Allspring Global Investments Holdings LLC Sells 259,873 Shares of Vulcan Materials Company $VMC

Key Points

• Allspring Global Investments cut its Vulcan Materials stake by 15.7% in the first quarter, selling 259,873 shares and leaving it with 1,391,006 shares valued at about $389.7 million.
• Wall Street sentiment is mixed: analysts have split between Buy and Hold ratings, but the overall consensus remains a “Moderate Buy” with a price target of $327.79.
• Vulcan Materials reported solid quarterly results, beating EPS and revenue estimates with $1.35 EPS on $1.76 billion in revenue, while also maintaining a quarterly dividend of $0.52 per share.

Allspring Global Investments Holdings LLC lowered its stake in Vulcan Materials Company (NYSE:VMC - Free Report) by 15.7% during the first quarter, according to the company in its most recent filing with the SEC. The fund owned 1,391,006 shares of the construction company's stock after selling 259,873 shares during the period. Vulcan Materials makes up 0.7% of Allspring Global Investments Holdings LLC's portfolio, making the stock its 19th largest holding. Allspring Global Investments Holdings LLC owned 1.07% of Vulcan Materials worth $389,663,000 as of its most recent filing with the SEC.

Several other large investors have also recently bought and sold shares of VMC. Norges Bank bought a new stake in Vulcan Materials in the 4th quarter valued at $383,613,000. Egerton Capital UK LLP acquired a new position in shares of Vulcan Materials in the fourth quarter valued at about $273,861,000. Arrowstreet Capital Limited Partnership increased its position in Vulcan Materials by 121.4% during the fourth quarter. Arrowstreet Capital Limited Partnership now owns 717,409 shares of the construction company's stock worth $204,619,000 after acquiring an additional 393,339 shares during the period. Assenagon Asset Management S.A. increased its position in Vulcan Materials by 993.8% during the fourth quarter. Assenagon Asset Management S.A. now owns 396,628 shares of the construction company's stock worth $113,126,000 after acquiring an additional 360,368 shares during the period. Finally, Freestone Grove Partners LP acquired a new stake in Vulcan Materials in the 3rd quarter worth about $98,911,000. 90.39% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of analysts have issued reports on VMC shares. Raymond James Financial reissued an "outperform" rating on shares of Vulcan Materials in a report on Wednesday. Oppenheimer assumed coverage on shares of Vulcan Materials in a research report on Thursday, May 28th. They issued a "market perform" rating for the company. Barclays boosted their price target on Vulcan Materials from $296.00 to $340.00 and gave the company an "overweight" rating in a research note on Thursday, April 30th. Royal Bank Of Canada reduced their price target on Vulcan Materials from $298.00 to $293.00 and set a "sector perform" rating on the stock in a research report on Tuesday, June 30th. Finally, UBS Group lowered their price objective on Vulcan Materials from $350.00 to $349.00 and set a "buy" rating on the stock in a research note on Wednesday, July 8th. Eight analysts have rated the stock with a Buy rating and eight have assigned a Hold rating to the stock. Based on data from MarketBeat, Vulcan Materials has an average rating of "Moderate Buy" and a consensus price target of $327.79.

Vulcan Materials Price Performance

VMC stock opened at $293.46 on Friday. The company has a 50 day simple moving average of $286.47 and a 200 day simple moving average of $290.98. The stock has a market cap of $38.08 billion, a price-to-earnings ratio of 34.89, a P/E/G ratio of 2.09 and a beta of 1.05. Vulcan Materials Company has a 1 year low of $252.35 and a 1 year high of $331.09. The company has a debt-to-equity ratio of 0.51, a current ratio of 2.59 and a quick ratio of 1.89.

Vulcan Materials (NYSE:VMC - Get Free Report) last issued its quarterly earnings data on Wednesday, April 29th. The construction company reported $1.35 EPS for the quarter, beating the consensus estimate of $1.10 by $0.25. Vulcan Materials had a net margin of 13.81% and a return on equity of 12.95%. The business had revenue of $1.76 billion during the quarter, compared to the consensus estimate of $1.64 billion. During the same quarter in the prior year, the firm earned $1.00 EPS. The firm's revenue was up 7.4% compared to the same quarter last year. Research analysts anticipate that Vulcan Materials Company will post 9.27 EPS for the current fiscal year.

Vulcan Materials Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 2nd. Investors of record on Thursday, August 13th will be given a dividend of $0.52 per share. The ex-dividend date is Thursday, August 13th. This represents a $2.08 dividend on an annualized basis and a yield of 0.7%. Vulcan Materials's payout ratio is currently 24.73%.

Insider Transactions at Vulcan Materials

In other Vulcan Materials news, SVP David P. Clement sold 2,212 shares of the company'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 transaction, the senior vice president owned 8,716 shares of the company's stock, valued at $2,547,599.64. This represents a 20.24% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.65% of the stock is currently owned by insiders.

About Vulcan Materials

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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