PNC Financial Services Group Inc. Increases Position in Sterling Infrastructure, Inc. $STRL

PNC Financial Services Group Inc. increased its holdings in Sterling Infrastructure, Inc. (NASDAQ:STRL) by 66.9% in the 2nd quarter, HoldingsChannel.com reports. The fund owned 3,601 shares of the construction company’s stock after buying an additional 1,443 shares during the period. PNC Financial Services Group Inc.’s holdings in Sterling Infrastructure were worth $831,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also bought and sold shares of the business. Ameritas Advisory Services LLC purchased a new position in Sterling Infrastructure in the second quarter worth $29,000. Bessemer Group Inc. grew its position in Sterling Infrastructure by 119.3% during the second quarter. Bessemer Group Inc. now owns 125 shares of the construction company’s stock valued at $29,000 after buying an additional 68 shares during the period. Golden State Wealth Management LLC increased its holdings in Sterling Infrastructure by 54.8% during the second quarter. Golden State Wealth Management LLC now owns 144 shares of the construction company’s stock worth $33,000 after buying an additional 51 shares during the last quarter. Armstrong Advisory Group Inc. increased its holdings in Sterling Infrastructure by 93.2% during the second quarter. Armstrong Advisory Group Inc. now owns 170 shares of the construction company’s stock worth $39,000 after buying an additional 82 shares during the last quarter. Finally, MCF Advisors LLC raised its position in Sterling Infrastructure by 97.7% in the second quarter. MCF Advisors LLC now owns 172 shares of the construction company’s stock worth $40,000 after acquiring an additional 85 shares during the period. 80.95% of the stock is currently owned by institutional investors.

Sterling Infrastructure Stock Up 0.2%

STRL opened at $315.10 on Friday. Sterling Infrastructure, Inc. has a 12 month low of $96.34 and a 12 month high of $419.14. The company has a market cap of $9.68 billion, a PE ratio of 34.25, a price-to-earnings-growth ratio of 2.98 and a beta of 1.39. 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 50 day moving average of $356.51 and a 200 day moving average of $280.20.

Sterling Infrastructure (NASDAQ:STRL) last posted its earnings results on Monday, June 3rd. The construction company reported $0.64 earnings per share (EPS) for the quarter. Sterling Infrastructure had a return on equity of 27.93% and a net margin of 13.33%.The firm had revenue of $403.58 million for the quarter. On average, sell-side analysts expect that Sterling Infrastructure, Inc. will post 5.98 EPS for the current year.

Sterling Infrastructure announced that its Board of Directors has initiated a share repurchase 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 often a sign that the company’s board believes its stock is undervalued.

Analysts Set New Price Targets

A number of research analysts have recently weighed in on the stock. DA Davidson increased their target price on shares of Sterling Infrastructure from $355.00 to $460.00 and gave the company a “buy” rating in a research report on Wednesday, November 5th. Zacks Research downgraded Sterling Infrastructure from a “strong-buy” rating to a “hold” rating in a research note on Monday, November 3rd. Weiss Ratings reissued a “buy (b)” rating on shares of Sterling Infrastructure in a research report on Wednesday, October 8th. Finally, Wall Street Zen cut Sterling Infrastructure from a “strong-buy” rating to a “buy” rating in a research report on Friday, September 26th. Three research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $460.00.

About Sterling Infrastructure

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.