Public Sector Pension Investment Board Purchases 14,977 Shares of Sterling Infrastructure, Inc. $STRL

Public Sector Pension Investment Board raised its position in Sterling Infrastructure, Inc. (NASDAQ:STRL) by 14.4% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 118,703 shares of the construction company’s stock after purchasing an additional 14,977 shares during the quarter. Public Sector Pension Investment Board’s holdings in Sterling Infrastructure were worth $40,321,000 as of its most recent SEC filing.

A number of other hedge funds have also recently made changes to their positions in the company. Illinois Municipal Retirement Fund grew its holdings in shares of Sterling Infrastructure by 26.8% during the third quarter. Illinois Municipal Retirement Fund now owns 19,274 shares of the construction company’s stock worth $6,547,000 after purchasing an additional 4,079 shares during the last quarter. Wedbush Securities Inc. boosted its position in Sterling Infrastructure by 18.3% during the 3rd quarter. Wedbush Securities Inc. now owns 2,676 shares of the construction company’s stock worth $909,000 after buying an additional 413 shares during the period. Savvy Advisors Inc. grew its holdings in Sterling Infrastructure by 10.7% during the 3rd quarter. Savvy Advisors Inc. now owns 1,124 shares of the construction company’s stock worth $382,000 after acquiring an additional 109 shares during the last quarter. GK Wealth Management LLC increased its position in Sterling Infrastructure by 51.4% in the 3rd quarter. GK Wealth Management LLC now owns 1,316 shares of the construction company’s stock valued at $447,000 after acquiring an additional 447 shares during the period. Finally, Cibc World Market Inc. increased its position in Sterling Infrastructure by 9.0% in the 3rd quarter. Cibc World Market Inc. now owns 45,261 shares of the construction company’s stock valued at $15,374,000 after acquiring an additional 3,740 shares during the period. 80.95% of the stock is owned by institutional investors and hedge funds.

Sterling Infrastructure Stock Performance

Shares of Sterling Infrastructure stock opened at $431.43 on Friday. The business has a 50-day moving average price of $340.38 and a two-hundred day moving average price of $332.13. Sterling Infrastructure, Inc. has a 1-year low of $96.34 and a 1-year high of $470.00. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 0.26. The company has a market cap of $13.25 billion, a P/E ratio of 42.30, a PEG ratio of 2.54 and a beta of 1.51.

Sterling Infrastructure announced that its board has approved a share repurchase program on Wednesday, November 12th that authorizes the company to repurchase $400.00 million in shares. This repurchase authorization authorizes the construction company to purchase up to 3.4% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s management believes its stock is undervalued.

Analyst Upgrades and Downgrades

STRL has been the topic of a number of recent research reports. Weiss Ratings upgraded shares of Sterling Infrastructure from a “hold (c+)” rating to a “buy (b-)” rating in a report on Monday, January 26th. Zacks Research lowered Sterling Infrastructure from a “strong-buy” rating to a “hold” rating in a research report on Monday, January 5th. DA Davidson upped their price target on Sterling Infrastructure from $355.00 to $460.00 and gave the company a “buy” rating in a research report on Wednesday, November 5th. Stifel Nicolaus set a $486.00 price target on Sterling Infrastructure and gave the company a “buy” rating in a research note on Wednesday. Finally, Cantor Fitzgerald initiated coverage on Sterling Infrastructure in a research note on Friday, January 23rd. They issued an “overweight” rating and a $413.00 price objective on the stock. Four equities research analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. According to MarketBeat.com, Sterling Infrastructure presently has an average rating of “Moderate Buy” and a consensus target price of $453.00.

Insider Activity at Sterling Infrastructure

In related news, Director Dana C. O’brien sold 2,000 shares of the firm’s stock in a transaction that occurred on Monday, February 9th. The stock was sold at an average price of $410.00, for a total transaction of $820,000.00. Following the completion of the sale, the director owned 11,498 shares of the company’s stock, valued at $4,714,180. This trade represents a 14.82% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, 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 value of $1,001,000.00. Following the completion of the transaction, the director directly owned 14,749 shares in the company, valued at approximately $5,162,150. This trade represents a 16.24% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 6,860 shares of company stock valued at $2,611,000 in the last ninety days. 3.70% of the stock is currently owned by insiders.

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.