a $413.00 price objective on the stock. Weiss Ratings cut Sterling Infrastructure from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Monday, January 12th. DA Davidson upped their price objective on Sterling Infrastructure from $355.00 to $460.00 and gave the stock a “buy” rating in a research report on Wednesday, November 5th. Finally, Zacks Research downgraded 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. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $436.50.

Insider Buying and Selling

In related news, Director Dwayne Andree Wilson sold 2,860 shares of the stock in a transaction 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 owned 14,749 shares in the company, valued at $5,162,150. This represents a 16.24% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 2.70% of the stock is currently owned by company insiders.

Sterling Infrastructure Stock Performance

Shares of STRL stock opened at $361.21 on Tuesday. Sterling Infrastructure, Inc. has a 1 year low of $96.34 and a 1 year high of $419.14. 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 market cap of $11.10 billion, a price-to-earnings ratio of 35.41, a PEG ratio of 2.06 and a beta of 1.50. The stock’s 50-day moving average is $325.13 and its two-hundred day moving average is $320.37.

Sterling Infrastructure (NASDAQ:STRL) last announced its earnings results on Monday, November 3rd. The construction company reported $3.48 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.79 by $0.69. The firm had revenue of $689.02 million during the quarter, compared to analysts’ expectations of $618.80 million. Sterling Infrastructure had a return on equity of 29.81% and a net margin of 14.14%. Analysts predict that Sterling Infrastructure, Inc. will post 5.98 earnings per share for the current year.

Sterling Infrastructure declared that its board has initiated a share buyback program on Wednesday, November 12th that authorizes the company to buyback $400.00 million in outstanding shares. This buyback authorization authorizes the construction company to buy up to 3.4% of its shares through open market purchases. Shares buyback programs are typically an indication that the company’s leadership believes its stock is undervalued.

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.