Procyon Advisors LLC Cuts Holdings in Vulcan Materials Company $VMC

Key Points

• Procyon Advisors LLC drastically reduced its stake in Vulcan Materials Company by 95.6%, leaving them with only 970 shares worth approximately $253,000.
• Despite Procyon's selling, other hedge funds have increased their investments in Vulcan, with Pallas Capital Advisors boosting their holdings by 50.4%.
• Vulcan Materials missed earnings expectations for the last quarter, reporting $2.45 per share against a consensus estimate of $2.65, while revenue increased by 4.4% year-over-year.

Procyon Advisors LLC lowered its position in Vulcan Materials Company (NYSE:VMC - Free Report) by 95.6% during the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 970 shares of the construction company's stock after selling 20,836 shares during the period. Procyon Advisors LLC's holdings in Vulcan Materials were worth $253,000 as of its most recent SEC filing.

A number of other hedge funds have also recently added to or reduced their stakes in VMC. Opal Wealth Advisors LLC acquired a new stake in Vulcan Materials in the first quarter valued at approximately $27,000. Manchester Capital Management LLC lifted its holdings in shares of Vulcan Materials by 26.9% in the first quarter. Manchester Capital Management LLC now owns 184 shares of the construction company's stock valued at $43,000 after purchasing an additional 39 shares in the last quarter. Wayfinding Financial LLC bought a new position in shares of Vulcan Materials in the first quarter valued at approximately $45,000. Fourth Dimension Wealth LLC bought a new position in shares of Vulcan Materials in the fourth quarter valued at approximately $46,000. Finally, Rakuten Securities Inc. bought a new position in shares of Vulcan Materials in the first quarter valued at approximately $54,000. Institutional investors and hedge funds own 90.39% of the company's stock.

Vulcan Materials Trading Up 0.1%

VMC traded up $0.44 during midday trading on Tuesday, reaching $299.33. 69,137 shares of the company's stock traded hands, compared to its average volume of 1,012,753. The firm has a fifty day moving average of $285.24 and a two-hundred day moving average of $264.71. The stock has a market capitalization of $39.55 billion, a price-to-earnings ratio of 41.80, a P/E/G ratio of 2.43 and a beta of 0.86. The company has a debt-to-equity ratio of 0.52, a current ratio of 1.67 and a quick ratio of 1.13. Vulcan Materials Company has a 52 week low of $215.08 and a 52 week high of $302.21.

Vulcan Materials (NYSE:VMC - Get Free Report) last released its quarterly earnings results on Thursday, July 31st. The construction company reported $2.45 EPS for the quarter, missing analysts' consensus estimates of $2.65 by ($0.20). Vulcan Materials had a net margin of 12.52% and a return on equity of 12.81%. The business had revenue of $2.10 billion for the quarter, compared to the consensus estimate of $2.23 billion. During the same period in the previous year, the company earned $2.35 EPS. The company's revenue for the quarter was up 4.4% on a year-over-year basis. On average, equities analysts anticipate that Vulcan Materials Company will post 8.69 earnings per share for the current fiscal year.

Vulcan Materials Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Wednesday, September 3rd. Shareholders of record on Thursday, August 14th were issued a dividend of $0.49 per share. The ex-dividend date was Thursday, August 14th. This represents a $1.96 dividend on an annualized basis and a dividend yield of 0.7%. Vulcan Materials's dividend payout ratio is 27.37%.

Wall Street Analyst Weigh In

A number of brokerages recently commented on VMC. Morgan Stanley dropped their price target on Vulcan Materials from $303.00 to $285.00 and set an "equal weight" rating on the stock in a report on Monday, July 28th. JPMorgan Chase & Co. lifted their price target on Vulcan Materials from $285.00 to $330.00 and gave the stock an "overweight" rating in a report on Tuesday, August 26th. Royal Bank Of Canada dropped their price target on Vulcan Materials from $286.00 to $279.00 and set a "sector perform" rating on the stock in a report on Friday, August 1st. Barclays lifted their price target on Vulcan Materials from $285.00 to $305.00 and gave the stock an "overweight" rating in a report on Friday, August 1st. Finally, Citigroup reiterated a "buy" rating and set a $321.00 price target (up from $305.00) on shares of Vulcan Materials in a report on Monday, August 4th. Two investment analysts have rated the stock with a Strong Buy rating, ten have issued a Buy rating and two have given a Hold rating to the stock. According to MarketBeat.com, the company presently has an average rating of "Buy" and a consensus price target of $308.36.

Insider Buying and Selling at Vulcan Materials

In other Vulcan Materials news, SVP David P. Clement sold 698 shares of the company's stock in a transaction that occurred on Friday, September 12th. The stock was sold at an average price of $298.56, for a total transaction of $208,394.88. Following the transaction, the senior vice president owned 2,832 shares in the company, valued at approximately $845,521.92. This represents a 19.77% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 0.61% of the company's stock.

Vulcan Materials Company Profile

Vulcan Materials Company, together with its subsidiaries, produces and supplies construction aggregates primarily in the United States. It operates through four segments: Aggregates, Asphalt, Concrete, and Calcium. The company provides crushed stones, sand and gravel, sand, and other aggregates; and related products and services that are applied in construction and maintenance of highways, streets, and other public works, as well as in the construction of housing and commercial, industrial, and other nonresidential facilities.