Assenagon Asset Management S.A. Buys 84,364 Shares of Vulcan Materials Company $VMC

Key Points

• Assenagon Asset Management S.A. significantly increased its holdings in Vulcan Materials Company by 1,947.9%, owning 88,695 shares worth $23.13 million after purchasing an additional 84,364 shares.
• Vulcan Materials recently reported $2.45 earnings per share, missing the consensus estimate of $2.65, and achieved revenue of $2.10 billion for the quarter, below expectations of $2.23 billion.
• The company announced a quarterly dividend of $0.49 per share, yielding 0.7%, with a payout ratio of 27.37%.

Assenagon Asset Management S.A. boosted its position in shares of Vulcan Materials Company (NYSE:VMC - Free Report) by 1,947.9% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 88,695 shares of the construction company's stock after purchasing an additional 84,364 shares during the period. Assenagon Asset Management S.A. owned about 0.07% of Vulcan Materials worth $23,133,000 at the end of the most recent reporting period.

Several other hedge funds also recently modified their holdings of VMC. Opal Wealth Advisors LLC bought a new position in shares of Vulcan Materials in the 1st quarter valued at about $27,000. Manchester Capital Management LLC raised its position 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 buying an additional 39 shares in the last quarter. Wayfinding Financial LLC acquired a new stake in shares of Vulcan Materials in the first quarter valued at approximately $45,000. Fourth Dimension Wealth LLC acquired a new stake in shares of Vulcan Materials in the fourth quarter valued at approximately $46,000. Finally, Rakuten Securities Inc. acquired a new position in Vulcan Materials during the first quarter valued at approximately $54,000. Institutional investors own 90.39% of the company's stock.

Vulcan Materials Trading Up 0.5%

VMC traded up $1.37 during trading on Monday, reaching $299.16. 730,264 shares of the stock traded hands, compared to its average volume of 691,888. The stock's 50-day moving average is $284.65 and its 200 day moving average is $264.17. Vulcan Materials Company has a 12 month low of $215.08 and a 12 month high of $302.21. The stock has a market capitalization of $39.52 billion, a PE ratio of 41.78, a P/E/G ratio of 2.43 and a beta of 0.86. 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 announced its quarterly earnings data on Thursday, July 31st. The construction company reported $2.45 earnings per share for the quarter, missing the consensus estimate of $2.65 by ($0.20). Vulcan Materials had a net margin of 12.52% and a return on equity of 12.81%. The company had revenue of $2.10 billion for the quarter, compared to analyst estimates of $2.23 billion. During the same quarter in the prior year, the company posted $2.35 EPS. Vulcan Materials's revenue for the quarter was up 4.4% on a year-over-year basis. Equities analysts anticipate 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 was paid on Wednesday, September 3rd. Investors of record on Thursday, August 14th were issued a $0.49 dividend. This represents a $1.96 dividend on an annualized basis and a dividend yield of 0.7%. The ex-dividend date was Thursday, August 14th. Vulcan Materials's dividend payout ratio is currently 27.37%.

Wall Street Analysts Forecast Growth

VMC has been the subject of several research analyst reports. JPMorgan Chase & Co. boosted their price objective on shares of Vulcan Materials from $285.00 to $330.00 and gave the company an "overweight" rating in a research report on Tuesday, August 26th. Royal Bank Of Canada decreased their target price on shares of Vulcan Materials from $286.00 to $279.00 and set a "sector perform" rating on the stock in a research note on Friday, August 1st. Barclays boosted their target price on shares of Vulcan Materials from $285.00 to $305.00 and gave the stock an "overweight" rating in a research note on Friday, August 1st. Citigroup reissued a "buy" rating and issued a $321.00 price objective (up previously from $305.00) on shares of Vulcan Materials in a research note on Monday, August 4th. Finally, Morgan Stanley reduced their price objective on shares of Vulcan Materials from $303.00 to $285.00 and set an "equal weight" rating on the stock in a research note on Monday, July 28th. Two equities research analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating and two have issued a Hold rating to the company's stock. According to MarketBeat, the stock currently has a consensus 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 stock in a transaction dated Friday, September 12th. The shares were sold at an average price of $298.56, for a total value of $208,394.88. Following the completion of the sale, the senior vice president owned 2,832 shares in the company, valued at approximately $845,521.92. This trade represents a 19.77% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. 0.61% of the stock is owned by corporate insiders.

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.