Weitz Investment Management Inc. Increases Stock Position in Vulcan Materials Company (NYSE:VMC)

Key Points

• Weitz Investment Management Inc. raised its stake in Vulcan Materials Company by 10.7% in the first quarter, now owning approximately 211,900 shares worth about $49.4 million.
• Vulcan Materials reported a net margin of 12.52% and quarterly revenue of $2.10 billion, missing analysts' expectations by $130 million.
• The company announced a quarterly dividend of $0.49 per share, representing an annualized yield of 0.7%.

Weitz Investment Management Inc. increased its stake in shares of Vulcan Materials Company (NYSE:VMC - Free Report) by 10.7% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 211,900 shares of the construction company's stock after acquiring an additional 20,500 shares during the quarter. Vulcan Materials makes up about 2.6% of Weitz Investment Management Inc.'s portfolio, making the stock its 15th largest position. Weitz Investment Management Inc. owned approximately 0.16% of Vulcan Materials worth $49,436,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Manchester Capital Management LLC boosted 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 worth $43,000 after acquiring an additional 39 shares during the period. Quadrant Capital Group LLC boosted its holdings in Vulcan Materials by 2.5% in the fourth quarter. Quadrant Capital Group LLC now owns 1,791 shares of the construction company's stock valued at $461,000 after acquiring an additional 44 shares in the last quarter. Alpha Omega Wealth Management LLC raised its holdings in Vulcan Materials by 1.1% in the first quarter. Alpha Omega Wealth Management LLC now owns 4,336 shares of the construction company's stock worth $1,012,000 after purchasing an additional 46 shares in the last quarter. Wellington Management Group LLP boosted its holdings in Vulcan Materials by 5.6% in the fourth quarter. Wellington Management Group LLP now owns 969 shares of the construction company's stock worth $249,000 after acquiring an additional 51 shares in the last quarter. Finally, Marks Group Wealth Management Inc boosted its holdings in Vulcan Materials by 2.7% in the first quarter. Marks Group Wealth Management Inc now owns 2,203 shares of the construction company's stock worth $514,000 after acquiring an additional 57 shares in the last quarter. Institutional investors own 90.39% of the company's stock.

Insider Activity at Vulcan Materials

In related news, SVP David P. Clement sold 1,500 shares of the firm's stock in a transaction dated Thursday, May 15th. The shares were sold at an average price of $270.00, for a total transaction of $405,000.00. Following the transaction, the senior vice president directly owned 2,832 shares of the company's stock, valued at approximately $764,640. This trade represents a 34.63% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 0.62% of the company's stock.

Vulcan Materials Stock Down 0.5%

VMC stock traded down $1.46 during trading hours on Wednesday, hitting $281.71. The company's stock had a trading volume of 785,507 shares, compared to its average volume of 1,055,312. The company has a market capitalization of $37.22 billion, a PE ratio of 39.35, a price-to-earnings-growth ratio of 2.31 and a beta of 0.83. The stock has a 50 day moving average price of $265.90 and a two-hundred day moving average price of $257.74. Vulcan Materials Company has a 12 month low of $215.08 and a 12 month high of $298.31. The company has a quick ratio of 1.13, a current ratio of 1.67 and a debt-to-equity ratio of 0.52.

Vulcan Materials (NYSE:VMC - Get Free Report) last posted its earnings results on Thursday, July 31st. The construction company reported $2.45 earnings per share (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 firm had revenue of $2.10 billion during the quarter, compared to the consensus estimate of $2.23 billion. During the same quarter last year, the firm posted $2.35 EPS. The business's revenue was up 4.4% on a year-over-year basis. On average, equities research analysts expect that Vulcan Materials Company will post 8.69 earnings per share for the current year.

Vulcan Materials Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, September 3rd. Stockholders of record on Thursday, August 14th will be paid a dividend of $0.49 per share. This represents a $1.96 annualized dividend and a dividend yield of 0.7%. The ex-dividend date is Thursday, August 14th. Vulcan Materials's payout ratio is currently 27.37%.

Analysts Set New Price Targets

VMC has been the subject of a number of research analyst reports. Wolfe Research raised Vulcan Materials from a "peer perform" rating to an "outperform" rating in a report on Thursday, April 10th. UBS Group upgraded shares of Vulcan Materials from a "neutral" rating to a "buy" rating and upped their price target for the stock from $280.00 to $318.00 in a report on Friday, May 16th. Citigroup restated a "buy" rating and issued a $321.00 price objective (up from $305.00) on shares of Vulcan Materials in a report on Monday. Stifel Nicolaus increased their price target on Vulcan Materials from $287.00 to $309.00 and gave the stock a "buy" rating in a research report on Friday, May 2nd. Finally, Royal Bank Of Canada lowered their price target on shares of Vulcan Materials from $286.00 to $279.00 and set a "sector perform" rating on the stock in a research report on Friday, August 1st. Three equities research analysts have rated the stock with a hold rating, ten have issued a buy rating and two have given a strong buy rating to the company's stock. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $304.27.

About Vulcan Materials

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.