Bank of America Corp DE Purchases Shares of 303,684 Valmont Industries, Inc. $VMI

Key Points

• Bank of America acquired 303,684 shares of Valmont Industries in the second quarter, valued at approximately $175.4 million, giving it a 1.57% stake. Institutional investors collectively own 87.84% of the company.
• Valmont reported quarterly EPS of $6.14, exceeding analyst estimates of $5.80, while revenue rose 6.5% year over year to $1.12 billion.
• The company declared a quarterly dividend of $0.77 per share, or $3.08 annually, representing a 0.7% yield. Analysts maintain a “Moderate Buy” consensus with an average price target of $587.

Bank of America Corp DE acquired a new position in Valmont Industries, Inc. (NYSE:VMI - Free Report) in the second quarter, according to the company in its most recent filing with the SEC. The firm acquired 303,684 shares of the industrial products company's stock, valued at approximately $175,408,000. Bank of America Corp DE owned 1.57% of Valmont Industries at the end of the most recent quarter.

Several other institutional investors also recently modified their holdings of the company. Elyxium Wealth LLC acquired a new stake in Valmont Industries during the fourth quarter worth $27,000. Caitong International Asset Management Co. Ltd acquired a new position in shares of Valmont Industries in the 4th quarter valued at $27,000. Northwestern Mutual Wealth Management Co. acquired a new position in shares of Valmont Industries in the 2nd quarter valued at $28,000. Leonteq Securities AG bought a new position in shares of Valmont Industries during the 4th quarter worth about $30,000. Finally, V Square Quantitative Management LLC bought a new position in shares of Valmont Industries during the 1st quarter worth about $37,000. Institutional investors and hedge funds own 87.84% of the company's stock.

Valmont Industries Trading Down 0.6%

VMI opened at $472.49 on Friday. Valmont Industries, Inc. has a 1-year low of $361.50 and a 1-year high of $585.71. The stock has a market capitalization of $9.12 billion, a PE ratio of 18.40, a PEG ratio of 1.08 and a beta of 1.34. The company has a current ratio of 2.35, a quick ratio of 1.55 and a debt-to-equity ratio of 0.42. The firm has a 50-day moving average price of $491.45 and a two-hundred day moving average price of $487.39.

Valmont Industries (NYSE:VMI - Get Free Report) last announced its earnings results on Tuesday, July 21st. The industrial products company reported $6.14 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $5.80 by $0.34. Valmont Industries had a net margin of 11.70% and a return on equity of 25.57%. The company had revenue of $1.12 billion for the quarter, compared to analyst estimates of $1.09 billion. During the same period in the prior year, the business earned $4.88 earnings per share. Valmont Industries's quarterly revenue was up 6.5% on a year-over-year basis. As a group, equities analysts anticipate that Valmont Industries, Inc. will post 23.08 earnings per share for the current fiscal year.

Valmont Industries Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, October 15th. Shareholders of record on Friday, September 25th will be issued a dividend of $0.77 per share. The ex-dividend date of this dividend is Friday, September 25th. This represents a $3.08 annualized dividend and a yield of 0.7%. Valmont Industries's dividend payout ratio is currently 11.99%.

Wall Street Analyst Weigh In

VMI has been the subject of a number of analyst reports. Wall Street Zen cut shares of Valmont Industries from a "strong-buy" rating to a "buy" rating in a research note on Saturday, August 8th. Zacks Research lowered Valmont Industries from a "strong-buy" rating to a "hold" rating in a research note on Monday, July 20th. Stifel Nicolaus increased their target price on Valmont Industries from $645.00 to $678.00 and gave the stock a "buy" rating in a report on Monday, July 20th. Weiss Ratings lowered Valmont Industries from a "buy (b)" rating to a "buy (b-)" rating in a research note on Wednesday. Finally, Oppenheimer set a $600.00 price target on Valmont Industries and gave the company an "outperform" rating in a research report on Thursday, May 28th. Four equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $587.00.

Insiders Place Their Bets

In other news, Director Theodor Freye sold 800 shares of the business's stock in a transaction on Monday, July 27th. The stock was sold at an average price of $495.00, for a total transaction of $396,000.00. Following the completion of the sale, the director owned 2,805 shares in the company, valued at $1,388,475. The trade was a 22.19% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CFO John L. Schwietz purchased 208 shares of the business's stock in a transaction dated Thursday, July 23rd. The shares were purchased at an average cost of $486.14 per share, for a total transaction of $101,117.12. Following the purchase, the chief financial officer directly owned 2,992 shares of the company's stock, valued at $1,454,530.88. This trade represents a 7.47% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. 1.42% of the stock is currently owned by company insiders.

About Valmont Industries

Valmont Industries, Inc is a global manufacturer of engineered products and services serving the infrastructure and agricultural markets. Founded in 1946 and headquartered in Omaha, Nebraska, the company operates through its Infrastructure and Agriculture segments.

Valmont's Infrastructure segment provides utility and substation structures, engineered poles, lighting and traffic structures, wireless communication infrastructure, transportation products, and protective coatings for steel and other materials.

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