Wasatch Global Investors, an investment management firm, released its “Wasatch Micro Cap Value Strategy” third quarter 2023 investor letter. A copy of the same can be downloaded here. The strategy outperformed its benchmark during the quarter. The quality-oriented positioning was the main reason for the strategy’s outperformance in the quarter. In addition, please check the fund’s top five holdings to know its best picks in 2023.
Wasatch Micro Cap Value Strategy highlighted stocks like Sterling Infrastructure, Inc. (NASDAQ:STRL) in the third quarter 2023 investor letter. Headquartered in The Woodlands, Texas, Sterling Infrastructure, Inc. (NASDAQ:STRL) provides construction solutions. On December 22, 2023, Sterling Infrastructure, Inc. (NASDAQ:STRL) stock closed at $85.90 per share. One-month return of Sterling Infrastructure, Inc. (NASDAQ:STRL) was 31.37%, and its shares gained 162.37% of their value over the last 52 weeks. Sterling Infrastructure, Inc. (NASDAQ:STRL) has a market capitalization of $2.649 billion.
Wasatch Micro Cap Value Strategy made the following comment about Sterling Infrastructure, Inc. (NASDAQ:STRL) in its Q3 2023 investor letter:
“Sterling Infrastructure, Inc. (NASDAQ:STRL) was the strategy’s top contributor. The company had historically focused on municipal and state contracts for highway paving and bridge, water, sewer and light-rail developments. More recently, Sterling has specialized in site preparation for large data centers and manufacturing facilities. Before the third quarter, we had thought the stock was very inexpensive. Then, the company reported robust earnings growth and the stock’s price/earnings multiple also expanded. After such a powerful move, it’s often tempting to sell. But we still think Sterling is reasonably priced at a valuation of about eight times EBITDA (earnings before interest, taxes, depreciation and amortization).”
A construction worker standing atop a metal framework of a newly built structure.
Sterling Infrastructure, Inc. (NASDAQ:STRL) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 22 hedge fund portfolios held Sterling Infrastructure, Inc. (NASDAQ:STRL) at the end of third quarter which was 16 in the previous quarter. In addition, please check out our hedge fund investor letters Q3 2023 page for more investor letters from hedge funds and other leading investors.
Suggested Articles:
- 15 Best Places in Colorado for a Couple to Live on Only Social Security
- 24 Biggest Industries in the World in 2024
- 20 Best Countries for Doctors to Immigrate to
Disclosure: None. This article is originally published at Insider Monkey.
