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Sterling Infrastructure, Inc. (NASDAQ:STRL) CEO Joseph A. Cutillo has recently sold a significant amount of company stock, transactions totaling over $13 million. The sales, executed over a span of three days, were conducted under a pre-arranged trading plan.
The series of transactions began on March 20, 2024, with Cutillo selling 33,214 shares at an average price of $108.714, followed by the sale of 48,077 shares on March 21 at an average price of $110.6127. The final sale took place on March 22, where 40,713 shares were sold at an average price of $111.7441. The prices for these sales ranged from $106.44 to $112.76 per share.
After these transactions, the CEO still retains a substantial amount of Sterling Infrastructure stock, with 606,455 shares remaining in his possession. It’s noted that 62,190 of these shares carry restrictions that may affect their sale or transfer under certain conditions.
These sales were made in accordance with a Rule 10b5-1 trading plan, which was adopted by Cutillo on December 20, 2023. Such plans allow company insiders to establish pre-arranged plans to sell stocks at a time when they are not in possession of material non-public information.
As the market processes this information, investors and analysts alike will be watching the performance of Sterling Infrastructure’s stock. The company, which operates within the heavy construction sector, continues to be a notable player in the industry.
InvestingPro Insights
Sterling Infrastructure’s recent stock transactions by CEO Joseph A. Cutillo have caught the attention of the market, and in light of these events, it’s worth examining the company’s financial health and performance metrics. With a market capitalization of $3.46 billion, the company appears robust in its industry. An InvestingPro Tip highlights that Sterling Infrastructure is trading at a low P/E ratio relative to near-term earnings growth, currently standing at 24.71, which may suggest the stock is undervalued given its earnings trajectory. This is further supported by the company’s PEG Ratio for the last twelve months as of Q4 2023, which is below 1, at 0.89, indicating potential for growth relative to its earnings.
The company’s Price / Book ratio is on the higher side, at 5.6, as of the last twelve months ending Q4 2023. This suggests that investors are willing to pay a premium for the company’s net assets, possibly due to the high return of 188.81% the stock has provided over the last year. Another InvestingPro Tip points to the fact that Sterling Infrastructure holds more cash than debt on its balance sheet, which is a reassuring sign of financial stability for investors.
For those seeking more detailed analysis and additional InvestingPro Tips, there are 11 more listed on the Sterling Infrastructure page at InvestingPro. Interested readers can use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription, which could provide further insights into whether now is a strategic time to invest in Sterling Infrastructure. The next earnings date is set for April 29, 2024, which will be a significant date for current and potential investors to watch.
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