PNC Financial Services Group Inc. Trims Position in Vulcan Materials Company $VMC

Key Points

• PNC Financial Services Group cut its stake in Vulcan Materials by 11.6% in the first quarter, selling 6,735 shares and leaving it with 51,511 shares valued at about $14.0 million.
• Analysts remain mixed but generally positive on Vulcan Materials (NYSE: VMC), with eight Buy ratings and eight Hold ratings; the consensus target price is $327.79 and the stock is rated Moderate Buy.
• The company recently beat earnings expectations, posting $1.35 EPS on $1.76 billion in revenue, and it also announced a quarterly dividend of $0.52 per share payable Sept. 2.

PNC Financial Services Group Inc. lessened its holdings in shares of Vulcan Materials Company (NYSE:VMC - Free Report) by 11.6% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 51,511 shares of the construction company's stock after selling 6,735 shares during the quarter. PNC Financial Services Group Inc.'s holdings in Vulcan Materials were worth $14,026,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the business. Brighton Jones LLC purchased a new position in Vulcan Materials during the 4th quarter valued at $497,000. NewEdge Advisors LLC lifted its position in shares of Vulcan Materials by 3.9% in the 1st quarter. NewEdge Advisors LLC now owns 4,359 shares of the construction company's stock worth $1,017,000 after purchasing an additional 163 shares during the period. Empowered Funds LLC boosted its stake in shares of Vulcan Materials by 6.3% during the 1st quarter. Empowered Funds LLC now owns 3,195 shares of the construction company's stock valued at $745,000 after purchasing an additional 190 shares in the last quarter. Focus Partners Wealth boosted its stake in shares of Vulcan Materials by 28.5% during the 1st quarter. Focus Partners Wealth now owns 3,321 shares of the construction company's stock valued at $775,000 after purchasing an additional 736 shares in the last quarter. Finally, Geneos Wealth Management Inc. increased its position in shares of Vulcan Materials by 31.5% during the first quarter. Geneos Wealth Management Inc. now owns 334 shares of the construction company's stock valued at $78,000 after buying an additional 80 shares during the period. Hedge funds and other institutional investors own 90.39% of the company's stock.

Analyst Ratings Changes

Several analysts have commented on the stock. UBS Group lowered their price objective on shares of Vulcan Materials from $350.00 to $349.00 and set a "buy" rating for the company in a report on Wednesday, July 8th. Wells Fargo & Company reduced their target price on Vulcan Materials from $310.00 to $305.00 and set an "equal weight" rating on the stock in a report on Wednesday, July 8th. Raymond James Financial reissued an "outperform" rating on shares of Vulcan Materials in a research report on Wednesday, July 15th. Stephens increased their target price on Vulcan Materials from $330.00 to $340.00 and gave the stock an "overweight" rating in a research report on Thursday, April 30th. Finally, Weiss Ratings restated a "buy (b-)" rating on shares of Vulcan Materials in a research note on Tuesday, July 7th. Eight equities research analysts have rated the stock with a Buy rating and eight have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price of $327.79.

Insider Activity

In other news, SVP David P. Clement sold 2,212 shares of the stock in a transaction that occurred on Monday, June 15th. The shares were sold at an average price of $292.29, for a total transaction of $646,545.48. Following the sale, the senior vice president owned 8,716 shares in the company, valued at $2,547,599.64. This represents a 20.24% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Corporate insiders own 0.65% of the company's stock.

Vulcan Materials Trading Up 1.9%

NYSE VMC opened at $280.20 on Friday. Vulcan Materials Company has a 12 month low of $252.35 and a 12 month high of $331.09. The company has a current ratio of 2.59, a quick ratio of 1.89 and a debt-to-equity ratio of 0.51. The stock's fifty day moving average price is $286.78 and its 200-day moving average price is $290.59. The stock has a market cap of $36.36 billion, a P/E ratio of 33.32, a P/E/G ratio of 2.01 and a beta of 1.05.

Vulcan Materials (NYSE:VMC - Get Free Report) last posted its quarterly earnings results on Wednesday, April 29th. The construction company reported $1.35 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.10 by $0.25. The firm had revenue of $1.76 billion during the quarter, compared to analyst estimates of $1.64 billion. Vulcan Materials had a return on equity of 12.95% and a net margin of 13.81%.Vulcan Materials's quarterly revenue was up 7.4% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.00 EPS. As a group, equities analysts forecast that Vulcan Materials Company will post 9.3 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. Stockholders of record on Thursday, August 13th will be paid a $0.52 dividend. This represents a $2.08 annualized dividend and a dividend yield of 0.7%. The ex-dividend date is Thursday, August 13th. Vulcan Materials's dividend payout ratio is currently 24.73%.

Vulcan Materials Company 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.