Bank of Nova Scotia Makes New $9.37 Million Investment in Vulcan Materials Company $VMC

Bank of Nova Scotia bought a new position in shares of Vulcan Materials Company (NYSE:VMC - Free Report) in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund bought 31,755 shares of the construction company's stock, valued at approximately $9,368,000.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in VMC. Elevation Point Wealth Partners LLC acquired a new stake in Vulcan Materials during the 2nd quarter worth $964,000. Daiichi Life Insurance Co. Ltd. acquired a new position in Vulcan Materials in the second quarter valued at $1,961,000. Commerce Bank acquired a new position in Vulcan Materials in the second quarter valued at $1,620,000. Weitz Investment Management Inc. purchased a new position in shares of Vulcan Materials during the second quarter worth about $60,123,000. Finally, Northwestern Mutual Wealth Management Co. purchased a new position in shares of Vulcan Materials during the second quarter worth about $5,283,000. 90.39% of the stock is owned by institutional investors and hedge funds.

Vulcan Materials Stock Down 0.1%

VMC stock opened at $275.87 on Tuesday. The stock has a market capitalization of $35.75 billion, a PE ratio of 32.57, a price-to-earnings-growth ratio of 1.99 and a beta of 1.06. The company has a fifty day moving average of $288.85 and a 200-day moving average of $287.23. The company has a debt-to-equity ratio of 0.47, a quick ratio of 1.20 and a current ratio of 1.76. Vulcan Materials Company has a one year low of $252.35 and a one year high of $331.09.

Vulcan Materials (NYSE:VMC - Get Free Report) last posted its quarterly earnings results on Wednesday, July 29th. The construction company reported $2.59 earnings per share (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 firm had revenue of $2.16 billion during the quarter, compared to analysts' expectations of $2.14 billion. During the same period in the prior year, the company posted $2.42 earnings per share. The firm's revenue for the quarter was up 2.5% on a year-over-year basis. As a group, analysts expect that Vulcan Materials Company will post 9.29 EPS for the current year.

Vulcan Materials Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, September 2nd. Investors of record on Thursday, August 13th will be paid a $0.52 dividend. The ex-dividend date is Thursday, August 13th. This represents a $2.08 dividend on an annualized basis and a dividend yield of 0.8%. Vulcan Materials's payout ratio is 24.56%.

Insider Buying and Selling at Vulcan Materials

In related news, SVP David P. Clement sold 2,000 shares of the company's stock in a transaction on Friday, August 7th. The stock was sold at an average price of $285.10, for a total transaction of $570,200.00. Following the transaction, the senior vice president owned 6,716 shares of the company's stock, valued at $1,914,731.60. This represents a 22.95% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. 0.65% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

Several analysts have recently weighed in on VMC shares. UBS Group reduced their target price on Vulcan Materials from $350.00 to $349.00 and set a "buy" rating for the company in a report on Wednesday, July 8th. Wall Street Zen downgraded Vulcan Materials from a "hold" rating to a "sell" rating in a research note on Sunday, July 12th. Citigroup cut their price target on Vulcan Materials from $355.00 to $350.00 and set a "buy" rating on the stock in a research report on Thursday, July 30th. Barclays boosted their price objective on Vulcan Materials from $296.00 to $340.00 and gave the company an "overweight" rating in a research note on Thursday, April 30th. Finally, Berenberg Bank set a $283.00 price target on shares of Vulcan Materials and gave the stock a "hold" rating in a research note on Tuesday, June 2nd. Eight research analysts have rated the stock with a Buy rating and eight have issued a Hold rating to the stock. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $327.93.

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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