iA Global Asset Management Inc. Sells 23,212 Shares of Vulcan Materials Company $VMC

Key Points

• iA Global Asset Management sharply reduced its stake in Vulcan Materials, selling 23,212 shares and cutting its position by 97.3% in the first quarter.
• Vulcan Materials reported better-than-expected quarterly results, with EPS of $1.35 versus $1.10 expected and revenue of $1.76 billion versus $1.64 billion expected.
• Analysts remain mixed on the stock: the consensus rating is Hold with an average price target of $326.54, while recent targets ranged from $283 to $340.

iA Global Asset Management Inc. trimmed its position in Vulcan Materials Company (NYSE:VMC - Free Report) by 97.3% in the first quarter, according to its most recent filing with the SEC. The fund owned 638 shares of the construction company's stock after selling 23,212 shares during the period. iA Global Asset Management Inc.'s holdings in Vulcan Materials were worth $174,000 as of its most recent filing with the SEC.

Other hedge funds also recently modified their holdings of the company. Lone Pine Capital LLC bought a new position in shares of Vulcan Materials during the third quarter valued at $425,938,000. Norges Bank bought a new stake in shares of Vulcan Materials in the fourth quarter worth $383,613,000. Egerton Capital UK LLP bought a new stake in shares of Vulcan Materials in the fourth quarter worth $273,861,000. Arrowstreet Capital Limited Partnership increased its holdings in Vulcan Materials by 121.4% in the fourth quarter. Arrowstreet Capital Limited Partnership now owns 717,409 shares of the construction company's stock valued at $204,619,000 after purchasing an additional 393,339 shares during the period. Finally, Assenagon Asset Management S.A. increased its holdings in Vulcan Materials by 993.8% in the fourth quarter. Assenagon Asset Management S.A. now owns 396,628 shares of the construction company's stock valued at $113,126,000 after purchasing an additional 360,368 shares during the period. Institutional investors and hedge funds own 90.39% of the company's stock.

Insider Buying and Selling

In other Vulcan Materials news, SVP David P. Clement sold 2,212 shares of the firm's stock in a transaction on Monday, June 15th. The shares were 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 in the company, valued at approximately $2,547,599.64. This trade represents a 20.24% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders own 0.65% of the company's stock.

Analysts Set New Price Targets

A number of equities research analysts have commented on VMC shares. Berenberg Bank set a $283.00 price target on Vulcan Materials and gave the company a "hold" rating in a research report on Tuesday, June 2nd. Morgan Stanley cut their price objective on Vulcan Materials from $322.00 to $321.00 and set an "equal weight" rating on the stock in a research note on Monday, April 6th. Royal Bank Of Canada reduced their target price on Vulcan Materials from $298.00 to $293.00 and set a "sector perform" rating on the stock in a report on Tuesday. Barclays raised their price target on shares of Vulcan Materials from $296.00 to $340.00 and gave the stock an "overweight" rating in a report on Thursday, April 30th. Finally, Wells Fargo & Company boosted their price target on shares of Vulcan Materials from $305.00 to $310.00 and gave the stock an "equal weight" rating in a research report on Friday, May 1st. Seven analysts have rated the stock with a Buy rating and eight have assigned a Hold rating to the company's stock. According to MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average target price of $326.54.

Vulcan Materials Stock Up 0.1%

Shares of NYSE:VMC opened at $303.45 on Friday. 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. The business's 50-day moving average is $286.49 and its 200-day moving average is $290.89. The company has a market capitalization of $39.38 billion, a price-to-earnings ratio of 36.08, a P/E/G ratio of 2.19 and a beta of 1.05.

Vulcan Materials (NYSE:VMC - Get Free Report) last released its earnings results on Wednesday, April 29th. The construction company reported $1.35 EPS for the quarter, topping the consensus estimate of $1.10 by $0.25. The business had revenue of $1.76 billion during the quarter, compared to analysts' expectations of $1.64 billion. Vulcan Materials had a return on equity of 12.95% and a net margin of 13.81%.The firm's revenue was up 7.4% on a year-over-year basis. During the same quarter last year, the firm posted $1.00 earnings per share. Equities research analysts predict that Vulcan Materials Company will post 9.27 earnings per share for the current year.

Vulcan Materials Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, June 5th. Investors of record on Friday, May 22nd were paid a dividend of $0.52 per share. The ex-dividend date of this dividend was Friday, May 22nd. This represents a $2.08 annualized dividend and a yield of 0.7%. Vulcan Materials's dividend payout ratio is currently 24.73%.

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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