Palmer Knight Co Cuts Holdings in Vulcan Materials Company $VMC

Key Points

• Palmer Knight Co reduced its stake in Vulcan Materials by 15.3% in Q4, selling 3,720 shares and now holding 20,645 shares worth about $5.89 million (the firm's 23rd largest position).
• Vulcan beat expectations for the quarter with EPS $1.35 (vs. $1.10 est.) and $1.76B revenue (vs. $1.64B est.), prompting some analysts to raise targets and leaving a consensus rating of Moderate Buy with an average price target of $329.62.
• Vulcan raised its quarterly dividend to $0.52 (annualized $2.08), a yield of about 0.7%, increasing its payout from the prior $0.49 quarterly dividend.

Palmer Knight Co lowered its holdings in Vulcan Materials Company (NYSE:VMC - Free Report) by 15.3% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 20,645 shares of the construction company's stock after selling 3,720 shares during the period. Vulcan Materials makes up about 3.1% of Palmer Knight Co's holdings, making the stock its 23rd biggest position. Palmer Knight Co's holdings in Vulcan Materials were worth $5,888,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently bought and sold shares of VMC. Westside Investment Management Inc. lifted its holdings in shares of Vulcan Materials by 100.0% during the 3rd quarter. Westside Investment Management Inc. now owns 84 shares of the construction company's stock worth $25,000 after acquiring an additional 42 shares during the last quarter. NBT Bank N A NY bought a new stake in Vulcan Materials during the fourth quarter worth about $26,000. Greykasell Wealth Strategies Inc. bought a new position in shares of Vulcan Materials during the 3rd quarter valued at about $29,000. Godsey & Gibb Inc. purchased a new position in shares of Vulcan Materials during the 4th quarter valued at about $30,000. Finally, Measured Wealth Private Client Group LLC bought a new stake in Vulcan Materials in the 3rd quarter worth approximately $30,000. 90.39% of the stock is owned by institutional investors.

Insider Buying and Selling

In other news, Director Melissa H. Anderson sold 1,137 shares of the firm's stock in a transaction dated Friday, February 20th. The shares were sold at an average price of $303.72, for a total value of $345,329.64. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 0.65% of the company's stock.

Analysts Set New Price Targets

Several research analysts have commented on the stock. Barclays lifted their price target on shares of Vulcan Materials from $296.00 to $340.00 and gave the stock an "overweight" rating in a research note on Thursday, April 30th. Stephens upped their price target on shares of Vulcan Materials from $330.00 to $340.00 and gave the company an "overweight" rating in a research report on Thursday, April 30th. DA Davidson decreased their price objective on Vulcan Materials from $330.00 to $320.00 and set a "neutral" rating on the stock in a report on Wednesday, February 18th. JPMorgan Chase & Co. restated a "neutral" rating and set a $320.00 target price (down from $335.00) on shares of Vulcan Materials in a report on Wednesday, March 4th. Finally, Morgan Stanley decreased their price target 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. Eight research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company's stock. According to MarketBeat.com, Vulcan Materials presently has a consensus rating of "Moderate Buy" and an average price target of $329.62.

Vulcan Materials Trading Up 1.4%

NYSE VMC opened at $291.62 on Wednesday. The stock has a market cap of $37.84 billion, a P/E ratio of 34.68, a price-to-earnings-growth ratio of 2.09 and a beta of 1.09. Vulcan Materials Company has a fifty-two week low of $252.35 and a fifty-two week high of $331.09. The stock has a 50 day simple moving average of $284.18 and a two-hundred day simple moving average of $292.75. The company has a debt-to-equity ratio of 0.51, a quick ratio of 1.89 and a current ratio of 2.59.

Vulcan Materials (NYSE:VMC - Get Free Report) last posted its earnings results on Wednesday, April 29th. The construction company reported $1.35 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.10 by $0.25. The firm had revenue of $1.76 billion for 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 business's revenue was up 7.4% compared to the same quarter last year. During the same period in the previous year, the firm earned $1.00 earnings per share. On average, analysts forecast that Vulcan Materials Company will post 9.28 earnings per share for the current year.

Vulcan Materials Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, March 23rd. Shareholders of record on Monday, March 9th were given a dividend of $0.52 per share. This represents a $2.08 dividend on an annualized basis and a yield of 0.7%. The ex-dividend date of this dividend was Monday, March 9th. This is an increase from Vulcan Materials's previous quarterly dividend of $0.49. Vulcan Materials's payout ratio is presently 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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