1,039,426 Shares in Vulcan Materials Company $VMC Bought by Veritas Asset Management LLP

Key Points

• Veritas Asset Management purchased 1.04 million Vulcan Materials shares worth approximately $306.6 million, making the stock its ninth-largest holding and representing 0.8% of Vulcan’s shares.
• Vulcan Materials reported quarterly EPS of $2.59, exceeding estimates of $2.46, while revenue rose 2.5% year over year to $2.16 billion. The company also maintains a quarterly dividend of $0.52 per share, yielding about 0.8%.
• Shares recently traded down 1.4% to $258.86, while analysts maintained a “Moderate Buy” consensus with an average price target of $328.64; insiders sold more than $5 million in stock during the latest quarter.

Veritas Asset Management LLP bought a new position in Vulcan Materials Company (NYSE:VMC - Free Report) in the second quarter, according to the company in its most recent disclosure with the SEC. The institutional investor bought 1,039,426 shares of the construction company's stock, valued at approximately $306,641,000. Vulcan Materials makes up about 5.7% of Veritas Asset Management LLP's investment portfolio, making the stock its 9th largest holding. Veritas Asset Management LLP owned 0.80% of Vulcan Materials at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in VMC. Atria Investments Inc boosted its position in Vulcan Materials by 54.1% during the 4th quarter. Atria Investments Inc now owns 12,334 shares of the construction company's stock worth $3,518,000 after buying an additional 4,331 shares during the period. BlackRock Inc. bought a new stake in shares of Vulcan Materials in the 2nd quarter valued at about $2,868,444,000. SCS Capital Management LLC acquired a new stake in shares of Vulcan Materials in the second quarter valued at about $19,628,000. Westfield Capital Management Co. LP raised its position in shares of Vulcan Materials by 7.4% during the fourth quarter. Westfield Capital Management Co. LP now owns 254,044 shares of the construction company's stock worth $72,459,000 after acquiring an additional 17,488 shares during the last quarter. Finally, Family Legacy Inc. acquired a new position in shares of Vulcan Materials in the second quarter worth approximately $6,403,000. 90.39% of the stock is owned by institutional investors and hedge funds.

Vulcan Materials Trading Down 1.4%

VMC traded down $3.77 during trading on Tuesday, hitting $258.86. The company's stock had a trading volume of 958,842 shares, compared to its average volume of 1,154,381. The firm has a market capitalization of $33.54 billion, a P/E ratio of 30.56, a PEG ratio of 2.36 and a beta of 1.05. Vulcan Materials Company has a twelve month low of $252.35 and a twelve month high of $331.09. The stock's fifty day moving average price is $280.79 and its 200-day moving average price is $283.23. The company has a quick ratio of 1.20, a current ratio of 1.76 and a debt-to-equity ratio of 0.47.

Vulcan Materials (NYSE:VMC - Get Free Report) last announced its quarterly earnings data on Wednesday, July 29th. The construction company reported $2.59 EPS for the quarter, topping the consensus estimate of $2.46 by $0.13. Vulcan Materials had a net margin of 13.75% and a return on equity of 13.05%. The company had revenue of $2.16 billion during the quarter, compared to the consensus estimate of $2.14 billion. During the same quarter last year, the firm posted $2.42 EPS. The company's quarterly revenue was up 2.5% on a year-over-year basis. Analysts anticipate that Vulcan Materials Company will post 9.29 EPS for the current year.

Vulcan Materials Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, September 2nd. Stockholders of record on Thursday, August 13th were issued a dividend of $0.52 per share. The ex-dividend date was Thursday, August 13th. This represents a $2.08 annualized dividend and a dividend yield of 0.8%. Vulcan Materials's dividend payout ratio is currently 24.56%.

Insider Activity

In related news, SVP David P. Clement sold 2,212 shares of the business's stock in a transaction dated Monday, June 15th. The stock was sold at an average price of $292.29, for a total value of $646,545.48. Following the completion of the sale, the senior vice president directly owned 8,716 shares of the company's stock, valued at $2,547,599.64. The trade was a 20.24% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director J. Hill sold 14,000 shares of the company's stock in a transaction that occurred on Friday, August 21st. The stock was sold at an average price of $276.17, for a total value of $3,866,380.00. Following the transaction, the director directly owned 58,209 shares in the company, valued at approximately $16,075,579.53. This trade represents a 19.39% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 18,212 shares of company stock worth $5,083,125 in the last quarter. Company insiders own 0.65% of the company's stock.

Analysts Set New Price Targets

A number of analysts have weighed in on VMC shares. Royal Bank Of Canada increased their target price on shares of Vulcan Materials from $293.00 to $300.00 and gave the company a "sector perform" rating in a research report on Thursday, July 30th. DA Davidson initiated coverage on shares of Vulcan Materials in a research note on Tuesday, August 25th. They issued a "buy" rating and a $330.00 price objective on the stock. Wall Street Zen upgraded shares of Vulcan Materials from a "sell" rating to a "hold" rating in a research report on Saturday, August 29th. Wells Fargo & Company lowered their target price on shares of Vulcan Materials from $310.00 to $305.00 and set an "equal weight" rating for the company in a research note on Wednesday, July 8th. Finally, Berenberg Bank set a $283.00 target price on shares of Vulcan Materials and gave the company a "hold" rating in a report on Tuesday, June 2nd. One investment analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and seven have given a Hold rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $328.64.

Vulcan Materials Company Profile

Vulcan Materials Company NYSE: VMC is a U.S.-based producer of construction materials that supplies the building and infrastructure markets. The company's primary products include construction aggregates such as crushed stone, sand and gravel, as well as asphalt mixes and ready-mixed concrete. These materials are used in a wide range of projects including highways, commercial and residential construction, and public infrastructure.

Vulcan operates an integrated network of quarries, asphalt plants and concrete facilities to produce and deliver materials to contractors, municipalities and private developers.

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