32,059 Shares in Vulcan Materials Company $VMC Acquired by Palmer Knight Co

Palmer Knight Co purchased a new stake in shares of Vulcan Materials Company (NYSE:VMC) in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm purchased 32,059 shares of the construction company’s stock, valued at approximately $9,458,000. Vulcan Materials makes up about 3.6% of Palmer Knight Co’s investment portfolio, making the stock its 10th largest position.

Several other institutional investors have also recently bought and sold shares of VMC. Burkett Financial Services LLC acquired a new position in Vulcan Materials in the second quarter worth $25,000. Meeder Asset Management Inc. increased its stake in shares of Vulcan Materials by 71.7% in the first quarter. Meeder Asset Management Inc. now owns 103 shares of the construction company’s stock valued at $28,000 after buying an additional 43 shares in the last quarter. Birchwood Financial Partners Inc. acquired a new stake in shares of Vulcan Materials in the fourth quarter valued at $29,000. Measured Wealth Private Client Group LLC bought a new position in shares of Vulcan Materials in the third quarter valued at about $30,000. Finally, WPG Advisers LLC raised its holdings in shares of Vulcan Materials by 56.4% in the fourth quarter. WPG Advisers LLC now owns 122 shares of the construction company’s stock valued at $35,000 after buying an additional 44 shares during the last quarter. Institutional investors own 90.39% of the company’s stock.

Insider Activity

In other news, SVP David P. Clement sold 2,212 shares of the firm’s stock in a transaction dated Monday, June 15th. The shares were sold at an average price of $292.29, for a total value of $646,545.48. Following the transaction, the senior vice president owned 8,716 shares of the company’s stock, valued at approximately $2,547,599.64. This trade represents a 20.24% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Company insiders own 0.65% of the company’s stock.

Analysts Set New Price Targets

VMC has been the topic of a number of research analyst reports. Berenberg Bank set a $283.00 price objective on shares of Vulcan Materials and gave the stock a “hold” rating in a report on Tuesday, June 2nd. Wall Street Zen downgraded shares of Vulcan Materials from a “hold” rating to a “sell” rating in a research note on Sunday, July 12th. Wells Fargo & Company reduced their target price on shares of Vulcan Materials from $310.00 to $305.00 and set an “equal weight” rating on the stock in a research report on Wednesday, July 8th. Raymond James Financial reissued an “outperform” rating on shares of Vulcan Materials in a research note on Wednesday, July 15th. Finally, Weiss Ratings reissued a “buy (b-)” rating on shares of Vulcan Materials in a report on Tuesday, July 7th. Eight analysts have rated the stock with a Buy rating and eight have issued a Hold rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $327.93.

Vulcan Materials Trading Down 2.2%

Shares of VMC opened at $272.14 on Wednesday. The company has a quick ratio of 1.20, a current ratio of 1.76 and a debt-to-equity ratio of 0.47. Vulcan Materials Company has a 12-month low of $252.35 and a 12-month high of $331.09. The firm has a market capitalization of $35.26 billion, a PE ratio of 32.13, a price-to-earnings-growth ratio of 2.03 and a beta of 1.06. The stock’s fifty day simple moving average is $289.55 and its 200-day simple moving average is $288.07.

Vulcan Materials (NYSE:VMC) last posted its quarterly earnings results on Wednesday, July 29th. The construction company reported $2.59 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.46 by $0.13. The business had revenue of $2.16 billion for the quarter, compared to analysts’ expectations of $2.14 billion. Vulcan Materials had a return on equity of 13.05% and a net margin of 13.75%.The firm’s quarterly revenue was up 2.5% compared to the same quarter last year. During the same quarter last year, the business earned $2.42 earnings per share. As a group, research analysts predict that Vulcan Materials Company will post 9.29 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 2nd. Shareholders of record on Thursday, August 13th will be given a dividend of $0.52 per share. The ex-dividend date is Thursday, August 13th. This represents a $2.08 dividend on an annualized basis and a yield of 0.8%. Vulcan Materials’s dividend payout ratio is presently 24.56%.

About Vulcan Materials

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.