Harvey Capital Management Inc. Makes New $5.47 Million Investment in Vulcan Materials Company $VMC

Harvey Capital Management Inc. bought a new stake in Vulcan Materials Company (NYSE:VMC) during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 18,554 shares of the construction company’s stock, valued at approximately $5,474,000. Vulcan Materials comprises 1.1% of Harvey Capital Management Inc.’s portfolio, making the stock its 27th largest position.

Several other hedge funds and other institutional investors also recently made changes to their positions in VMC. Burkett Financial Services LLC bought a new stake in shares of Vulcan Materials in the 2nd quarter valued at $25,000. Measured Wealth Private Client Group LLC purchased a new stake in Vulcan Materials in the 3rd quarter valued at $30,000. Birchwood Financial Partners Inc. purchased a new stake in Vulcan Materials in the 4th quarter valued at about $29,000. Meeder Asset Management Inc. raised its stake in shares of Vulcan Materials by 71.7% during the 1st quarter. Meeder Asset Management Inc. now owns 103 shares of the construction company’s stock worth $28,000 after purchasing an additional 43 shares during the period. Finally, Clearstead Trust LLC bought a new stake in shares of Vulcan Materials in the 2nd quarter worth approximately $37,000. 90.39% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Vulcan Materials

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

Wall Street Analysts Forecast Growth

VMC has been the topic of several recent research reports. Berenberg Bank set a $283.00 target price on Vulcan Materials and gave the stock a “hold” rating in a research report on Tuesday, June 2nd. Royal Bank Of Canada upped their price objective on shares of Vulcan Materials from $293.00 to $300.00 and gave the company a “sector perform” rating in a research note on Thursday, July 30th. Oppenheimer started coverage on Vulcan Materials in a research note on Thursday, May 28th. They issued a “market perform” rating on the stock. Wells Fargo & Company reduced their price objective on Vulcan Materials from $310.00 to $305.00 and set an “equal weight” rating for the company in a report on Wednesday, July 8th. Finally, Stifel Nicolaus set a $333.00 price target on Vulcan Materials in a research note on Thursday, April 30th. One investment analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and seven have given a Hold rating to the stock. Based on data from MarketBeat, Vulcan Materials presently has an average rating of “Moderate Buy” and an average target price of $328.64.

Vulcan Materials Trading Up 0.1%

Shares of Vulcan Materials stock opened at $274.03 on Friday. The business has a 50-day moving average price of $287.31 and a 200-day moving average price of $286.36. Vulcan Materials Company has a twelve month low of $252.35 and a twelve month high of $331.09. The firm has a market cap of $35.51 billion, a price-to-earnings ratio of 32.35, a PEG ratio of 1.97 and a beta of 1.06. 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 (NYSE:VMC) last released its earnings results on Wednesday, July 29th. The construction company reported $2.59 earnings per share for the quarter, beating the consensus estimate of $2.46 by $0.13. The firm had revenue of $2.16 billion for the quarter, compared to the consensus estimate of $2.14 billion. Vulcan Materials had a return on equity of 13.05% and a net margin of 13.75%.The company’s revenue for the quarter was up 2.5% compared to the same quarter last year. During the same quarter in the previous year, the company posted $2.42 EPS. Equities research analysts anticipate that Vulcan Materials Company will post 9.29 EPS for the current fiscal year.

Vulcan Materials Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, September 2nd. Investors of record on Thursday, August 13th will be paid a $0.52 dividend. 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 (DPR) is 24.56%.

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.