Sterling Infrastructure (NASDAQ:STRL) Releases Quarterly Earnings Results, Beats Estimates By $0.79 EPS

Sterling Infrastructure (NASDAQ:STRL) issued its earnings results on Monday. The construction company reported $5.80 earnings per share for the quarter, beating the consensus estimate of $5.01 by $0.79, FiscalAI reports. Sterling Infrastructure had a return on equity of 35.64% and a net margin of 12.02%.The company had revenue of $1.17 billion during the quarter, compared to analysts’ expectations of $969.22 million.

Sterling Infrastructure Trading Up 2.5%

Sterling Infrastructure stock traded up $14.70 during mid-day trading on Monday, reaching $611.47. 1,183,862 shares of the company traded hands, compared to its average volume of 635,704. The company has a debt-to-equity ratio of 0.23, a current ratio of 1.10 and a quick ratio of 1.10. Sterling Infrastructure has a 52-week low of $262.27 and a 52-week high of $1,005.68. The firm has a market capitalization of $18.76 billion, a price-to-earnings ratio of 54.69, a P/E/G ratio of 2.18 and a beta of 1.83. The firm’s 50 day moving average price is $765.43 and its 200 day moving average price is $578.26.

Insider Activity

In related news, General Counsel Mark D. Wolf sold 2,500 shares of the stock in a transaction dated Thursday, June 25th. The shares were sold at an average price of $888.00, for a total value of $2,220,000.00. Following the completion of the transaction, the general counsel directly owned 28,137 shares of the company’s stock, valued at $24,985,656. This represents a 8.16% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 1.60% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Sterling Infrastructure

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Parallel Advisors LLC grew its position in shares of Sterling Infrastructure by 22.9% in the 4th quarter. Parallel Advisors LLC now owns 584 shares of the construction company’s stock worth $179,000 after buying an additional 109 shares during the period. Wexford Capital LP purchased a new position in shares of Sterling Infrastructure during the third quarter valued at approximately $142,000. Smartleaf Asset Management LLC boosted its position in shares of Sterling Infrastructure by 12.2% in the 4th quarter. Smartleaf Asset Management LLC now owns 460 shares of the construction company’s stock worth $142,000 after purchasing an additional 50 shares in the last quarter. Quadrant Capital Group LLC purchased a new stake in shares of Sterling Infrastructure in the 3rd quarter worth approximately $135,000. Finally, Greenline Wealth Management LLC bought a new position in Sterling Infrastructure during the 4th quarter valued at approximately $108,000. 80.95% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

STRL has been the topic of several analyst reports. Zacks Research raised shares of Sterling Infrastructure from a “hold” rating to a “strong-buy” rating in a research note on Monday, June 1st. Cantor Fitzgerald restated an “overweight” rating on shares of Sterling Infrastructure in a research report on Thursday, June 18th. Argus initiated coverage on shares of Sterling Infrastructure in a research note on Thursday, April 16th. They set a “buy” rating and a $510.00 price objective for the company. Wall Street Zen lowered shares of Sterling Infrastructure from a “strong-buy” rating to a “buy” rating in a report on Saturday, July 4th. Finally, Oppenheimer started coverage on Sterling Infrastructure in a report on Thursday, May 28th. They set an “outperform” rating and a $950.00 price target on the stock. One investment analyst has rated the stock with a Strong Buy rating and seven have assigned a Buy rating to the company. Based on data from MarketBeat, Sterling Infrastructure presently has an average rating of “Buy” and an average price target of $720.67.

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.