Oppenheimer & Co. Inc. Sells 3,428 Shares of Sterling Infrastructure, Inc. $STRL

Oppenheimer & Co. Inc. trimmed its holdings in shares of Sterling Infrastructure, Inc. (NASDAQ:STRL) by 41.1% during the third quarter, HoldingsChannel reports. The fund owned 4,915 shares of the construction company’s stock after selling 3,428 shares during the quarter. Oppenheimer & Co. Inc.’s holdings in Sterling Infrastructure were worth $1,670,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Root Financial Partners LLC bought a new position in shares of Sterling Infrastructure during the third quarter valued at $26,000. Wilmington Savings Fund Society FSB acquired a new stake in Sterling Infrastructure in the third quarter valued at $28,000. Bogart Wealth LLC increased its holdings in Sterling Infrastructure by 535.7% in the third quarter. Bogart Wealth LLC now owns 89 shares of the construction company’s stock valued at $30,000 after purchasing an additional 75 shares during the period. Twin Peaks Wealth Advisors LLC bought a new position in Sterling Infrastructure during the 2nd quarter worth $26,000. Finally, Bessemer Group Inc. lifted its holdings in Sterling Infrastructure by 119.3% during the 2nd quarter. Bessemer Group Inc. now owns 125 shares of the construction company’s stock worth $29,000 after buying an additional 68 shares during the period. 80.95% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several brokerages have recently weighed in on STRL. Stifel Nicolaus set a $486.00 price target on Sterling Infrastructure and gave the company a “buy” rating in a research note on Wednesday. DA Davidson upped their target price on Sterling Infrastructure from $355.00 to $460.00 and gave the company a “buy” rating in a report on Wednesday, November 5th. Weiss Ratings raised shares of Sterling Infrastructure from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Monday, January 26th. Zacks Research lowered shares of Sterling Infrastructure from a “strong-buy” rating to a “hold” rating in a report on Monday, January 5th. Finally, Cantor Fitzgerald assumed coverage on shares of 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 issued a Hold rating to the company. According to data from MarketBeat, Sterling Infrastructure currently has an average rating of “Moderate Buy” and a consensus target price of $453.00.

Sterling Infrastructure Trading Up 1.5%

NASDAQ STRL opened at $437.77 on Friday. The stock has a market capitalization of $13.45 billion, a P/E ratio of 42.92, a P/E/G ratio of 2.53 and a beta of 1.51. The business has a 50 day simple moving average of $342.63 and a 200 day simple moving average of $333.34. The company has a debt-to-equity ratio of 0.26, a current ratio of 1.00 and a quick ratio of 1.00. Sterling Infrastructure, Inc. has a one year low of $96.34 and a one year high of $470.00.

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 reacquire up to 3.4% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s board of directors believes its shares are undervalued.

Insider Buying and Selling

In related news, Director Dana C. O’brien sold 2,000 shares of the business’s stock in a transaction on Monday, February 9th. The shares were sold at an average price of $410.00, for a total transaction of $820,000.00. Following the transaction, the director owned 11,498 shares in the company, valued at $4,714,180. The trade was a 14.82% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Dwayne Andree Wilson sold 2,860 shares of the stock in a transaction on Friday, January 16th. The stock was sold at an average price of $350.00, for a total transaction of $1,001,000.00. Following the transaction, the director directly owned 14,749 shares in the company, valued at approximately $5,162,150. This represents a 16.24% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 6,860 shares of company stock worth $2,611,000 over the last 90 days. Company insiders own 3.70% of the company’s stock.

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.