Keybank National Association OH Cuts Stake in Vulcan Materials Company $VMC

Key Points

• Keybank National Association OH reduced its stake in Vulcan Materials by 11.3% in the first quarter, selling 9,718 shares and leaving it with 76,239 shares valued at about $20.76 million.
• Several other institutional investors remain heavily invested in Vulcan Materials, and hedge funds and other institutions now own 90.39% of the company’s stock.
• Vulcan Materials reported solid quarterly results, beating earnings and revenue estimates, while analysts still see mixed sentiment with a Hold consensus and a target price of $326.54.

Keybank National Association OH lowered its stake in shares of Vulcan Materials Company (NYSE:VMC - Free Report) by 11.3% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 76,239 shares of the construction company's stock after selling 9,718 shares during the period. Keybank National Association OH owned 0.06% of Vulcan Materials worth $20,760,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also recently modified their holdings of the stock. Geode Capital Management LLC grew its stake in Vulcan Materials by 0.9% during the fourth quarter. Geode Capital Management LLC now owns 3,576,172 shares of the construction company's stock valued at $1,016,168,000 after acquiring an additional 32,012 shares in the last quarter. Bank of America Corp DE lifted its stake in Vulcan Materials by 0.4% in the 3rd quarter. Bank of America Corp DE now owns 2,318,474 shares of the construction company's stock worth $713,209,000 after purchasing an additional 9,030 shares in the last quarter. Morgan Stanley boosted its holdings in shares of Vulcan Materials by 7.9% during the 4th quarter. Morgan Stanley now owns 1,727,232 shares of the construction company's stock valued at $492,642,000 after purchasing an additional 126,523 shares during the last quarter. Lone Pine Capital LLC purchased a new position in shares of Vulcan Materials during the third quarter valued at about $425,938,000. Finally, Norges Bank purchased a new position in shares of Vulcan Materials during the fourth quarter valued at about $383,613,000. Hedge funds and other institutional investors own 90.39% of the company's stock.

Insiders Place Their Bets

In related news, SVP David P. Clement sold 2,212 shares of the firm's stock in a transaction on 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 in the company, valued at $2,547,599.64. This trade represents a 20.24% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 0.65% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on VMC shares. Barclays lifted their target price on Vulcan Materials from $296.00 to $340.00 and gave the stock an "overweight" rating in a report on Thursday, April 30th. Stifel Nicolaus set a $333.00 price target on Vulcan Materials in a report on Thursday, April 30th. Wall Street Zen raised Vulcan Materials from a "sell" rating to a "hold" rating in a research note on Saturday, May 9th. Stephens increased their target price on Vulcan Materials from $330.00 to $340.00 and gave the company an "overweight" rating in a research report on Thursday, April 30th. Finally, Royal Bank Of Canada reduced their price target on shares of Vulcan Materials from $298.00 to $293.00 and set a "sector perform" rating on the stock in a research report on Tuesday. Seven investment analysts have rated the stock with a Buy rating and eight have given a Hold rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus target price of $326.54.

Vulcan Materials Trading Up 0.1%

VMC opened at $303.45 on Friday. The stock has a 50-day moving average of $286.49 and a 200 day moving average of $290.89. The company has a current ratio of 2.59, a quick ratio of 1.89 and a debt-to-equity ratio of 0.51. Vulcan Materials Company has a 12 month low of $252.35 and a 12 month high of $331.09. The firm has a market cap of $39.38 billion, a P/E 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 issued its quarterly earnings data on Wednesday, April 29th. The construction company reported $1.35 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.10 by $0.25. The business had revenue of $1.76 billion for the quarter, compared to the consensus estimate of $1.64 billion. Vulcan Materials had a return on equity of 12.95% and a net margin of 13.81%.The company's quarterly revenue was up 7.4% compared to the same quarter last year. During the same period in the prior year, the business posted $1.00 earnings per share. As a group, research analysts forecast that Vulcan Materials Company will post 9.27 EPS for the current year.

Vulcan Materials Announces Dividend

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

Vulcan Materials 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.

Want to see what other hedge funds are holding VMC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Vulcan Materials Company (NYSE:VMC - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.