Third Point LLC Purchases Shares of 1,600,000 Vulcan Materials Company (VMC)
Third Point LLC purchased a new stake in Vulcan Materials Company (NYSE:VMC) during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 1,600,000 shares of the construction company’s stock, valued at approximately $202,688,000. Vulcan Materials comprises approximately 1.8% of Third Point LLC’s investment portfolio, making the stock its 19th biggest position. Third Point LLC owned 1.21% of Vulcan Materials at the end of the most recent reporting period.
A number of other large investors have also bought and sold shares of the business. Castle Ridge Investment Management LP boosted its holdings in Vulcan Materials by 37.1% in the second quarter. Castle Ridge Investment Management LP now owns 41,000 shares of the construction company’s stock valued at $5,194,000 after purchasing an additional 11,100 shares during the last quarter. Virtu KCG Holdings LLC boosted its holdings in Vulcan Materials by 161.9% in the second quarter. Virtu KCG Holdings LLC now owns 21,713 shares of the construction company’s stock valued at $2,751,000 after purchasing an additional 13,423 shares during the last quarter. Renaissance Technologies LLC boosted its holdings in Vulcan Materials by 41.6% in the second quarter. Renaissance Technologies LLC now owns 336,965 shares of the construction company’s stock valued at $42,687,000 after purchasing an additional 99,000 shares during the last quarter. TLP Group LLC purchased a new stake in Vulcan Materials in the second quarter valued at $253,000. Finally, Parametric Portfolio Associates LLC boosted its holdings in Vulcan Materials by 17.8% in the second quarter. Parametric Portfolio Associates LLC now owns 210,426 shares of the construction company’s stock valued at $26,657,000 after purchasing an additional 31,861 shares during the last quarter. 87.13% of the stock is currently owned by institutional investors.
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Vulcan Materials (NYSE:VMC) last issued its earnings results on Wednesday, August 2nd. The construction company reported $0.90 earnings per share 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%. The firm’s revenue was up 7.7% on a year-over-year basis. During the same period in the previous year, the firm earned $0.90 EPS.
The company also recently announced a quarterly dividend, which was paid on Friday, September 8th. Stockholders of record on Wednesday, August 23rd were issued a $0.25 dividend. This represents a $1.00 annualized dividend and a dividend yield of 0.86%. The ex-dividend date was Monday, August 21st. Vulcan Materials’s payout ratio is 32.36%.
In other news, insider David B. Pasley sold 1,250 shares of Vulcan Materials stock in a transaction dated Friday, September 1st. The shares were 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 of the company’s stock, valued at $347,154.07. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider Michael R. Mills sold 981 shares of Vulcan Materials stock in a transaction dated Wednesday, September 13th. The shares were sold at an average price of $117.55, for a total transaction of $115,316.55. Following the completion of the sale, the insider now directly 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 owned by insiders.
Several research firms have commented on VMC. Zacks Investment Research lowered shares of Vulcan Materials from a “hold” rating to a “strong sell” rating in a report on Tuesday, August 8th. Royal Bank Of Canada reaffirmed a “buy” rating and issued a $154.00 price target on shares of Vulcan Materials in a report on Monday, June 19th. Jefferies Group LLC set a $114.00 price target on shares of Vulcan Materials and gave the company a “hold” rating in a report on Tuesday, August 22nd. BidaskClub lowered shares of Vulcan Materials from a “hold” rating to a “sell” rating in a report on Wednesday, July 12th. Finally, Stephens raised shares of Vulcan Materials from an “equal weight” rating to an “overweight” rating and upped their price target for the company from $140.00 to $145.00 in a report on Thursday, August 3rd. Two research analysts have rated the stock with a sell rating, three have given a hold rating and six have given a buy rating to the company’s stock. The company has an average rating of “Hold” and a consensus price target of $136.00.
Vulcan Materials Company 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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