Share Repurchase Program Announced by Sterling Infrastructure (NASDAQ:STRL)

Sterling Infrastructure (NASDAQ:STRL) declared that its Board of Directors has approved a share buyback plan on Wednesday, November 12th, RTT News reports. The company plans to repurchase $400.00 million in shares. This repurchase authorization allows the construction company to buy up to 3.4% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company’s management believes its shares are undervalued.

Wall Street Analyst Weigh In

Several brokerages have weighed in on STRL. 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. 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 cut shares of Sterling Infrastructure from a “strong-buy” rating to a “buy” rating in a research note on Friday, September 26th. Finally, Weiss Ratings reiterated a “buy (b)” rating on shares of Sterling Infrastructure in a report on Wednesday, October 8th. Three investment analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $460.00.

Sterling Infrastructure Trading Up 3.7%

Shares of STRL opened at $338.66 on Friday. The firm has a market capitalization of $10.40 billion, a price-to-earnings ratio of 36.81, a PEG ratio of 2.98 and a beta of 1.39. The company has a debt-to-equity ratio of 0.31, a current ratio of 1.42 and a quick ratio of 1.42. Sterling Infrastructure has a 1-year low of $96.34 and a 1-year high of $419.14. The company has a 50-day moving average of $353.99 and a 200 day moving average of $274.37.

Sterling Infrastructure (NASDAQ:STRL) last issued its earnings results 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 business had revenue of $403.58 million for the quarter. On average, research analysts expect that Sterling Infrastructure will post 5.98 EPS for the current year.

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.