Palmer Knight Co Purchases Shares of 32,059 Vulcan Materials Company $VMC

Key Points

• Palmer Knight Co. acquired 32,059 shares of Vulcan Materials in the second quarter, valued at approximately $9.46 million and representing 3.6% of its portfolio. Institutional investors collectively own 90.39% of VMC.
• Analysts maintain a “Moderate Buy” consensus with an average price target of $327.93, while ratings are evenly split between Buy and Hold.
• Vulcan Materials exceeded quarterly earnings expectations with EPS of $2.59 and revenue of $2.16 billion, up 2.5% year over year. The company also declared a quarterly dividend of $0.52 per share, yielding 0.8% annually.

Palmer Knight Co acquired a new position in Vulcan Materials Company (NYSE:VMC - Free Report) in the second quarter, according to the company in its most recent filing with the SEC. The firm acquired 32,059 shares of the construction company's stock, valued at approximately $9,458,000. Vulcan Materials accounts for approximately 3.6% of Palmer Knight Co's portfolio, making the stock its 10th biggest position.

Several other institutional investors also recently modified their holdings of the company. Chesapeake Capital Corp IL increased its position in shares of Vulcan Materials by 0.9% during the fourth quarter. Chesapeake Capital Corp IL now owns 3,712 shares of the construction company's stock valued at $1,059,000 after purchasing an additional 33 shares during the period. Composition Wealth LLC lifted its position in Vulcan Materials by 3.5% in the fourth quarter. Composition Wealth LLC now owns 1,014 shares of the construction company's stock worth $289,000 after purchasing an additional 34 shares during the period. Truist Financial Corp boosted its stake in Vulcan Materials by 0.3% during the fourth quarter. Truist Financial Corp now owns 13,331 shares of the construction company's stock worth $3,802,000 after buying an additional 38 shares in the last quarter. United Capital Financial Advisors LLC boosted its stake in Vulcan Materials by 1.2% during the third quarter. United Capital Financial Advisors LLC now owns 3,095 shares of the construction company's stock worth $952,000 after buying an additional 38 shares in the last quarter. Finally, 4WEALTH Advisors Inc. increased its holdings in Vulcan Materials by 3.2% in the 1st quarter. 4WEALTH Advisors Inc. now owns 1,261 shares of the construction company's stock valued at $337,000 after buying an additional 39 shares during the period. Institutional investors and hedge funds own 90.39% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently issued reports on VMC shares. Oppenheimer started coverage on shares of Vulcan Materials in a research note on Thursday, May 28th. They issued a "market perform" rating for the company. Stephens upped their target price on shares of Vulcan Materials from $330.00 to $340.00 and gave the company an "overweight" rating in a research note on Thursday, April 30th. Weiss Ratings reissued a "buy (b-)" rating on shares of Vulcan Materials in a research report on Tuesday, July 7th. UBS Group dropped their price target on shares of Vulcan Materials from $350.00 to $349.00 and set a "buy" rating for the company in a research report on Wednesday, July 8th. Finally, Wells Fargo & Company cut their price target on shares of Vulcan Materials from $310.00 to $305.00 and set an "equal weight" rating for the company in a research note on Wednesday, July 8th. Eight equities research analysts have rated the stock with a Buy rating and eight have given a Hold rating to the company's stock. According to data from MarketBeat, Vulcan Materials currently has a consensus rating of "Moderate Buy" and an average target price of $327.93.

Vulcan Materials Stock Performance

Shares of NYSE:VMC opened at $272.14 on Wednesday. The company has a debt-to-equity ratio of 0.47, a current ratio of 1.76 and a quick ratio of 1.20. The business's fifty day moving average price is $289.55 and its two-hundred day moving average price is $288.07. 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 market capitalization of $35.26 billion, a price-to-earnings ratio of 32.13, a price-to-earnings-growth ratio of 2.03 and a beta of 1.06.

Vulcan Materials (NYSE:VMC - Get Free Report) last issued its quarterly earnings data on Wednesday, July 29th. The construction company reported $2.59 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $2.46 by $0.13. Vulcan Materials had a return on equity of 13.05% and a net margin of 13.75%.The company had revenue of $2.16 billion during the quarter, compared to analysts' expectations of $2.14 billion. During the same period last year, the business earned $2.42 earnings per share. The business's revenue was up 2.5% on a year-over-year basis. As a group, analysts predict that Vulcan Materials Company will post 9.29 EPS for the current fiscal year.

Vulcan Materials Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, September 2nd. Investors of record on Thursday, August 13th will be given a dividend of $0.52 per share. 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 dividend payout ratio (DPR) is 24.56%.

Insider Activity

In related news, SVP David P. Clement sold 2,000 shares of Vulcan Materials stock in a transaction dated Friday, August 7th. The shares were sold at an average price of $285.10, for a total transaction of $570,200.00. Following the completion of the transaction, the senior vice president directly owned 6,716 shares of the company's stock, valued at $1,914,731.60. This trade represents a 22.95% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 0.65% of the stock is owned by company insiders.

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.

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