Meridian Wealth Management LLC Invests $236,000 in Sterling Infrastructure, Inc. $STRL

Meridian Wealth Management LLC acquired a new position in Sterling Infrastructure, Inc. (NASDAQ:STRL) during the 2nd quarter, according to its most recent filing with the SEC. The fund acquired 1,024 shares of the construction company’s stock, valued at approximately $236,000.

Other hedge funds have also recently added to or reduced their stakes in the company. Millennium Management LLC raised its position in Sterling Infrastructure by 743.9% during the first quarter. Millennium Management LLC now owns 493,393 shares of the construction company’s stock worth $55,857,000 after acquiring an additional 434,925 shares during the last quarter. Pacer Advisors Inc. acquired a new position in shares of Sterling Infrastructure during the 1st quarter worth approximately $28,689,000. Amanah Holdings Trust acquired a new position in shares of Sterling Infrastructure during the 2nd quarter worth approximately $44,527,000. Nuveen LLC purchased a new stake in Sterling Infrastructure in the 1st quarter valued at approximately $19,741,000. Finally, Vanguard Group Inc. grew its holdings in Sterling Infrastructure by 6.3% during the 1st quarter. Vanguard Group Inc. now owns 2,682,995 shares of the construction company’s stock valued at $303,742,000 after buying an additional 159,191 shares during the last quarter. 80.95% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

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

Sterling Infrastructure Stock Performance

NASDAQ STRL opened at $333.88 on Wednesday. The business’s 50-day moving average price is $355.85 and its 200 day moving average price is $278.53. The company has a current ratio of 1.42, a quick ratio of 1.42 and a debt-to-equity ratio of 0.31. Sterling Infrastructure, Inc. has a twelve month low of $96.34 and a twelve month high of $419.14. The company has a market capitalization of $10.26 billion, a PE ratio of 36.29, a price-to-earnings-growth ratio of 2.98 and a beta of 1.39.

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

Sterling Infrastructure declared that its Board of Directors has authorized a share buyback plan on Wednesday, November 12th that authorizes the company to repurchase $400.00 million in outstanding shares. This repurchase authorization authorizes the construction company to buy up to 3.4% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s leadership believes its shares are undervalued.

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.