Sterling Infrastructure Boosts Stock with $400M Buyback

Sterling Infrastructures stock surged by 2.5% on November 12th following the announcement of a new $400 million stock repurchase program, a significant increase from their previous plan. The program, effective immediately, allows Sterling to buy back up to $400 million of its common stock over the next two years, replacing an older program with $81 million remaining. CEO Joe Cutillo expressed confidence in the companys financial position, emphasizing their ability to balance growth investments and shareholder returns. The substantial increase in the buyback authorization, nearly five times the remaining capacity of the old program, boosted investor confidence, driving the stock price upward.The Daily News Now! — Every city. Every story. AI-powered. Hosted on Acast. See acast.com/privacy for more information.