Covington Capital Management boosted its holdings in Vulcan Materials Company (NYSE:VMC) by 11.4% in the second quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 16,096 shares of the construction company’s stock after buying an additional 1,650 shares during the quarter. Covington Capital Management’s holdings in Vulcan Materials were worth $2,039,000 at the end of the most recent quarter.
Other large investors have also modified their holdings of the company. Schwab Charles Investment Management Inc. raised its position in Vulcan Materials by 2.9% in the 2nd quarter. Schwab Charles Investment Management Inc. now owns 418,466 shares of the construction company’s stock worth $53,012,000 after buying an additional 11,647 shares during the last quarter. OLD Mutual Customised Solutions Proprietary Ltd. raised its position in Vulcan Materials by 29.4% in the 1st quarter. OLD Mutual Customised Solutions Proprietary Ltd. now owns 2,459 shares of the construction company’s stock worth $296,000 after buying an additional 559 shares during the last quarter. Principal Financial Group Inc. raised its position in Vulcan Materials by 7.5% in the 2nd quarter. Principal Financial Group Inc. now owns 554,208 shares of the construction company’s stock worth $70,207,000 after buying an additional 38,479 shares during the last quarter. Geneva Advisors LLC purchased a new position in Vulcan Materials in the 2nd quarter worth about $647,000. Finally, Mitsubishi UFJ Trust & Banking Corp raised its position in Vulcan Materials by 1.2% in the 2nd quarter. Mitsubishi UFJ Trust & Banking Corp now owns 264,909 shares of the construction company’s stock worth $33,559,000 after buying an additional 3,265 shares during the last quarter. 87.13% of the stock is owned by institutional investors and hedge funds.
In related news, insider David B. Pasley sold 1,250 shares of the business’s stock in a transaction on Friday, September 1st. The stock was sold at an average price of $121.51, for a total value of $151,887.50. Following the sale, the insider now owns 2,857 shares in the company, valued at approximately $347,154.07. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Michael R. Mills sold 981 shares of the business’s stock in a transaction on Wednesday, September 13th. The shares were sold at an average price of $117.55, for a total value of $115,316.55. Following the completion of the sale, the insider now owns 23,871 shares in the company, valued at approximately $2,806,036.05. The disclosure for this sale can be found here. 0.89% of the stock is currently owned by insiders.
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VMC has been the subject of a number of recent analyst reports. BidaskClub lowered Vulcan Materials from a “sell” rating to a “strong sell” rating in a research report on Monday, July 31st. Stephens raised Vulcan Materials from an “equal weight” rating to an “overweight” rating and boosted their target price for the stock from $140.00 to $145.00 in a research report on Thursday, August 3rd. Zacks Investment Research lowered Vulcan Materials from a “buy” rating to a “hold” rating in a research report on Friday, July 28th. Jefferies Group LLC set a $114.00 target price on Vulcan Materials and gave the stock a “hold” rating in a research report on Tuesday, August 22nd. Finally, Royal Bank Of Canada reissued a “buy” rating and issued a $154.00 target price on shares of Vulcan Materials in a research report on Tuesday. Two investment analysts have rated the stock with a sell rating, two have given a hold rating and six have given a buy rating to the company’s stock. Vulcan Materials currently has a consensus rating of “Hold” and a consensus target price of $137.83.
Vulcan Materials (NYSE:VMC) last posted its quarterly earnings data on Wednesday, August 2nd. The construction company reported $0.90 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $1.22 by ($0.32). The firm had revenue of $1.03 billion during the quarter, compared to analysts’ expectations of $1.07 billion. Vulcan Materials had a net margin of 11.28% and a return on equity of 8.72%. Vulcan Materials’s quarterly revenue was up 7.7% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.90 EPS.
Vulcan Materials Profile
Vulcan Materials Company is a supplier of construction aggregates (primarily crushed stone, sand and gravel) and a producer of asphalt mix and ready-mixed concrete. The Company operates through four segments: Aggregates, Asphalt Mix, Concrete and Calcium. The Aggregates segment produces and sells aggregates (crushed stone, sand and gravel, sand, and other aggregates) and related products and services (transportation and other).
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