Vulcan Materials Company $VMC Shares Bought by Korea Investment CORP

Key Points

• Korea Investment CORP increased its stake in Vulcan Materials by 36.4% to 80,941 shares (about $24.9M), and institutional investors now own roughly 90.39% of the company's stock.
• Vulcan reported an earnings miss for the quarter (EPS $1.70 vs. $2.11 estimate; revenue $1.91B vs. $1.95B), yet analysts remain broadly positive with a consensus rating of Moderate Buy and a $326.29 average price target.
• Insiders sold shares recently (Director Melissa H. Anderson sold 1,137 shares; President Thompson S. Baker II sold 7,135 shares), while the company raised its quarterly dividend to $0.52 per share (annualized $2.08, ~0.8% yield).

Korea Investment CORP lifted its holdings in shares of Vulcan Materials Company (NYSE:VMC - Free Report) by 36.4% during the third quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 80,941 shares of the construction company's stock after acquiring an additional 21,595 shares during the quarter. Korea Investment CORP owned 0.06% of Vulcan Materials worth $24,899,000 as of its most recent filing with the SEC.

Several other institutional investors have also modified their holdings of VMC. National Pension Service increased its position in Vulcan Materials by 0.8% in the second quarter. National Pension Service now owns 175,458 shares of the construction company's stock worth $45,763,000 after buying an additional 1,455 shares during the period. Principal Financial Group Inc. boosted its holdings in shares of Vulcan Materials by 5.8% during the third quarter. Principal Financial Group Inc. now owns 7,625,271 shares of the construction company's stock valued at $2,345,703,000 after acquiring an additional 414,828 shares during the period. JPMorgan Chase & Co. grew its position in shares of Vulcan Materials by 12.3% during the second quarter. JPMorgan Chase & Co. now owns 7,824,987 shares of the construction company's stock worth $2,040,914,000 after acquiring an additional 857,210 shares during the last quarter. Commonwealth Equity Services LLC grew its position in shares of Vulcan Materials by 104.3% during the third quarter. Commonwealth Equity Services LLC now owns 72,113 shares of the construction company's stock worth $22,183,000 after acquiring an additional 36,823 shares during the last quarter. Finally, American Century Companies Inc. increased its holdings in shares of Vulcan Materials by 19.3% in the 2nd quarter. American Century Companies Inc. now owns 256,789 shares of the construction company's stock worth $66,976,000 after acquiring an additional 41,504 shares during the period. Institutional investors and hedge funds own 90.39% of the company's stock.

Insider Activity at Vulcan Materials

In other Vulcan Materials news, Director Melissa H. Anderson sold 1,137 shares of the company's stock in a transaction that occurred on Friday, February 20th. The stock was sold at an average price of $303.72, for a total value of $345,329.64. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, President Thompson S. Baker II sold 7,135 shares of the stock in a transaction on Thursday, December 11th. The shares were sold at an average price of $300.81, for a total value of $2,146,279.35. The SEC filing for this sale provides additional information. 0.61% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on VMC shares. Morgan Stanley lifted their price objective on shares of Vulcan Materials from $321.00 to $322.00 and gave the company an "equal weight" rating in a research report on Monday. Citigroup raised their price target on shares of Vulcan Materials from $345.00 to $365.00 and gave the company a "buy" rating in a research note on Monday, March 2nd. B. Riley Financial initiated coverage on Vulcan Materials in a report on Thursday, January 15th. They set a "buy" rating and a $345.00 price target on the stock. Truist Financial boosted their price objective on Vulcan Materials from $320.00 to $360.00 and gave the stock a "buy" rating in a research report on Thursday, February 19th. Finally, JPMorgan Chase & Co. reissued a "neutral" rating and issued a $320.00 price objective (down from $335.00) on shares of Vulcan Materials in a report on Wednesday, March 4th. One analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and five have given a Hold rating to the company's stock. Based on data from MarketBeat, Vulcan Materials currently has an average rating of "Moderate Buy" and a consensus price target of $326.29.

Vulcan Materials Stock Performance

VMC stock opened at $271.90 on Wednesday. The company has a 50-day simple moving average of $303.66 and a 200 day simple moving average of $297.39. The company has a market capitalization of $35.50 billion, a P/E ratio of 33.48, a PEG ratio of 2.03 and a beta of 1.05. The company has a quick ratio of 1.97, a current ratio of 2.69 and a debt-to-equity ratio of 0.51. Vulcan Materials Company has a fifty-two week low of $218.83 and a fifty-two week high of $331.09.

Vulcan Materials (NYSE:VMC - Get Free Report) last released its earnings results on Tuesday, February 17th. The construction company reported $1.70 EPS for the quarter, missing the consensus estimate of $2.11 by ($0.41). Vulcan Materials had a net margin of 13.56% and a return on equity of 12.56%. The company had revenue of $1.91 billion for the quarter, compared to analyst estimates of $1.95 billion. During the same period in the previous year, the business posted $2.17 EPS. The firm's quarterly revenue was up 3.2% on a year-over-year basis. Sell-side analysts predict that Vulcan Materials Company will post 8.69 earnings per share for the current fiscal year.

Vulcan Materials Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, March 23rd. Investors of record on Monday, March 9th will be paid a dividend of $0.52 per share. This is a boost from Vulcan Materials's previous quarterly dividend of $0.49. This represents a $2.08 dividend on an annualized basis and a dividend yield of 0.8%. The ex-dividend date is Monday, March 9th. Vulcan Materials's dividend payout ratio (DPR) is 25.62%.

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.

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