OMERS ADMINISTRATION Corp Lowers Stake in Sterling Infrastructure, Inc. $STRL
OMERS ADMINISTRATION Corp reduced its stake in Sterling Infrastructure, Inc. by 32.6% in Q2, owning 9,522 shares worth $2,197,000. Other investors like Millennium Management LLC and Vanguard Group Inc. adjusted their holdings significantly. Analysts have mixed ratings on STRL, with a consensus of 'Moderate Buy' and a price target of $460.00. Sterling Infrastructure's stock opened at $327.78, with a market cap of $10.07 billion. The company announced a $400 million share repurchase plan, indicating potential undervaluation.
OMERS ADMINISTRATION Corp lessened its stake in Sterling Infrastructure, Inc. (NASDAQ:STRL - Free Report) by 32.6% in the 2nd quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 9,522 shares of the construction company's stock after selling 4,600 shares during the quarter. OMERS ADMINISTRATION Corp's holdings in Sterling Infrastructure were worth $2,197,000 at the end of the most recent reporting period.
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Other institutional investors and hedge funds have also modified their holdings of the company. Millennium Management LLC boosted its holdings in Sterling Infrastructure by 743.9% in the 1st quarter. Millennium Management LLC now owns 493,393 shares of the construction company's stock worth $55,857,000 after buying an additional 434,925 shares during the last quarter. Amanah Holdings Trust acquired a new stake in shares of Sterling Infrastructure in the second quarter worth approximately $44,527,000. Nuveen LLC purchased a new stake in shares of Sterling Infrastructure during the first quarter worth approximately $19,741,000. Vanguard Group Inc. raised its stake in Sterling Infrastructure by 6.3% in the 1st quarter. Vanguard Group Inc. now owns 2,682,995 shares of the construction company's stock valued at $303,742,000 after purchasing an additional 159,191 shares during the last quarter. Finally, American Century Companies Inc. lifted its holdings in Sterling Infrastructure by 61.6% in the 2nd quarter. American Century Companies Inc. now owns 354,372 shares of the construction company's stock valued at $81,764,000 after purchasing an additional 135,107 shares in the last quarter. Hedge funds and other institutional investors own 80.95% of the company's stock.
Analysts Set New Price Targets
Several analysts recently issued reports on STRL shares. Wall Street Zen cut shares of Sterling Infrastructure from a "strong-buy" rating to a "buy" rating in a research note on Friday, September 26th. DA Davidson boosted their price objective on Sterling Infrastructure from $355.00 to $460.00 and gave the stock a "buy" rating in a research note on Wednesday, November 5th. Weiss Ratings reaffirmed a "buy (b)" rating on shares of Sterling Infrastructure in a research note on Wednesday, October 8th. Finally, Zacks Research cut shares of Sterling Infrastructure from a "strong-buy" rating to a "hold" rating in a research report on Monday, November 3rd. Three research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $460.00.
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Read Our Latest Research Report on STRL
Sterling Infrastructure Stock Up 2.3%
Shares of NASDAQ:STRL opened at $327.78 on Wednesday. The company has a current ratio of 1.42, a quick ratio of 1.42 and a debt-to-equity ratio of 0.31. The company has a market capitalization of $10.07 billion, a price-to-earnings ratio of 35.63, a PEG ratio of 2.98 and a beta of 1.50. The business has a 50-day moving average price of $355.24 and a 200 day moving average price of $289.13. Sterling Infrastructure, Inc. has a 12-month low of $96.34 and a 12-month high of $419.14.
Sterling Infrastructure (NASDAQ:STRL - Get Free Report) last announced its earnings results on Monday, June 3rd. The construction company reported $0.64 earnings per share (EPS) for the quarter. The company had revenue of $403.58 million for the quarter. Sterling Infrastructure had a return on equity of 27.93% and a net margin of 13.33%. Sell-side analysts expect that Sterling Infrastructure, Inc. will post 5.98 EPS for the current year.
Sterling Infrastructure declared that its Board of Directors has authorized a share repurchase plan on Wednesday, November 12th that allows the company to repurchase $400.00 million in shares. This repurchase authorization allows the construction company to buy up to 3.4% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company's board believes its stock is undervalued.
Sterling Infrastructure Profile
(Free Report)Sterling Infrastructure, Inc engages in the provision of e-infrastructure, transportation, and building solutions primarily in the United States. It operates through three segments: E-Infrastructure Solutions, Transportation Solutions, and Building Solutions. The E-Infrastructure Solutions segment provides site development services for the blue-chip end users in the e-commerce distribution center, data center, manufacturing, warehousing, and power generation sectors.
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