Valmont Industries, Inc. $VMI Shares Sold by Bank of America Corp DE

Key Points

• Bank of America reduced its Valmont Industries stake by 4.1% in the first quarter, selling 11,753 shares and retaining 273,727 shares worth approximately $109.4 million. Institutional investors collectively own 87.84% of the company.
• Valmont reported quarterly earnings of $6.14 per share, exceeding the $5.80 consensus estimate, while revenue rose 6.5% year over year to $1.12 billion. Analysts expect full-year earnings of $23.08 per share.
• The company declared a quarterly dividend of $0.77 per share, equivalent to an annualized $3.08 and a 0.6% yield. Analyst sentiment remains a “Moderate Buy,” with a consensus price target of $587.

Bank of America Corp DE lessened its holdings in shares of Valmont Industries, Inc. (NYSE:VMI - Free Report) by 4.1% in the first quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 273,727 shares of the industrial products company's stock after selling 11,753 shares during the quarter. Bank of America Corp DE owned 1.41% of Valmont Industries worth $109,373,000 as of its most recent filing with the SEC.

Several other hedge funds have also recently bought and sold shares of the business. Millennium Management LLC increased its position in shares of Valmont Industries by 225.1% in the first quarter. Millennium Management LLC now owns 67,630 shares of the industrial products company's stock worth $19,300,000 after acquiring an additional 46,825 shares in the last quarter. Goldman Sachs Group Inc. boosted its position in shares of Valmont Industries by 8.6% in the first quarter. Goldman Sachs Group Inc. now owns 59,127 shares of the industrial products company's stock worth $16,873,000 after buying an additional 4,676 shares during the period. Empowered Funds LLC purchased a new stake in shares of Valmont Industries in the first quarter worth about $265,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its stake in shares of Valmont Industries by 3.8% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 72,511 shares of the industrial products company's stock valued at $20,692,000 after buying an additional 2,639 shares in the last quarter. Finally, Geneos Wealth Management Inc. grew its stake in shares of Valmont Industries by 223.4% in the first quarter. Geneos Wealth Management Inc. now owns 152 shares of the industrial products company's stock valued at $43,000 after buying an additional 105 shares in the last quarter. Hedge funds and other institutional investors own 87.84% of the company's stock.

Valmont Industries Stock Performance

Shares of VMI stock opened at $494.14 on Friday. The company has a debt-to-equity ratio of 0.42, a quick ratio of 1.55 and a current ratio of 2.35. Valmont Industries, Inc. has a one year low of $360.41 and a one year high of $585.71. The company's 50-day simple moving average is $532.95 and its 200-day simple moving average is $482.32. The stock has a market capitalization of $9.54 billion, a price-to-earnings ratio of 19.24, a PEG ratio of 1.12 and a beta of 1.35.

Valmont Industries (NYSE:VMI - Get Free Report) last announced its quarterly earnings data on Tuesday, July 21st. The industrial products company reported $6.14 earnings per share for the quarter, beating the consensus estimate of $5.80 by $0.34. Valmont Industries had a return on equity of 25.57% and a net margin of 11.70%.The firm had revenue of $1.12 billion during the quarter, compared to analyst estimates of $1.09 billion. During the same period in the previous year, the company earned $4.88 earnings per share. Valmont Industries's quarterly revenue was up 6.5% on a year-over-year basis. Equities analysts anticipate that Valmont Industries, Inc. will post 23.08 earnings per share for the current fiscal year.

Valmont Industries Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, October 15th. Shareholders of record on Friday, September 25th will be issued a $0.77 dividend. This represents a $3.08 dividend on an annualized basis and a yield of 0.6%. The ex-dividend date of this dividend is Friday, September 25th. Valmont Industries's payout ratio is currently 11.99%.

Insider Buying and Selling at Valmont Industries

In other Valmont Industries news, CFO John L. Schwietz bought 208 shares of the stock in a transaction on Thursday, July 23rd. The stock was purchased at an average price of $486.14 per share, for a total transaction of $101,117.12. Following the completion of the purchase, the chief financial officer directly owned 2,992 shares in the company, valued at approximately $1,454,530.88. This trade represents a 7.47% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Theodor Werner Freye sold 800 shares of the stock in a transaction on Monday, July 27th. The stock was sold at an average price of $495.00, for a total transaction of $396,000.00. Following the sale, the director directly owned 2,805 shares in the company, valued at $1,388,475. This trade represents a 22.19% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 1.42% of the stock is owned by insiders.

Analyst Ratings Changes

Several equities research analysts recently issued reports on VMI shares. Stifel Nicolaus lifted their price target on shares of Valmont Industries from $645.00 to $678.00 and gave the stock a "buy" rating in a research note on Monday, July 20th. Zacks Research downgraded Valmont Industries from a "strong-buy" rating to a "hold" rating in a research note on Monday, July 20th. Oppenheimer set a $600.00 target price on Valmont Industries and gave the stock an "outperform" rating in a research report on Thursday, May 28th. Weiss Ratings upgraded Valmont Industries from a "buy (b-)" rating to a "buy (b)" rating in a research note on Thursday, July 30th. Finally, Wall Street Zen downgraded Valmont Industries from a "strong-buy" rating to a "buy" rating in a report on Saturday. Four analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $587.00.

Valmont Industries Company Profile

Valmont Industries, Inc NYSE: VMI is a diversified industrial manufacturer specializing in infrastructure and agricultural products. Headquartered in Omaha, Nebraska, the company engages in the design, production and distribution of engineered products that support water management, power transmission, lighting and traffic infrastructure. Valmont's solutions range from center-pivot and lateral-move irrigation systems to utility poles, transmission towers, lighting structures and highway traffic signal support structures.

The company operates through several core business segments.

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