Palmer Knight Co Increases Position in Vulcan Materials (NYSE:VMC)

Palmer Knight Co raised its holdings in shares of Vulcan Materials (NYSE:VMC) by 0.5% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 25,236 shares of the construction company’s stock after buying an additional 123 shares during the period. Vulcan Materials comprises approximately 3.0% of Palmer Knight Co’s investment portfolio, making the stock its 20th biggest position. Palmer Knight Co’s holdings in Vulcan Materials were worth $6,276,000 at the end of the most recent quarter.

Several other large investors have also modified their holdings of VMC. Capital World Investors purchased a new stake in shares of Vulcan Materials in the first quarter valued at approximately $388,027,000. Norges Bank purchased a new stake in shares of Vulcan Materials in the fourth quarter valued at approximately $282,528,000. Vanguard Group Inc. boosted its holdings in shares of Vulcan Materials by 5.0% in the first quarter. Vanguard Group Inc. now owns 16,005,692 shares of the construction company’s stock valued at $4,368,273,000 after purchasing an additional 755,991 shares during the period. Point72 Asset Management L.P. boosted its holdings in shares of Vulcan Materials by 271.0% in the fourth quarter. Point72 Asset Management L.P. now owns 823,141 shares of the construction company’s stock valued at $186,861,000 after purchasing an additional 601,268 shares during the period. Finally, Nordea Investment Management AB boosted its holdings in shares of Vulcan Materials by 621.1% in the first quarter. Nordea Investment Management AB now owns 235,879 shares of the construction company’s stock valued at $64,581,000 after purchasing an additional 203,166 shares during the period. Hedge funds and other institutional investors own 90.39% of the company’s stock.

Vulcan Materials Stock Up 1.2 %

Shares of VMC stock traded up $2.85 during trading hours on Friday, reaching $235.01. 105,289 shares of the company’s stock were exchanged, compared to its average volume of 802,416. The stock’s 50 day moving average is $249.72 and its 200-day moving average is $257.16. The company has a market cap of $31.04 billion, a price-to-earnings ratio of 33.89, a P/E/G ratio of 2.15 and a beta of 0.82. The company has a current ratio of 2.48, a quick ratio of 1.66 and a debt-to-equity ratio of 0.43. Vulcan Materials has a fifty-two week low of $190.51 and a fifty-two week high of $278.79.

Vulcan Materials (NYSE:VMC) last issued its quarterly earnings results on Tuesday, August 6th. The construction company reported $2.35 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.47 by ($0.12). The business had revenue of $2.01 billion for the quarter, compared to analyst estimates of $2.03 billion. Vulcan Materials had a return on equity of 12.19% and a net margin of 12.07%. The business’s revenue for the quarter was down 4.7% on a year-over-year basis. During the same period in the previous year, the company posted $2.29 earnings per share. Analysts predict that Vulcan Materials will post 7.82 earnings per share for the current fiscal year.

Vulcan Materials Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, September 4th. Stockholders of record on Thursday, August 15th were given a dividend of $0.46 per share. This represents a $1.84 dividend on an annualized basis and a dividend yield of 0.78%. The ex-dividend date of this dividend was Thursday, August 15th. Vulcan Materials’s payout ratio is presently 26.86%.

Insider Activity at Vulcan Materials

In related news, SVP David P. Clement sold 1,000 shares of the company’s stock in a transaction on Monday, June 10th. The stock was sold at an average price of $249.50, for a total value of $249,500.00. Following the transaction, the senior vice president now directly owns 1,660 shares of the company’s stock, valued at approximately $414,170. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. 0.62% of the stock is owned by insiders.

Wall Street Analyst Weigh In

A number of analysts recently issued reports on the company. Loop Capital lowered their price target on Vulcan Materials from $305.00 to $285.00 and set a “buy” rating for the company in a report on Wednesday, July 3rd. Stephens lowered their price target on Vulcan Materials from $300.00 to $280.00 and set an “overweight” rating for the company in a report on Thursday, August 8th. Royal Bank of Canada lowered their price target on Vulcan Materials from $267.00 to $257.00 and set a “sector perform” rating for the company in a report on Wednesday, August 7th. Citigroup reduced their price objective on shares of Vulcan Materials from $297.00 to $292.00 and set a “buy” rating for the company in a research note on Thursday, August 8th. Finally, Truist Financial reduced their price objective on shares of Vulcan Materials from $320.00 to $300.00 and set a “buy” rating for the company in a research note on Wednesday, August 7th. Five research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $274.73.

Vulcan Materials 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.